This policy statement is the first revised training policy document of the Industrial Training Fund (ITF). (It should be read in conjunction with other extant documents of the Fund like the enabling ACT and other operational guidelines).
The Industrial Training Fund (ITF) was set up under Act No. 47 of 1971 (as amended up to date) to promote and to encourage the "acquisition of skills in industry and commerce with a view to generating a pool of indigenous trained manpower sufficient to meet the needs of the economy". To finance the scheme, the Act provides for contributions on the part of employers and for subventions on the part of the Federal Government. The Federal Government made available the sum of N1,000,000.00 (£500,000) during the Plan Period 1970-74 as take off grant.
The Governing Council of the Fund decided that part of the contributions by employers will be disbursed for the development and support of training programmes. Consequently, the Fund will bear part of the cost incurred by employers in training their employees by reimbursing part of the cost incurred for courses undertaken. Employers should note, however, that training reimbursement are only a part of the return they can receive from the Fund. Other returns include the general availability of trained and mobile manpower throughout the economy, the prompt attention and guidance of the training advisers of the Fund, and the access to the wealth of information and expertise which the Fund has built up over the years.
THE GOVERNING COUNCIL OF THE FUND
A Governing Council of thirteen members drawn from the public and private sectors will be appointed by the Federal Government to manage the Fund. This is to reflect the co-operative spirit of the enterprise, the need for private employers, organized labour, and the providers and users of training to co-operate in identifying training needs and devising training policy and system. The thirteen member Governing Council of the Fund shall comprise of the following:
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