Skip to main content

FG distributes 4,116 buses valued N37bn nationwide

•A cross section of mass transit buses launched by the Federal Government in Abuja, recently.

•A cross section of mass transit buses launched by the Federal Government in Abuja, recently.

A total of 4,116 buses valued N37 billion have been delivered to beneficiaries nationwide under the Federal Government’s Public Mass Transit Revolving Fund (PMTF) Scheme.

The Managing Director of The Infrastructure Bank, Mr Adekunle Oyinloye, stated this in a paper he presented at a National Workshop for Chief Executive Officers of Mass Transit Companies in Abuja.

Oyinloye said the buses were released to mass transit companies to provide cheap and affordable road transport services to Nigerians across the six geo-political zones and the FCT.

According to him, the vehicles were provided under Phases I and II of the N25 billion PMT scheme being managed by The Infrastructure Bank.

He stated that the scheme has also empowered over 50,000 Nigerians, including bus drivers, bus assistants, auto-technicians and booking clerks, through direct employment.

“In addition, the scheme has thrived in reducing poverty and enhancing regional integration, as more people are able to move easily across different regions of the country, and across the West African sub-region.

“The PMTF Scheme offers a single digit interest rate regime of five per cent per annum in Phase 1 and zero per cent per annum in Phase II.

“This has resulted in cost savings of about N10 billion when compared with the prevailing interest rate of about 25 percent per annum obtainable in other financial institutions.’’

Oyinloye observed that PMTF beneficiaries were investing those cost savings in providing allied transport infrastructure like motor parks, service centres, ICT platforms, fleet maintenance, among others.

“On our part as the fund manager, we have continually managed the PMTF in line with international best practices.

“These are premised on a sound internal credit procedure and robust risk mitigating strategies that ensure beneficiaries fulfill their loan obligations, as and when due.

“This is the foundation upon which the successes so far achieved by the Fund were built.

“We are on standby to assist the federal government and any agency to successfully launch and sustain an intervention fund programme for transportation and other economic sectors.’’

Labels:

Comments

Post a Comment

Popular posts from this blog

Court grants Fani-Kayode N50m bail

Fani-kayode sandwiched by EFCC officials Justice James Tsoho of the Federal High Court Abuja on Thursday granted a N50m bail to former spokesman of the Goodluck Jonathan Campaign Organisation, Chief Femi Fani-Kayode. Fani-Kayode was arraigned by the Economic and Financial Crimes Commission (EFCC) on a five-count charge of money laundering to the tune of N26m. Fani-Kayode is the sole defendant in the fresh charges numbered, FHC/ABJ/CR/140/2016. The EFCC accused the defendant of diverting 26 million Naira allegedly received from the ONSA while Sambo Dasuki was in office. The anti-graft agency also accused him of handling the said N26 million without going through financial institution as required under the Money Laundering Act. The embattled former minister is already facing 17-count charge of money laundering before the Lagos Division of the court, along with a former Finance Minister; Nenadi Usman, Danjuma Yusuf and a firm; Joint Trust Dimension Nigeria Limited. They were charg...
Post a Comment
Read more

Pope not involved in Colombian peace deal- Vatican

Pope Francis Pope Francis has turned down a request to play a role in the peace deal between the Colombian government and the Revolutionary Armed Forces of Colombia (FARC) rebel group. The Vatican in a statement issued on Wednesday in in Vatican City said that an invitation was sent to his Holiness in early August to appoint a representative to participate in the committee that selected the judges for the talks. The statement said that though Pope Francis supported the peace process, he, however, reiterated that he would not get involved in Colombian peace deal. It said that Pope was praying for the enlightenment of the hearts and minds of those who were called to promote the common good of the Colombian nation. A deal was announced last week, putting an end to five decades of internal conflict between government forces and the FARC rebels. The agreement, which needed to be ratified through a referendum in Oct. 2, would entail setting up a special court to grant amnesties or pu...
Post a Comment
Read more

Man docked for defiling 9-year-old girl

magistrate-court A 33-year-old man, Godwin Otobo, was on Monday docked at a Surulere Chief Magistrates’ Court in Lagos.For allegedly defiling a nine-year-old girl, ‎Otobo, who lives at No. 10, Borrow Pit St., Sangotedo-Ajah area of Lagos, was said to have defiled the underage girl whose parents also reside in the same compound. The Prosecutor, Sgt. Anthonia Osayande, told the court that the accused committed the offence at about 9.00 p.m. sometimes in September. “The accused defiled the girl in the night when she was fetching water.‎ “The offence contravened Section 137 of the Criminal Law of Lagos State, 2011,’’ Osayande told the court. The accused pleaded not guilty to the one-count charge of defilement. Ruling on a bail application filed by the accused, Chief Magistrate Ipaye Nwachukwu, granted him bail in the sum of N500,000 with two sureties in like sum. She said one of the sureties must be a property owner in Lagos State, while the other must be a civil servant on grade...
Post a Comment
Read more