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

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...
Post a Comment
Read more

Fire: UniJos Senate convenes emergency meeting on Monday

Fire at the University of Jos Library University of Jos is to convene an emergency senate meeting on Monday to review the level of damage done to the institution by the Saturday night inferno. The Vice Chancellor, Prof. Sebastian Maimako, disclosed this on Sunday after inspecting areas affected by the incident. The fire, which lasted for more than six hours, destroyed the Library Complex that equally houses the faculties of management and social sciences. The fire also destroyed examination scripts, books and very crucial materials. Consequently, the vice-chancellor said “the Senate will meet tomorrow (Monday) to take a decision about the unmarked examination scripts that were burnt.” On the cause of the inferno, Maimako said investigation had commenced, adding that “nothing has been confirmed yet. We are still investigating.” The vice chancellor said the school was already working with federal authorities toward establishing a main fire station since the mini fire station in t...
Post a Comment
Read more

UK gets new prime minister Wednesday

Britain Home Secretary Theresa May to be officially unveiled as UK’s new Prime Minister on Wednesday David Cameron is to step down as Prime Minister on Wednesday after Prime Minister’s Questions. Theresa May will succeed him. An eurozone’s top official says it’s important that Britain’s next prime minister gets on with sorting out the implications of Britain’s decision to leave the European Union as soon as possible, reports Associated Press. Speaking after it became apparent that Theresa May could replace David Cameron as soon as this week, Jeroen Dijsselbloem said the next British prime minister will have to “find solutions for the Brexit which has been causing a lot of problems particularly for the U.K., but also for Europe.” He said that the “sooner we can sort out this problematic situation the better.” Dijsselbloem spoke ahead of a meeting of the eurozone’s 19 finance ministers in Brussels. Though Britain’s decision to leave the EU isn’t a primary topic of discussion, the ...
Post a Comment
Read more