The President Bola Ahmed Tinubu-led administration is planning to invest N100 billion between now and March 2024 to acquire 3,000 units of 20-seater CNG-fuelled buses.
Speaking in a nationwide broadcast on Monday, President Tinubu said the buses would be rolled out across the states and local governments for mass transit at a affordable rate.
This is part of some palliatives to cushion the effects of petrol subsidy removal on Nigerians.
According to Tinubu, “these buses will be shared with major transportation companies in the states, using the intensity of travel per capital.”
He added that participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.
The President also said that the government is working in collaboration with the Labour unions to introduce a new national minimum wage for workers.
“I want to tell our workers this: your salary review is coming,” he said.
“Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.”
The President also conceded to the fact that there was an unavoidable lag between subsidy removal and these plans coming fully online but said the government is swiftly closing the gap.
“I plead with you to please have faith in our ability to deliver and in our concern for your well-being,” he further appealed.
