A total of 4,116 buses valued at N37 billion have been delivered to beneficiaries nationwide under the federal government’s Public Mass Transit Revolving Fund (PMTF) Scheme.
Adekunle Oyinloye, managing director of The Infrastructure Bank, said this in a paper he presented at a 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 bank.
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He said that the scheme had 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,” he said.
“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.
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“This has resulted in cost savings of about N10 billion when compared with the prevailing interest rate of about 25 per cent per annum obtainable in other financial institutions.”
Oyinloye said 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,” he said.
“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.
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“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.”
6 comments
The road infrastructures are bad in the six geo-political zones. On which roads will these massive buses ply? This is like putting the cart before the horse. Smaller buses that ply village roads would have been better.
If those buses aren’t made in Nigeria, then this government is totally confused and lacks a clear sense of direction.
Your comment It is indeed a welcome development. But one thing to reckon with is the prevailing states of the entire roads networks,sort of.
We need to understand this. This s not a new initiative. PMTF was established by Obasanjo, and GEJ added SURE-P into it.
These buses had been running on Nigeria road. Check every mass-transit buses (Managed by Urban Development Bank Plc or Managed by Infrastructure Bank Plc. It is not a new initiative, it is an ongoing thing. I think the Oyinloye was giving a record of the achievement of his bank so far. PMTF is not a new initiative. Infact the present government is making attempt to scrap the PMTF and SURE-P
Nice development!@ least a sigh of relieve for the masses. More success to be recorded in dis government In sha Allah #inprayersibelieve#
THIS 37 BILLION IS OUR OIL MONEY NO DOUBT HENCE ITS EXPECTED OF A PRESIDENT WHO IS SOUND ECONOMICALLY AND IN TUNE WITH REALITIES ON GROUND TO HAVE INVESTED THIS MONEY LOCALLY IN ORDER TO CREATE JOBS. PLEASE WAS IT GIVEN TO A LOCAL MOTOR MANUFACTURING PLANT IN NIGERIA HERE (INNOSON/PAN) OR WAS IT AS USUAL GIVEN TO A FOREIGN MOTOR MANUFACTURING COMPANY TO PRODUCE THE BUSES AND CREATE JOBS IN A FOREIGN ECONOMY TO THE DETRIMENT OF OURS BECAUISE OF HATRED? ITS A EXPECTED THAT THE PRESIDENT, THE FINANCE MINISTER, THE BUDGET AND PLANNING MINISTER TO TELL US WHERE THEY PROCURED THIS BUSES TO ENABLE NIGERIANS ASSESS THEIR CAPABILITY TO BAIL US OUT OF THE WOOD. NO SANE LEADER AS THINGS STANDS NOW WILL GO ABOUT CREATING JOB IN FOREIGN ECONOMIES AS AGAINST CREATING JOBS FOR OUR TEEMING UNEMPLOYED GRADUATES AND CAPACITY BUILDING FOR OUR FRAGILE ECONOMY? DO YOU KNOW THE IMPACT, TURN AROUND, CAPACITY BUILDING AND EMPLOYMENT THIS MONEY WOULD HAVE HAD ON OUR LOCAL ECONOMY ASSUMING IT WAS GIVEN TO INOSSON MOTORS AT NNEWI? DO THEY REALLY KNOW WHERE TO INVEST IN ORDER TO COME OUT OF RECESSION? THIS IS WERE THE QUESTION OF ONE NIGERIA IS PUT TO TEST. ARE ARE WE REALLY ONE NIGERIA?