Nigerian govt distributes 4,116 buses nationwide

Photo: theheraldng.com
Photo: theheraldng.com

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.

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

Mr. 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 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.

“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.”

Mr. Oyinloye said 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,” he said.

(NAN)


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  • haba mallam

    bravo mr president change here finally

    • Don Corleone

      NEGATIVE CHANGE…IS THAT WHAT YOU WANT FOR YOUR CHILDREN?

  • Rommel

    I hope some of them are from INNOSON motors

    • TAWANDA INCOMMUNICADO

      Your mentor Buhari and his hordes do not want Igbo progress so they would rather import buses from Scandinavia than buy from INNOSON .The report clearly avoided stating if the buses will be locally acquired.

      • Rommel

        INNOSON was given contract by Nigerian airforce under the honorable PMB administration to fabricate spare parts for alpha jets that are no longer being produced by the makers of the fighter jets,does this seem like someone who does not want IGBO progress? Jonathan that wanted Igbo progress,what did we gain from him?

        • March4Buhari

          why waste your time? The TWANDA guy has no brain

          • Don Corleone

            I CONCUR..HE GOT NO BRAIN

          • TAWANDA INCOMMUNICADO

            Buhari hates SS and SE especially Igbos…is that still a secret ?

        • Don Corleone

          YOU MUST BE VERY FOOLISH..I AM NOT IBO BUT HEAR YOURSELF,”CONTRACT TO FABRICATE” OBSOLETE SPARES..IS THAT GOING FORWARD OR BACKWARDS? ONE DAY YOU’D BLAME YOUR SMELLY FART ON JONATHAN.

        • TAWANDA INCOMMUNICADO

          Fair enough but that relationship with the air-force was initiated on the watch of GEJ and Peter Obi……..go and check

          • Rommel

            Why did all of Jonathan’s initiatives have to wait for PMB before materialising?

          • TAWANDA INCOMMUNICADO

            The development was first in the form of prototypes which where tested on the aircraft over a period of time during the GEJ era. Then when the pilots confirmed that the breaking system of the Alpha jet manufactured at Innoson was better in performance than cannibalized second-hands , the Airforce went ahead with the contract and Buhari was already in office.

          • Rommel

            My question still remains why did PMB as an avowed Igbo hater as you have claimed not cancel the experiment but rather awarded the contract?

          • TAWANDA INCOMMUNICADO

            There was no option, he wants to fight Boko-haram and has not even till now been able to acquire new aircraft

  • thusspokez

    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.

    Apart from the chassis, everything else could be made in Nigeria. This is yet proof of a government without an industrial strategy.

    4,116 buses is a lot to create hundreds of job for Nigerians engineers, mechanics, electricians, welders, panel beaters, etc. Why not buy the chassis and assemble the rest in Nigeria?

    • Rommel

      Why did Jonathan not consider it?

      • thusspokez

        Why don’t you go and ask him yourself, stµpid?

  • Amir

    This is money they would have shared under Jonathan.

  • Mohammed Waziri

    Brand: DIFFERENT TYPES OF CARS FOR SALE ON AUCTION
    Model: 1998-2015
    Contact: CUSTOM MOHAMMED WAZIRI ON: 08066741455..
    Address: DUARA BORDER KASTINA
    Condition: Clean
    Description: Factory Fitted A.C , Automatic Drive, Low Gas Consumption, Engine: Cylinder, Injection Engine, Steering controls,Leather Seat, All wheels Drive, Power Steering, Driver Air Bag, Passenger Air Bag,Cd player, FM/Am stereo,Power Windows, Power Lock. etc
    Price:#200,000 – N1,500,000

  • Oluwafemi Peter

    When and where we’re the buses delivered? Can we have names of the companies that benefit these? Hope this is not just on pages of newspapers.

  • Don Corleone

    WHATS THE MAKE OF THE BUSES,HOW MANY SEATER AND WHO ARE THE RECIPIENTS…EACH COST ALMOST 9MIL..

  • FuzzyLogic

    Land of Sharing. It only leads to laziness and poverty. Empower people to fend for themselves instead of sharing. I guarantee you most of these buses will constitute nuisance on the roads a few months from now after they break down.

  • Imea

    Would it not have been better spending this money on roads to reduce the rate of accidents. Give it two years these vehicles will all break down due to bad roads. Nigeria needs to get its priorities right. There are enough vehicles on the road to transport people, what is desperately needed are good roads that will allow these vehicles last.
    On a different note no doubt whoever negotiated this deal would be laughing all the way to the bank. The next government will need to probe those involved in the whole business.

    • Don Corleone

      WE HAVE A CLUELESS GOVERNMENT..WHAT DO YOU EXPECT?

  • Andy Idehenre

    It would have been of interest to know how many of the vehicles were locally assembled in Nigeria. If there were any, praise be to Nigeria policy
    makers for practicing what they preach. If not,Nigerians need explanations from the leadership that is calling for sacrifice from the people every day in order to overcome the current economic melt down.The country can not be on recession while those in charge of ruling over
    our affairs are going for recess overseas to enjoy profits from procurement of all sorts of perceived wants instead of needs.

    Every effort must be pursued in patronizing locally produced products which in return will enhance the economy in providing the much needed

    jobs for the unemployed people roaming all over the country, some who are neck deep in social vices.

  • LionHeart

    Good job and kudos to the federal government for this initiative but the busses need good roads to last long.

  • Igodomigo Suleman

    ARE THESE 4116 BUSES IMPORTED OR LOCALLY PRODUCED? 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?