FG Inaugurates Mass Transit Revolving Scheme

The Federal Government on Tuesday in Abuja inaugurated the Public Mass Transit Revolving Fund scheme to enhance transportation in the country.

 President Goodluck Jonathan, who inaugurated the scheme, handed over keys to the buses to the beneficiaries, ranging from the Nigerian Labour Congress, trade union groups to state and local governments’ transportation agencies and the private sector.

The scheme is being funded by the Urban Development Bank of Nigeria.

Jonathan said that the government made a provision of N10 billion in 2009 Supplementary Act to establish public mass transit revolving scheme.

According to him, the intention is to establish the public mass transit transportation on a large scale for identified target groups across the country.

“The primary objective of the fund is to increase the availability of mass transit vehicles for public transportation through the provision of buses to these target groups at a concessionary interest rate of five per cent,” he said.

He said that the Federal Government expected that the cost-saving effect arising from low interest rate should be transferred to the masses by charging moderate transport fares.