As part of its immediate efforts to cushion the effects of fuel subsidy removal on Nigerians, the Federal government has approved purchase of 3000 CNG-fuelled buses for mass transit operations across the country.
Making the disclosure in a nationwide broadcast on Monday evening, President Bola Tinubu said his administration is aware of the hardship Nigerians have been going through, following the removal of petroleum subsidy.
In response, he said his administration was working closely with states and local governments to implement interventions that would cushion the pains of Nigerians across socioeconomic brackets.
“It is in the light of this that I approved the Infrastructure Support Fund for the States,” he stated. “This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.
“Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
“These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.”
According to President Tinubu, the fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets.
“With the fund,” he explained, “our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.
“I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
“Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.
“Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
While he acknowledged that Nigerians are going through a difficulties occasioned by the subsidy removl, President Tinubu urged all citizens to look beyond what he described as the present temporary pains and aim at the larger picture.
“In a little over two months,” he pointed out, “we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy, which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.
While he lamented that there was an unavoidable lag between subsidy removal and these plans coming fully online, President Tinubu appealed to Nigerians to have faith in his ability to deliver his electoral promises.
“We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her,” he assured.
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