President Bola Tinubu has vowed to purchase buses for public transit in states and local governments at a significantly lower cost.
He stated that his government has allocated N100 billion between now and March 2024 for the procurement of 3,000 compressed natural gas (CNG)-powered 20-seater buses.
This is one of several palliatives announced by the President during a national broadcast on Monday to help Nigerians cope with the loss of fuel subsidies.
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.”
He also commended many private employers in the Organised Private Sector who have already implemented general salary review for employees.
While admitting that this period may be hard on the people, Tinubu appealed to Nigerians to look beyond the present temporary pains and aim at the larger picture, saying that “all of our good and helpful plans are in the works. More importantly, I know that they will work.”
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