Nigerian govt targets 50% reduction in transport fares

The Federal Government is targeting a 50 percent reduction in transport fares with the planned deployment of Compressed Natural Gas (CNG) mass transit buses.

The Minister of Information and National Orientation, Mohammed Idris, disclosed this in a statement on Sunday in Abuja.

He urged Nigerians to see the initiative as a relief introduced by President Bola Tinubu’s administration after the removal of fuel subsidy.

The minister said there were ongoing efforts among the relevant Ministries, Departments and Agencies (MDAs) to tackle inflation, stabilize foreign exchange rates, and establish a genuinely supportive climate for business and investment.

READ ALSO: Converting to CNG-powered vehicles portends danger, expert warns Nigeria to learn from China’s mistake

Idris said: “Impactful interventions are being rolled out, including a Students’ Loan Scheme, a Presidential Initiative to deploy lower-cost CNG mass transit buses to provide alternatives to petrol and diesel, and various low-interest loan schemes for businesses. The CNG interventions will bring down the cost of transportation by more than 50%.

“We urge Nigerians to take advantage of these opportunities as they emerge, as they have been designed for the benefit of all.

“All relevant Ministries and Agencies of the Federal Government are working in coordinated fashion, to bring down inflation, stabilize foreign exchange rates, and create a truly enabling environment for business and investment.”

By: Babajide Okeowo

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now