President Bola Tinubu says his administration has made provision for the acquision of 3,000 twenty-five seater buses, running on Compressesd Natural Gas (CNG), a cheaper fuel than petrol, to be distributed across the country to ease the cost of transportation to teeming Nigerians.
This is as the Organised Labour says its nationwide strike to protest the removal of petroleum subsidy will proceed as planned, starting Wednesday.
The president did not however speak of a similar scheme to ease the delivery of farm produce to market, which directly affects the cost of food to Nigerians.
Some economy watchers however say that both schemes come wrapped in the same leaf and that provision for the transportation of foodstuffs may be implied but would need to be clearly spelt out.
Compressed Natural Gas (CNG) is significantly cheaper than petrol and makes for savings on fuel costs. It also produces fewer emissions and can improve energy security.The disadvantages however include limited range, limited fueling infrastructure, high upfront costs, and some safety concerns.
The 3,000 CMG-bus initiative is among interventions President Tinubu announced in a Monday night broadcast, to sooth frayed nerves and give assurances, as Nigerians continue to endure a steep rise in the cost of living, resulting from the removal of fuel subsidy and the free float of the naira by government eight weeks ago.
Economists say that despite the short term pains, both policies have long term benefits but need to be met with meaningful cushions to ease the carry-on discomfort on the populace and foster acceptance.
President Tinubu said the 3,000 buses would be shared among major transportation companies across states and local goverments in the country, on the basis of the intensity of travel per capita.
He further stated that participating transport companies would be able to access credit under the facility at 9% per annum with a 60-month repayment period.
The President added that the government was working in collaboration with Organised Labour, 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.”
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.”
“I plead with you to please have faith in our ability to deliver and in our concern for your well-being,” he further appealed.
Meanwhile, The Organised Labour says its nationwide strike to protest the removal of petroleum subsidy will proceed as planned.
The strike is scheduled to begin on Wednesday.
The unions, comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), spoke after a meeting with government representatives at the Presidential Villa, Abuja on Monday.
The unions expressed doubt regarding the ability of President Bola Tinubu to effectively control inflation and petrol price due to the unification of the exchange rate.
