The Managing Director of The Infrastructure Bank, Adekunle Oyinloye, stated this in a paper he presented at a National Workshop for Chief Executive Officers of Mass Transit Companies in Abuja.
Mr. Oyinloye said the buses were released to mass transit companies to provide cheap and affordable road transport services to Nigerians across the six geo-political zones and the FCT.
According to him, the vehicles were provided under Phases I and II of the N25 billion PMT scheme being managed by The Infrastructure Bank.
He said that the scheme had also empowered over 50,000 Nigerians, including bus drivers, bus assistants, auto-technicians and booking clerks, through direct employment.
“In addition, the scheme has thrived in reducing poverty and enhancing regional integration, as more people are able to move easily across different regions of the country, and across the West African sub-region,” he said.
“The PMTF Scheme offers a single digit interest rate regime of five per cent per annum in Phase 1 and zero per cent per annum in Phase II.
“This has resulted in cost savings of about N10 billion when compared with the prevailing interest rate of about 25 per cent per annum obtainable in other financial institutions.”