The Federal Government has scrapped the widely criticised exploitative hire-purchase system for motorcycle and tricycle riders and replaced it with a new, more flexible leasing model.
The initiative is being driven by the Equipment Leasing Registration Authority (ELRA) in collaboration with Century Information Systems Ltd. and the National Commercial Tricycle and Motorcycle Owners and Riders Association of Nigeria (NATOMORAS).
Announcing the programme in Abuja on Thursday, ELRA’s Head of Media and Corporate Communication, Adebola Sunday, said the new leasing framework is designed to make vehicle ownership easier and more affordable for riders in the informal transport sector.
Registrar and CEO of ELRA, Donald Wokoma, described the move as a major step towards financial inclusion and economic empowerment for operators.“Leasing opens the door to economic participation for many who were previously excluded. By removing heavy upfront payment requirements and introducing structured repayment plans, operators can preserve capital, improve productivity, and increase daily earnings. It is a model that strengthens both individual livelihoods and the national economy,” Wokoma said.
He noted that the scheme would also reduce frequent vehicle breakdowns as riders gain access to newer and better-maintained motorcycles and tricycles.Managing Director of Century Information Systems Ltd., Abdul Balarabe, said the programme incorporates advanced tracking technology on all leased vehicles to curb theft and aid quick recovery.
Balarabe added that more transport associations and cooperatives will be onboarded to widen the programme’s reach.National President of NATOMORAS, Usman Gwoza, hailed the development as a much-needed relief for riders who had long suffered under harsh hire-purchase terms with exorbitant interest rates.
Gwoza pledged that the association would mobilise its members across the country to fully embrace the new leasing model for greater stability and financial independence.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com