Nigeria has released new funds to protect the transport sector in the wake of COVID-19 across both the formal and informal transport systems. They are:
A N10b ($26.m) intervention fund to compensate the formal private sector road transport operators for losses sustained due to the pandemic. A committee has been set up to work out the disbursement modalities.
A N75b ($195,292,200) survival fund to support the more informal, small scale operators in a range of sectors. This includes providing 333,000 artisans and transport business operators (drivers, mechanics, conductors, vulcanizers, etc.) with N30,000 ($75) monthly (equivalent to the Nigerian minimum wage) for three months to cushion the impact of income losses due to the pandemic. The application process for this started on 21st September 2020 and is ongoing (www.survivalfund.ng).
The Government is also investing in 2,000 high capacity CNG/ LPG buses for major cities as part of a comprehensive low carbon fuel policy.
The article is available on the High Volume Transport (HVT) website and by clicking the link below: