The Federal Government has approved the sum of N15billion to be disbursed as loan to transporters to provide about 1240 buses as part the Subsidy Reinvestment and Empowerment programme following the partial deregulation of the downstream sector of the petroleum industry.

The Minister of Information, Labaran Maku, made the announcement after the weekly meeting of the Executive Council of the Federation in Abuja.

“FEC today approved the disbursement of N15 billion which will go into the public mass transit revolving loan programme which the President floated on January 8 as parts of efforts to reduce the cost of transport especially for the masses in Nigeria,” Mr. Maku said.

- via Premium Times