Indications emerged on Sunday that transport unions in the country might have backed out of the industrial action called by the organised labour to protest the removal of petrol subsidy.
The hint came in Abuja shortly after a meeting by top officials of the unions with the Minister of Trade and Investment, Mr. Olusegun Aganga.
Their decision to back out of the industrial action followed the Federal Government’s plan to release fresh N15bn for the acquisition of more buses to ensure a smooth commencement of the Public Mass Transit Revolving Fund Scheme.
The objective of the scheme, according to the unions, is to cushion the effects of the removal of fuel subsidy, following the astronomical increase in transport fares across the country.
The meeting, which was called at the instance of the minister, began at about 10am and ended at 12.13pm.
Present at the meeting were officials of the National Union of Road Transport Workers; National Association of Road Transport Owners; and the Road Transport Employers Association of Nigeria.
Others are top officials of the Urban Development Bank of Nigeria Plc; the fund manager of the Federal Government’s PMTF as well as other stakeholders.
In a joint communiqué issued shortly after the meeting, the unions said, “After several meetings and deliberations, the transport operators considered various dynamics and identified with the Federal Government on the removal of the fuel subsidy on Premium Motor Spirit as this is critical to developing other key sectors of the economy.
“The Federal Government will, in addition to the existing N10bn PMTF scheme, make an initial additional N15bn available to the scheme. The additional fund will be made available to transport operators at zero per cent interest rate with 60 days repayment moratorium.”
The amount, according to the communiqué, would assist them reduce transport fares by a “minimum of 20 per cent.”
It added, “As part of the social responsibility of the transport operators, school children in uniform and the elderly would be charged a further reduced fare on intercity transport operations across the country.”
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