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Home Business News

FG announces N10 billion survival fund for transport workers and operators

Chike Olisah by Chike Olisah
August 26, 2020
in Business News
FG announces N10 billion survival fund for transport workers and operators
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Earlier today, the Federal Government announced the approval of a N10 billion survival fund for transport workers and operators, to help cushion the adverse impact of the Coronavirus pandemic on the road transport sector.

The fund is to help reduce the sufferings encountered by road transport workers and operators, who have been badly hit by months of being out of business during the lockdown period and restriction on interstate movements.

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According to a press statement that was posted on the official Twitter handle of the Federal Ministry of Information and Culture, this was disclosed by the Minister of State for Transportation, Senator Gbemisola Saraki, during a courtesy call by the National Executive Committee and Trustees of Public Transport Owners of Nigeria Association (PTONA). The delegates were led by PTONA’s President, Engr Isaac Uhunwagho, to her in Abuja.

Part of the statement by the ministry said, “The Honourable Minister of State. Federal Ministry of Transportation, Sen. Gbemisola Saraki, has disclosed that Federal Government has approved a N10 billion survival fund for transport workers and operators to help cushion the sufferings encountered by road transport workers and operators as a result of Covid-19 pandemic.’’

READ: FG slashes 2020 budget by N318 billion, sends to NASS

The Hon. Min. of State @MinTransportNG, Sen. Gbemisola Saraki, has disclosed that FG has approved a ₦10 billion survival fund for transport workers and operators to help cushion the sufferings encountered by road transport workers and operators as a result of #COVID19 pandemic. pic.twitter.com/gneZ7bb5yU

— Fed Min of Info & Nat’l Orien (@FMINONigeria) August 26, 2020

Gbemisola Saraki went further to reveal to the delegation that the fund is domiciled with the Federal Ministry of Trade and Investment, while also adding that the Federal Ministry of Transportation is currently working on the modalities for the disbursement of the funds.

READ: FIRS introduces stamp duty on house rent and C of O transactions

Note that despite the easing of lockdown and restrictions, stakeholders in the road transport sector, especially the drivers, have complained of slow recovery and low patronage due to the COVID-19 measures that have been put in place.


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Tags: Gbemisola SarakiPublic Transport Owners of Nigeria Association
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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