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Nairaland Forum / Nairaland / General / Politics / N15bn Loan Approved For Locally-made Buses (8708 Views)
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N15bn Loan Approved For Locally-made Buses by theshadyexpress(m): 7:41am On Feb 08, 2013 |
The Federal Government has set aside N15bn as loan for operators of mass transit buses in the country to encourage them to patronise locally-made buses. Vice President Namadi Sambo disclosed this on Thursday while presiding over a meeting of the Special Committee on National Mass Transit Framework at the Presidential Villa, Abuja. Sambo said the loan, which would be accessed from the Infrastructure Bank, would be at zero per cent interest rate. He said, “Access to cheap financing is important to encourage local manufacturing of mass transit buses. There is zero per cent interest rate money for the transporters to access, but only to buy from local manufacturers.” Sambo directed the Ministry of Trade and Investment to meet with local automobile manufacturers to ascertain their true production capacity and readiness to meet the demands of the operators. He said the fund would also be extended to mass transit services in the country’s waterways and the railways. The vice president promised that he would also discuss the need to encourage local producers of buses with the 36 state governors during the next National Economic Council meeting. Source;www.punchng.com/business/business-economy/fg-approves-n15bn-loan-for-locally-made-buses/ 7 Likes |
Re: N15bn Loan Approved For Locally-made Buses by theshadyexpress(m): 7:44am On Feb 08, 2013 |
Who said the gej admin Is not working |
Re: N15bn Loan Approved For Locally-made Buses by ypzilanti: 11:32am On Feb 08, 2013 |
This is really good. Lets hope it's not just talk and no action. The transporters should be well known names in the industry to avoid PDP moneybags stealing the money. The transaction should be made directly with the manufacturer so that money is not diverted. 2 Likes |
Re: N15bn Loan Approved For Locally-made Buses by Nobody: 11:34am On Feb 08, 2013 |
Very Good initiative |
Re: N15bn Loan Approved For Locally-made Buses by jaso1(m): 12:09pm On Feb 08, 2013 |
Where is the factory located and what are the measure in place to check judicious spending of the loan? I can seen some dreaded brains applauding this empty project design to loot as usual! 5 Likes |
Re: N15bn Loan Approved For Locally-made Buses by warrior01: 12:31pm On Feb 08, 2013 |
jas_o: Where is the factory located and what are the measure in place to check judicious spending of the loan?I think you are sick upstairs. must you comment when you really have absolutely nothing to contribute. emergency commentator like you 6 Likes |
Re: N15bn Loan Approved For Locally-made Buses by Tolexander: 12:33pm On Feb 08, 2013 |
my concern is not the approval of the funds but the disbursement. There are many approved roads on paper but never executed on the land. There are many promises like boko haram issue that would end by last year June. Another issue is the government patronage of the bus manufactured by the companies. There is certain allocation to the health and education sector during the preparation of the annual budget. How many of these leaders that do the budget patronises nigerian hospital and public schools? It is very nice approving the fund for them but it will be very better if they can be patronising the manufactured buses from these companies for their official assignments. That will give the companies psychological boost up apart from the financial boost up from the loan by the presidency. But the civil problem is that the fund may be diverted for other use by the beneficiaries to another thing or even misappropriated and mismanaged. |
Re: N15bn Loan Approved For Locally-made Buses by taharqa: 12:56pm On Feb 08, 2013 |
#15bn loan at zero interest rate to Transporters to buy Mass Transit Vehicles (road, waterways etc) from Local Manufacturers (whose productn costs already significant went down early dis yr by d new Zero Tariff and VAT on importatn of Partially Broken Down Vehicles Units- dier main 'raw' materials-announcd by d President dis yr), coupled with perhaps d MOST works bn done by any Nigerian Govt in such Mass Transit Routes such as Railways, Inland Waterways etc....GREAT tins are happening steadily.. |
Re: N15bn Loan Approved For Locally-made Buses by warrior01: 1:32pm On Feb 08, 2013 |
I wonder why this good news is not on the front page. if to say na bad news or the usual propaganda e for don front page even without no comment. 1 Like |
Re: N15bn Loan Approved For Locally-made Buses by ypzilanti: 1:39pm On Feb 08, 2013 |
Tolexander: my concern is not the approval of the funds but the disbursement. There are many approved roads on paper but never executed on the land. There are many promises like boko haram issue that would end by last year June. Exactly. Aviation fund comes to mind. Up to 30 billion of the money was collected and allegedly diverted by Jimoh Ibrahim. 1 Like |
Re: N15bn Loan Approved For Locally-made Buses by miteolu(m): 2:45pm On Feb 08, 2013 |
Going by average N10million/bus we should have average of 1,500buses in Nigeria Going by average N5million/bus we are expecting 3,000buses in Nigeria. But I trust the committe all the buses will be commissioned via papers only i.e. no physical evidence 1 Like |
Re: N15bn Loan Approved For Locally-made Buses by babaowo: 2:46pm On Feb 08, 2013 |
FG. with promises and fail, where is the buses they promised during subsidy protest? 1 Like |
Re: N15bn Loan Approved For Locally-made Buses by sessydoo(m): 2:47pm On Feb 08, 2013 |
Good initiative, poor implementation and high level corruption, the bane of National development and Regional Integration in Nigeria |
Re: N15bn Loan Approved For Locally-made Buses by HAH: 2:51pm On Feb 08, 2013 |
Apart from Innoson is there any local assemblers of Buses\cars |
Re: N15bn Loan Approved For Locally-made Buses by emilyone(f): 2:53pm On Feb 08, 2013 |
another avenue to siphon our money. |
Re: N15bn Loan Approved For Locally-made Buses by Nobody: 2:55pm On Feb 08, 2013 |
Silly policy, everything is always in framework and pipeline. This government lacks the fineness of giving Nigerians a well thought out policy. Putting money in a bank is hardly the problem, after all all banks in Nigeria hold cash/liquidity, but how accessible are these loans? What do you need to access them? That the interest rate is 0% does not mean it's accessible. 1 Like |
Re: N15bn Loan Approved For Locally-made Buses by TableLeg(m): 2:56pm On Feb 08, 2013 |
theshadyexpress: Who said the gej admin Is not workingI did ... you got a problem with me? |
Re: N15bn Loan Approved For Locally-made Buses by israel007: 2:56pm On Feb 08, 2013 |
Oh because they accused the federal government of not patronizing them now they want to prove a point. Let's see where these leads to. But I'd suggest they buy their official cars from these local manufacturers |
Re: N15bn Loan Approved For Locally-made Buses by yuzedo: 2:58pm On Feb 08, 2013 |
Seems logical. A sensible policy/initiative if not abused. Thing is, Innosons' sales will increase only marginally because govt agencies will continue to patronise Toyota, or how else will they inflate contracts? Still, this measure is the most genuinely applicable. |
Re: N15bn Loan Approved For Locally-made Buses by Scarpon(m): 3:03pm On Feb 08, 2013 |
gej 2015 |
Re: N15bn Loan Approved For Locally-made Buses by DisGuy: 3:05pm On Feb 08, 2013 |
HAH: Apart from Innoson is there any local assemblers of Buses\cars was jus tabout to ask this... |
Re: N15bn Loan Approved For Locally-made Buses by Nobody: 3:11pm On Feb 08, 2013 |
babaowo: FG. with promises and fail, where is the buses they promised during subsidy protest?that one don enter voicemail! As usual, it's another avenue to siphon money. locally made bus indeed! |
Re: N15bn Loan Approved For Locally-made Buses by thaoriginator: 3:12pm On Feb 08, 2013 |
Story, story (story). Once upon a time.... End of story! |
Re: N15bn Loan Approved For Locally-made Buses by Capnd143(m): 3:13pm On Feb 08, 2013 |
Ok. . . . Innoson better start producing Bulletproof jeeps for judicial consumption oh! Abi? |
Re: N15bn Loan Approved For Locally-made Buses by TableLeg(m): 3:14pm On Feb 08, 2013 |
Scarpon: gej 2015I pity your children and grandchildren! |
Re: N15bn Loan Approved For Locally-made Buses by manny4life(m): 3:19pm On Feb 08, 2013 |
Haha, some people are already having heart attack because of this policy. Rather than sitting here and criticizing, how about you go to the industrial bank and apply to get your own loan to purchase buses and start your own transport business. I heard that the BRT buses in Lagos has turned "garbage in motion", this will encourage young entrepreneurs, i.e., if they wouldn't sit on NL and bi.t.ch all day. 3 Likes |
Re: N15bn Loan Approved For Locally-made Buses by Biggoozz: 3:29pm On Feb 08, 2013 |
LAUDABLE! If well executed,I will be thrilled! This is what governments of nations that want to develop do. More private manufacturing companies to enjoy this support please. |
Re: N15bn Loan Approved For Locally-made Buses by quest003: 3:36pm On Feb 08, 2013 |
@op, change to topic to LOCALLY ASSEMBLED buses. Its just like d lego game, oyinbo go produce am, we go buy am for our pikin and our pikin begin assemble. |
Re: N15bn Loan Approved For Locally-made Buses by Adurangba(f): 3:37pm On Feb 08, 2013 |
babaowo: FG. with promises and fail, where is the buses they promised during subsidy protest? You may be walking blindfolded if you havent seen one. 1 Like |
Re: N15bn Loan Approved For Locally-made Buses by emmatok(m): 3:42pm On Feb 08, 2013 |
Story Story. |
Re: N15bn Loan Approved For Locally-made Buses by deesquarediddy(m): 3:45pm On Feb 08, 2013 |
HAH: Apart from Innoson is there any local assemblers of Buses\cars i love the word assembler....it baffles me when we talk as if there are real automobile manufacturing company here in Nigeria. but then...its good to start from somewhere...hoping we'll get there. |
Re: N15bn Loan Approved For Locally-made Buses by Dahbutter(m): 3:48pm On Feb 08, 2013 |
Can someone please tell me how much exactly is needed to solve the curse of inadequate power supply in Nigeria? Thats what is actually affecting the common man and industries, without this, a bulk of any capital investment dedicated to any company would be used on running cost especially to generate electricity. GEJ please solve this problem first b4 dashing out monies with good excuses to be squandered on operational costs! 1 Like |
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