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10% fuel subsidy amount can transform transport sector – NAIRAXI

Nigeria’s Indigenous tech-powered mobility company NAIRAXI has  disclosed that 10 percent of the current N6.4 trillion spent on fuel subsidy has the capacity to transform…

Nigeria’s Indigenous tech-powered mobility company NAIRAXI has  disclosed that 10 percent of the current N6.4 trillion spent on fuel subsidy has the capacity to transform the country’s entire transport sector.

Co-founder/CEO of NAIRAXI, Kingsley Eze made this disclosure in Abuja Sunday.

He said that the need for an integrated and intermodal transport scheme will not only help in resolving the crisis that might trail the removal of fuel subsidy in June 2023, but also create new opportunities in the country.

Recall that the Minister of State for Transportation, Prince Ademola Adegoroye, said President Muhammadu Buhari has already approved the proposed special scheme for mass transit to be driven by transport operators for ease of transportation across the country, especially with the proposed removal of fuel subsidy.

As such, Mr. Eze explained that the impact will be impressively commendable in directly supporting Nigerians, especially through partnerships with private transport operators like Nairaxi and others who are delivering value-services through technologies on the mobile app.

“We all know that revamping the road transport system will have a direct, immediate and positive impact on Nigerians. I therefore advice that if a fraction of 640billion naira is spent on road transport which is just 10percent of the 6.4trillion naira spent annually on fuel subsidy, there will be better impact and improvements in road transport system.” He added.

He further urged the federal ministry of transportation to engage private transport operators with expertise and technology to drive the implementation of President Buhari’s interest on special scheme for mass transit.

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