Trade Union Congress (TUC), yesterday, rolled out 150 mass transit buses worth N2.3 billion in Lagos for both intra and inter- state transportation.
The TUC President, Comrade Peter Esele, who spoke with newsmen said, “We took a loan from Urban Development Bank during President Umaru Yar’Adua’s administration and it was guaranteed by the government.
Esele explained further that TUC was expected to return the money in five years with five per cent interest.
Speaking on why they ventured into the business, Esele maintained that apart from making profit, it would create symbiotic relationship between members and Nigerians in particular.
He gave the assurance that the buses would be operated on a sustainable basis in partnership with Country Wide Logistics and Eko Mega City operators.
The union boss said: “We want to start in Lagos first because of the population and later extend it to other states which depend on our operators.”
He added that to ensure transparency in the business, no TUC member would be involved and pointed out that most projects fail in Nigeria because of owners interference.
Esele affirmed that the buses would also serve the purpose of carrying advertisements and noted that they would generate N700, 000, 000 in five years.
“The fare for the buses would be handled by Lag Bus while the operation of the buses would kick off on May 21, 2012. Fifty out of the buses are meant for interstate while 100 are for intra-state.
The buses are expected to ply Ajah, Lekki, Ikoyi, Iyana Ipaja and Agbado-Ijaiye axis of Lagos.
The Vice President, Alhaji Namadi Sambo, is expected to formally launch the buses in Lagos on May 21, 2012.