A tech-driven mobility company, NAIRAXI and its partner Firstplus have unveiled a digital system to support mass transportation in the Federal Capital Territory (FCT).
This, the Company said its a way of cushioning the effects of fuel subsidy removal.
In statement, the Company noted that the famous statement,“The fuel subsidy is gone,” by President Bola Tinubu blurted out during his May inauguration speech — departing from prepared remarks that had spoken merely of “phasing out” the costly policy.
“Its removal has been the third rail of Nigerian politics since subsidies were introduced in the 1970s.”
To cushion the effects of fuel subsidy, NAIRAXI and its partners Firstplus have maintained that the private sector-driven approach to digitalise mass transit systems is vital in cushioning the sufferings and challenges of transportation within Nigeria.
Speaking at the unveiling, Yusuf Umar, Chairman of Firstplus said the ongoing plans to work with FCT Administration would help to alleviate and soften the impacts of the fuel subsidy on Nigerians.
He explained that the mass transit scheme would be beneficial to Nigerians as it would change the transportation landscape.
Kingsley Eze, Co-founder said the initiative would enhance access to affordable transport services.
“The initiative provides a sustainable platform through which mass Transportation can be effectively subsidized by governments and yet create huge revenue. The Automated Fare Collection system of NAIRAXI allows the convenient use of contactless smart cards as cashless payment instruments in public transportation modes,” he said.
He maintained that the initiative provides a sustainable platform through which mass transportation can be effectively subsidized by governments and yet create huge revenue.
“The automated Fare Collection system of NAIRAXI allows the convenient use of contactless smart cards as cashless payment instruments in public transportation modes,” he said.
According to him, NAIRAXI is partnering with other road transport operators, alongside state governments to introduce technology into our mass transit systems. It has adopted technology to ensure effective payment systems, proper accessibility, ease of payment, automated fare collection, security and monitoring for sustainable management.
Speaking further, he stated that these initiatives will curb the corruption and fraudulent activities in fare collection through the implementation of the Auto -fare collection system (AFCS) and user smart card (USC) as they are designed to track transaction and payment history.
Recall that President Bola Ahmed Tinubu since assumption of office three weeks ago introduced policies like fuel subsidy removal, unification of exchange rates and other pro-market development policies that have huge potential to make Nigeria an investment destination.
While speaking on the benefits of the Initiatives, NAIRAXI boss explained that it would provide customized electronic transit cards and subsidise mass transportation on behalf of the government to ameliorate the harsh economic conditions experienced by the masses due to the removal of fuel subsidies.
He emphasised the need that has been found in the market and the removal of subsidies that have created the need to provide palliatives that will cushion the effects established by the private sector which will ensure progress in the country.
Also speaking during the conference, Elizabeth Omale, the company’s Co-founder and COO stated that the initiative will revolutionalise the transport sector in Nigeria and help reduce the harsh conditions created by fuel subsidy removal.
According to Elizabeth, NAIRAXI is a homegrown indigenous app that has come to make a difference in the transport sector. She explained that there is a lot to be tapped out from the transport sector.
