In line with its plan to phase out the yellow buses, popularly known as ‘Danfo’ from Lagos roads, the state government said it is working towards setting aside a N30 billion sinking fund to transform public transportation.
Lagos State Governor, Akinwunmi Ambode, who said this during an interactive meeting with elect Editors in Lagos, disclosed that the aforementioned amount would help to instill credibility and confidence in a N100 billion public transportation bond that the state would float later in the year.
He said already, the state decided not to touch its share of the Paris Club refund of N14.5 billion, which has since been kept in the sinking fund. He also anticipated that the second batch of the Paris Club refund would be paid next month and eventually to take the sum to N29 billion, adding that his government would thereafter add another N1 billion to it to make it a total of N30 billion to kick start the initiative.
