• Bismarck Rewane said the FG free transport would impact more Nigerians if it included road transport.
• He said Nigeria has few railway points and they do not pass through all states hence the need to include road transport.
• He urged FG to address key productivity issues so that Nigerians can enjoy long-term benefits in living standards.

The Federal Government’s free transport initiative would reach more Nigerians if it included road transport.

This was stated by Mr. Bismarck Rewane, the top economic analyst and Managing Director of Financial Derivatives Company Limited.

Speaking in an interview on Sunrise Daily, Mr. Rewane observed that Nigeria has few rail points that pass through only a few states, thereby excluding many Nigerians from the benefit of this initiative.

He said:

“If there were more rail points in other states, the initiative would benefit more Nigerians.”

He added that if the government extended the initiative to road transport, as was made in 2023this would have a considerable impact.

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THE Federal Government recently announced 15 days of free train travel for Nigerians from December 20, 2024 to January 5, 2025.

According to Information Minister Mohammed Idris, the move would reduce financial pressures on Nigerians during holiday travel, especially since the removal of the fuel subsidy had triggered an increase in transport prices.

Speaking further on the impact of this initiative, Rewane pointed out that the initiative does not solve the fundamental problems affecting the standard of living and that once the Christmas festivities are over, the reality of inflation would catch up at Nigerians again.

He said:

“Such a measure is acceptable in the short term, but it does not answer fundamental questions such as the cost of doing business. After three weeks, things will return to normal and the effects of the devaluation of the naira and the high cost of petrol, cooking gas and groceries will catch up with us. We need to do something about our productivity.

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Food inflation in Nigeria has reached 39.93%

In the meantime, Legitime.ng had previously reported that Nigeria’s overall inflation rose to 34.6% in November, compared to 33.8% in October 2024, according to the Consumer Price Index (CPI) report.

According to the recently released report by the National Bureau of Statistics, food inflation reached 39.93%, supported by rising prices of tubers and cereals.

Nigeria’s inflation rate rose steadily for months until June 2024, before falling slightly over the next two months.

Source: Legit.ng