In his speech at the occasion, the monarch said that the inter city mass transit buses were introduced to reduce transportation cost and the challenges faced by commuters.
He said that the buses would be managed by Olofin Microfinance Bank.
He commended Ife kingmakers and the people for selecting him as the new Oba and promised not to disappoint them.
The royal father promised that over 20,000 widows and some youths of the town would be empowered.
He commended the management of the Microfinance Bank for collaborating with him to introduce the mass transit scheme to reduce the cost of transport.
Oba Ogunwusi assured members of the National Union of Road Transport Workers (NURTW) and other transport unions that his regime would not inflict pains on them.
He explained that the mass transit scheme was introduced to reduce cost of transport and urged the people to patronise made-in-Nigeria goods to boost the economy.
Speaking earlier, the Managing Director, Olofin Micro Finance Bank, Toyin Olufolahan, said that the mass transit scheme would generate thousand of jobs.
He said that the Ooni and the management of the bank had also organised free health scheme for Ife indigenes at government hospitals.
The News Agency of Nigeria (NAN) reports that the buses would carry passengers from Ife to Lagos, Port Harcourt, Delta, Abuja, Kano among other cities in Nigeria.