BREAKING: Nigerian Government's Bold Move to Slash CNG Prices to N230 per KG
Monday 30 October 2023
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In a groundbreaking development, the Federal Government of Nigeria has unveiled a bold initiative aimed at dramatically reducing the cost of Compressed Natural Gas (CNG) to an affordable N230 per kilogram.
Special Assistant to the President on Special Duties and Domestic Affairs, Toyin Subaru, made this exciting announcement during a high-profile stakeholders' meeting at the Bank of Industry headquarters in Abuja. The government's strategic move is designed to tackle the pressing transportation challenges following the removal of fuel subsidies. CONTINUE READING..........
The introduction of CNG-powered mass transit buses is set to revolutionize the way Nigerians commute, delivering substantial savings as it significantly lowers transportation costs. Additionally, this initiative champions CNG as a cleaner and more cost-effective alternative to conventional petrol.
Mr. Subaru passionately explained, "With this visionary CNG plan, we are no longer reliant on imports for our vehicle operations. CNG, readily available in Nigeria, is the game-changer. Our mission is to make CNG accessible across Nigeria through various truck stations."
He went on to say, "Most vehicles are yet to embrace CNG, and we are here to assist them in converting their cars to run on both petrol and CNG. To enhance convenience, we're developing an app that will help you easily locate nearby CNG stations. With this, we anticipate that Nigerians can purchase CNG at the incredible rate of N230 per KG, compared to the prevailing petrol price of N680 per liter. This move is poised to save every Nigerian about two-thirds of their transportation costs." CONTINUE READING.........
The Federal Government has set a visionary target of getting one million CNG-powered vehicles on the roads by 2027, showcasing its commitment to cleaner and more cost-effective energy sources.
Furthermore, Michael Oluwagbemi, the Program Director of the Presidential CNG Initiative, disclosed the government's plans to establish 1,000 conversion workshops nationwide, anticipating that over 50,000 job opportunities will be created as a result of this dynamic initiative.
In his words, "Our goal, as articulated by the President in his October 1st speech, is to make 55,000 conversion kits immediately available to the Nigerian public, sparking the CNG revolution. The palliative program, as described by the President, will remain in effect until March 31, 2024. Within this timeframe, we intend to roll out 55,000 conversion kits, bearing in mind the challenges related to the number of operational workshops. We recognize the need for about 1,000 workshops to achieve our ambitious objectives."
This ambitious transition to CNG-powered transportation is a remarkable stride toward cleaner, more affordable energy, heralding a brighter future for Nigerians.
Source: NairaMetrics
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