The Federal Government has officially handed over 64 Compressed Natural Gas (CNG) buses to representatives from the Trade Union Congress (TUC), the Nigerian Labour Congress (NLC), and the National Association of Nigerian Students (NANS). This initiative is expected to significantly reduce transportation costs across the country, paving the way for a more affordable and efficient public transport system.
The ceremony took place on Sunday at the State House Conference Centre in Abuja, coinciding with Nigeria’s 64th Independence Anniversary celebrations. The delegation was led by the Coordinating Minister of the Economy and Minister of Finance, Wale Edun, alongside other notable officials, including the Minister of Information and National Orientation, Mohammed Idris; the Minister of Budget and Economic Planning, Abubakar Bagudu; and the Minister of State for Youth Development, Ayodele Olawande.
Edun stated that the distribution of the buses fulfills President Bola Tinubu’s commitment to provide affordable and efficient transportation options for Nigerians, particularly following the removal of fuel subsidies through the Presidential Initiative on Compressed Natural Gas (PCNGi). He emphasized the program’s objective to alleviate economic pressures on vulnerable populations and support macroeconomic reforms aimed at achieving stability in the country.
Read also
- DESOPADEC empowers Delta entrepreneurs with tools, funds
- Kwara engages agricultural stakeholders to boost SMEs in agribusiness
- Nigeria, France partner to address mining sector challenges
- Akwa Ibom promises to boost agriculture, create jobs
- Fire destroys shops in Ibadan market
“This handover signifies the commencement of a larger national rollout, which includes plans to distribute over 500 CNG buses and 100 electric vehicles initially,” Edun said. He noted that this initiative aligns with Nigeria’s commitment to cleaner energy solutions while harnessing its energy resources for industrialization.
“This marks a critical milestone in President Tinubu’s policies, signifying a transition to cleaner fuel for mass transit. We aim to ensure that workers benefit from reduced transportation costs amid rising prices,” he added.
The Minister also discussed the initiative’s potential impact on inflation, noting, “While we’ve observed a spike in inflation, it has now peaked and is on a downward trajectory. The government is committed to continuing this trend, and this program is one of the key strategies.”
Edun further explained that the fuel cost for CNG-powered vehicles is approximately one-third of that for petrol-powered vehicles, allowing motorists to fill a tank for as low as N15,000, compared to N50,000 or more for traditional fuels.
In the coming months, the government plans to extend its support to farmers, aiding them with fertilizers, seeds, and other essential inputs as they navigate the wet and dry planting seasons.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
