The federal government has stated that the era of buying Premium Motor Spirit, known as fuel between N750 to N1000 per liter, is over as it will commission 30,000 Compressed Natural Gas powered vehicles in the next three months.
The Project Director and Chief Executive Officer of the Presidential Compressed Natural Gas Initiative, Michael Oluwagbemi, made this known during the Park to Park CNG Mobilisation program held at the Ojota Park in Lagos on Saturday.
Oluwagbemi, who explained that the initiative is expected to cost N36 billion for 30,000 CNG conversion kits for distribution free of charge nationwide within the period, noted that the kits and the conversion costs were valued at the rate of N1.2m per vehicle, making a total of N36bn within the next three months.
He emphasized that the move was to ensure the adoption of CNG as an alternative fuel for transportation.
He stated further; “Today, we are here with conversion kits. We have bought over 30,000 of these kits, mainly for distribution in the next 90 days.
The President has told us that this is not just to end with 30,000 kits, the target is one million kits. We want to make sure all of you can benefit from this government initiative,” he stated.
The era of buying N750, N800, or N1,000/liter fuel is over. We are not doing that again. We will start using the gas under our feet so that we can buy it at N230/kg”.
It would be recalled that President Bola Tinubu had ordered all Ministries, Departments and Agencies to procure CNG-powered vehicles as palliative to cushion the impact of fuel subsidy removal.
