Politics
President Tinubu Set To Launch Locally Manufactured CNG Buses In Aso Rock
President Tinubu Set To Launch Locally Manufactured CNG Buses In Aso Rock....KINDLY READ THE FULL STORY HERE▶
Innoson Motors, an indigenous automobile manufacturing company based in Nnewi, Anambra State, is playing a key role in the Nigerian government’s new Compressed Natural Gas (CNG) initiative. This initiative aims to address transportation challenges in the Federal Capital Territory (FCT), Abuja, and reduce the country’s dependency on expensive petrol…….CONTINUE READING
Currently, five CNG-powered buses are stationed at the Presidential Villa’s forecourt, awaiting their inauguration. It is expected that President Tinubu, who is presently presiding over a Federal Executive Council (FEC) meeting, will soon officiate the commissioning of these buses.
Notably, Innocent Chukwuma, the Chairman and CEO of Innoson Motors, recently held a meeting with President Tinubu at the State House, underscoring the importance of this collaboration.
The government’s CNG initiative is set to mark the end of the era where Nigerians were burdened with buying Premium Motor Spirit (PMS) at prices ranging between ₦750 and ₦1000 per liter. In July, the government announced its plan to roll out 30,000 CNG-powered vehicles over the next 90 days as part of this initiative.
Michael Oluwagbemi, the Project Director and CEO of the Presidential Compressed Natural Gas Initiative, made this announcement during the Park to Park CNG Mobilization program in Lagos. He revealed that the ₦36 billion project includes the free distribution of 30,000 CNG conversion kits nationwide within three months. Each kit, along with the conversion costs, is valued at ₦1.2 million per vehicle.
Oluwagbemi emphasized that this initiative is designed to encourage the adoption of CNG as a more affordable and sustainable alternative fuel for transportation. “Today, we have 30,000 conversion kits ready for distribution. The President has instructed that this effort will not stop at 30,000 kits but will extend to one million kits, ensuring widespread access to this government initiative,” he stated. “The era of buying fuel at ₦750, ₦800, or ₦1000 per liter is over. We will utilize the gas beneath our feet, which can be purchased at ₦230 per kilogram.”
This move aligns with President Bola Tinubu’s directive for all Ministries, Departments, and Agencies to procure CNG-powered vehicles as a strategy to mitigate the impact of the fuel subsidy removal on Nigerians
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