Categories: News

Nigeria’s Inflation Will Be Reduced By Use Of CNG Vehicles – FG

The Nigerian government has highlighted the potential benefits of adopting Compressed Natural Gas (CNG) as a means to combat the high inflation rate, which reached 33.69 per cent in April 2024.

During a stakeholders’ engagement meeting in Port Harcourt, Rivers State, the Programme Director of the Presidential Initiative on Compressed Natural Gas, Michael Oluwagbemi, emphasized that transitioning to CNG could lead to significant cost savings for Nigerians, ranging from 40 to 50 per cent compared to traditional petrol usage.

Advertisement

Oluwagbemi also pointed out the safety advantages of CNG, stating that it is 18 times safer than petrol and diesel, in addition to being cleaner and more environmentally friendly.

Furthermore, the potential economic impact of widespread CNG adoption was highlighted, with projections suggesting that Nigeria could save approximately $2.5 billion by converting one million vehicles to CNG.

Notably, President Bola Ahmed Tinubu has urged all federal government entities to acquire CNG buses, signaling a commitment to promoting the use of this alternative fuel source.

Advertisement

The Nigerian government has set the price of Compressed Natural Gas at $1.57 per Metric Million British Thermal Unit, further incentivizing its adoption as a cost-effective and safer energy option.

Advertisement
citynews

Recent Posts

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

36 mins ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

4 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

4 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

5 hours ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

7 hours ago

#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election

PHILADELPHIA/GRAND RAPIDS, Michigan (Reuters) -Donald Trump and Kamala Harris both predicted victory as they campaigned…

7 hours ago