The Federal Government has declared an end to the era of purchasing fuel at prices between N750 and N1000 per liter, announcing plans to introduce 30,000 Compressed Natural Gas (CNG) powered vehicles within the next 90 days.
Michael Oluwagbemi, the Project Director and CEO of the Presidential Compressed Natural Gas Initiative, revealed this at an event in Ojota, Lagos, on July 20th.
He explained that the initiative, costing N36 billion, will include 30,000 CNG conversion kits that will be distributed free nationwide within the specified period. Each kit, valued at N1.2 million, will be provided at no charge, totaling N36 billion over three months.
“Today, we are here with conversion kits. We have procured over 30,000 of these kits for distribution in the next 90 days. The President has instructed us that this effort should not stop at 30,000 kits; our goal is one million kits.
The days of buying fuel at N750, N800, or N1000 per liter are over. We will transition to using the gas beneath our feet, allowing us to purchase it at N230 per kilogram,” he added.
