CNG vehicles will reduce Nigeria’s inflation – FG

The Nigerian government has said that successfully adopting Compressed Natural Gas can reduce inflation, which soared to 33.69 per cent in ...

The Nigerian government has said that successfully adopting Compressed Natural Gas can reduce inflation, which soared to 33.69 per cent in April 2024. The Programme Director of the Presidential Initiative on Compressed Natural Gas, Pi-CNG, Engr. Michael Oluwagbemi, disclosed this during a one-day South-South and South-East stakeholders’ engagement meeting in Port Harcourt, Rivers State. He noted that Nigerians can realize between 40 to 50 per cent savings from petrol upon adopting CNG. “It can reduce inflation. It is cheaper. You can realize between 40% and 50% savings from patrol. This is good for Nigeria, and it is safer. “It is 18 times safer than petrol and diesel. It is cleaner and safer for the environment,” he said. He added that Nigeria would save about $2.5 billion by converting every one million vehicles to CNG. Recall that President Bola Ahmed Tinubu asked all federal government ministries, departments and agencies to procure CNG buses. Earlier, the Nigerian government fixed the price of Compressed Natural Gas at $1.57 per Metric Million British Thermal Unit.