The FG has said the era of buying fuel between N750 to N1000 per liter, is over as it will commission 30,000 Compressed Natural Gas (CNG) powered vehicles in the next 90 days.
Michael Oluwagbemi, Project Director and CEO of the Presidential Compressed Natural Gas Initiative revealed this at an event in Ojota, Lagos on July 20th.
According to him, the initiative will cost N36 billion & includes 30,000 CNG conversion kits, which will be distributed free of charge nationwide within the specified period. Each kit & conversion is valued at N1.2 million per vehicle, totaling N36 billion over the next 3 months.
“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.
The era of buying N750, N800 or N1000/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,” he added.
