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Wednesday, May 22, 2024

Tinubu rolls out CNG initiative before May 29

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The CNG initiative will be launched before President Bola Tinubu clocks one year in office on May 29, according to the presidency.

Bayo Onanuga, Special Adviser to the President on Information and Strategy in a statement stated that all is now set for the delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the present administration.

Recall that Tinubu, after the removal of the fuel subsidy, launched the Presidential CNG Initiative in October last year.

The CNG initiative which was designed to deliver compressed natural gas, especially for mass transit, was also expected to deliver cheaper, safer and more climate friendly energy.

The federal government on its part, was expected to purchase 5500 CNG vehicles (buses and tricycles), 100 electric buses and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations across the country.

However, months after, the initiative was yet to see the light of day.

But in a statement on Sunday, Onanuga said after months of detailed planning and background work, the “Committee driving the initiative is set to deliver on President Tinubu’s vision and promise.”

He said, “Already, the committee, being led by Michael Oluwagbemi, an oil and gas expert, has delivered some major foundational reforms to enable the new CNG and Electric Vehicles future the President promised. All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”

Part of the statement said, “with necessary tax and duty waivers approved by President Tinubu in December 2023, the PCNGI committee is partnering with the private sector to deliver the promise on the initiative,” adding that the private sector has responded with over $50 million in actual investments in refuelling stations, conversion centres, and mother stations.

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