The Federal Government has received 60 locally assembled Compressed Natural Gas (CNG) hybrid buses.
Jet Motor Company delivered the buses as part of the Presidential CNG Initiative, according to a post on their official X handle on Thursday.
According to the statement, the development is part of ongoing efforts to provide affordable and convenient transportation options for Nigerians.
The vehicles were handed over to a team made up of Ministry of Finance officials and personnel from the Presidential Initiative on CNG (Pi-CNG) at the company’s car production plant in Ajah, Lagos State.
President Bola Tinubu’s nationwide broadcast during the #EndBadGovernance protests against hunger and hardship remarked that, despite Nigeria’s enormous oil and gas resources, his administration encountered a country that relied solely on oil, ignoring its gas resources while subsidizing gasoline prices.
As a result, he said his administration had invested in CNG to change the narrative.
“Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy. We were also using our hard-earned foreign exchange to pay for and subsidise its use.
“To address this, we immediately launched our Compressed Natural Gas Initiative to power our transportation economy and bring costs down. This will save over N2tn a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education,” Tinubu stated.
He said his administration would distribute one million kits of extremely low or no cost to commercial vehicles that transport people and goods, and who currently consume 80 per cent of the imported petrol and diesel.
“We have started the distribution of conversion kits and setting up of conversion centres across the country in conjunction with the private sector. We believe that this CNG initiative will reduce transportation costs by approximately 60 per cent and help to curb inflation,” Tinubu disclosed.
