The Presidency says all is now set for the roll out of 5500 CNG vehicles (buses and tricycles), as well as 20,000 CNG conversion kits, all in the first set of critical assets for the launch of the Compressed Natural Gas initiative of President Bola Ahmed Tinubu.
This is contained in a statement by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
The Presidential aide also explained that the Committee was equally ready to spur the development of CNG refilling stations and electric charging stations across the country.
He said the committee, led by Michael Oluwagbemi, an oil and gas expert, has delivered some major foundational reforms to enable the new CNG and Electric Vehicles deliver on the President’s promise.
He explained that with the necessary tax and duty waivers approved by President Tinubu in December 2023, the Presidential Compressed Natural Gas Initiative committee PCNGI, is partnering with the private sector to deliver the promise on the initiative.
According to Mr Onanuga, the private sector has responded with over $50 million in actual investments in refueling stations, conversion centres, and mother stations.
According to Mr Onanuga, a safety policy document on 80 standards and regulations that must be adhered to by operators has been developed and approved to ensure CNG conversions are done safely and reliably.
President Bola Ahmed Tinubu launched the Presidential CNG Initiative in October last year to deliver cheaper, safer and more climate friendly energy.
The CNG Initiative was designed to deliver compressed natural gas especially for mass transit.
FRCN
