President Bola Tinubu has launched the Conversion Incentive Program (CIP) for Compressed Natural Gas (CNG) in Ibadan, the Oyo State capital.
The initiative, according to the president, was to cushion the effect of fuel subsidy removal and promote a safer, cleaner, and more reliable nation.
Speaking at the event, the president, who was represented by the Chief Executive Officer (CEO) and the Programme Director of the Presidential Compressed Natural Gas Initiative (P-CNGi), Michael Oluwagbemi, said the initiative was one of the testimonies to Tinubu’s Renewed Hope Agenda.
He urged Nigerians to take advantage of opportunities in the CNG sector, saying Nigeria is at the cause of revolution by using CNG.
President Tinubu launches CNG Conversation Initiative In Ibadan pic.twitter.com/1ayJrPUVOL
— News Arena NG (@newsarena_ng) August 22, 2024
The president said Nigerians should not doubt the initiative, saying they should rather allow the nation to leverage its resources.
He said: “Nigeria as a nation has continued to pay for expensive PMS and diseases that are not only dexterous to our health but also our finances, the better way is for us to use what we have that is cleaner, cheaper, safer, and more reliable.
“Dangote refinery has about 650,000 barrels processing capacity per day which translates to about 100 million litres of petrol per day, this is equivalent to about 36 million vehicles if you are to power 36 million CNG vehicles, you won’t need the footprint of Dangote refinery, so, to get PMS is not only expensive but time and space consuming endeavours, and that is what makes PMS expensive.
“With all these natural blessings, why would Nigerians live beside the ocean and be washing their hands with a slit? Why would we have these bountiful gas resources which are easier to produce, cheaper on our pocket cleaner for our environment, and safer and not make good use of it?
