- He noted that Nigerians can save between 40 to 50 per cent of what’s currently being spent on petrol upon adopting CNG as the later is cheaper and safer
The Nigerian government says the galloping inflation the country is grappling with will soon be a thing of the past with the successful adoption of Compressed Natural Gas.
Nigeria’s headline inflation rate currently stands at 33.69 per cent while food inflation is over 40%.
However, The Programme Director of the Presidential Initiative on Compressed Natural Gas, Pi-CNG, Michael Oluwagbemi, said the widespread adoption of CNG will reduce Nigeria’s inflation.
He made disclosure during a one-day South-South and South-East stakeholders’ engagement meeting in Port Harcourt, Rivers State.
He noted that Nigerians can save between 40 to 50 per cent of what’s currently being spent on petrol upon adopting CNG as the later is cheaper and safer.
“It can reduce inflation. It is cheaper. You can realize between 40% and 50% savings from patrol. This is good for Nigeria, and it is safer.
“It is 18 times safer than petrol and diesel. It is cleaner and safer for the environment,” he said.
He added that Nigeria would save about $2.5 billion by converting every one million vehicles to CNG.
Recall that President Bola Ahmed Tinubu asked all federal government ministries, departments and agencies to procure CNG buses.
Earlier, the Nigerian government fixed the price of Compressed Natural Gas at $1.57 per Metric Million British Thermal Unit.