- Almost five months after Nigerian President Bola Ahmed Tinubu scrapped a popular but costly fuel subsidy, petrol prices have risen to N617 per litre
- The current price of petrol, also known as Premium Motor Spirit, is the highest in the history of Africa’s largest oil producer
- On August 18, 2023, President Bola Ahmed Tinubu took a step to “mitigate impact of fuel subsidy” by establishing the Presidential Initiative on Compressed Natural Gas
FCT, Abuja – President Bola Tinubu has appointed the steering committee for the Presidential Initiative on Compressed Natural Gas (PICNG).
The committee will be headed by Zacch Adedeji, the acting executive chairman of the Federal Inland Revenue Service (FIRS).
Source: Twitter
Tinubu appoints Adedeji to lead CNG comm.
Legit.ng understands that the committee’s primary focus will be to develop strategies aimed at expediting the implementation of the presidential directives regarding the Compressed Natural Gas initiative.
According to a tweet shared late on Saturday, October 14 by the presidency’s official X (formerly Twitter) handle, Adedeji and his team members “will be working on the development and promotion of natural gas as an alternative fuel source, in line with the commitment of President Tinubu to mitigate the impact of fuel subsidy removal on the people of Nigeria”.
In August, President Tinubu approved the establishment of the PICNG.
Authorities say the CNG initiative seeks to ease the impacts of fuel subsidy removal on the citizenry by reducing energy costs. The Special Adviser to the President (Media and Publicity), Ajuri Ngelale, said at the time that the initiative targets over 11,500 new CNG-enabled vehicles.
Also included in the target are 55,000 CNG conversion kits for existing PMS-dependent vehicles.
Tinubu makes 14 new appointments
Earlier, Legit.ng reported that President Tinubu approved the appointment of new Chief Executive Officers (CEOs) of several agencies and parastatals under the federal ministry of industry, trade, and investment.
According to the presidency, this is in line with Tinubu’s resolve to “base Nigeria’s economic revival on the foundation of trade expansion through small, medium, and large-scale industry facilitation in the country”.
Tinubu makes revelation about subsidy
Legit.ng also reported that President Tinubu disclosed that he had the opportunity of partaking in destroying Nigeria’s economy by continuing with the payment of the fuel subsidy.
Tinubu stressed that the petrol subsidy is a wound to the country’s economy and should never be allowed to continue, irrespective of the situation.
Source: Legit.ng
