FG Considering Gas As An Alternative To Petrol – Osinbajo

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As part of efforts to offer Nigerians an effective alternative to petrol, the Federal Government has disclosed that it will focus on developing Compressed Natural Gas which is significantly cheaper than petrol.

This was made known by Vice President Yemi Osinbajo during a virtual interactive session hosted by the Africa Report magazine.

Answering questions on the removal of petrol subsidy, the Vice President said Nigeria has “experienced a severe downturn in our finances over the years, so at 60 percent less revenue, we are in a position where sustaining fuel subsidies is practically impossible simply because we do not have the resources.”

According to him, “what we have decided to do is to focus on Compressed Natural Gas (CNG) which is about half the price of petrol today. So, if we use CNG for our cars and for our buses, it will cost between N78 and N80 or so per liter.”

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He revealed that under the Nigerian Economic Sustainability Plan (NESP), the Federal Government’s objective was to promote the domestic use of CNG and support the creation of 1 million jobs by maximizing the domestic use of gas while reducing reliance on refined petroleum products like kerosene and petrol.

The Vice President added that government is “Trying to ensure that businesses survive this period by providing as much support as we can, and by relieving them of as much burden as possible and ensuring that they are able to get some moratorium so that they can at least continue to run their businesses and by all the other interventions and support that we are giving, we hope that those interventions will help businesses.

“Our approach is first to ensure that we save jobs. If we save jobs and save businesses, and then do the best we can in agriculture, the housing scheme and all of that, we will actually be able to improve spending and if we are able to improve spending, taxes will definitely improve, and if businesses survive, taxes will improve. So, those are the sort of projections that we are looking at,” Osinbajo disclosed.

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