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The Federal Government has announced that converting petrol-powered vehicles to run on gas will significantly reduce transportation costs, ultimately lowering the cost of living for Nigerians.
During the launch of the initiative in Benin City, Edo State, on Saturday, Tosin Coker, Head of Commercial of the Presidential CNG Initiative, explained that the project is a key part of President Bola Tinubu’s strategy to alleviate the economic burden caused by rising fuel prices.
Coker emphasized that the conversion will be free for vehicle owners.
He said, “The goal is to convert one million vehicles across Nigeria without charging the owners. This will help reduce the demand for petrol, eventually bringing down its price. More importantly, it will lower transportation costs, which will, in turn, make life more affordable for the masses.”
The initiative, which has already been launched in five other states, is seen as a major step in cushioning the impact of the escalating gasoline prices. Coker added,
“This is part of President Tinubu’s broader plan to ease the hardships Nigerians are facing due to fuel price hikes. We’ve been directed to prioritize the conversion of commercial vehicles, and in partnership with transport associations, we’ll ensure that this happens at no cost to the vehicle owners.”
The project, according to Coker, has been in the works for about a year.
“President Tinubu set up a steering committee with three primary mandates: incentivizing the conversion project, ensuring financing for its execution, and regulating the new scheme. We’ve partnered with financiers to make this project available to businesses, civil servants, and individuals who are interested,” he said.
To ensure the initiative runs smoothly, Coker highlighted the collaboration between the Presidential CNG Initiative and various regulatory bodies such as the Nigerian Gas Vehicle Monitoring System, the Nigerian Automobile Development and Design Council, the Standards Organization of Nigeria, and the Federal Road Safety Corps.
“President Tinubu recognizes that Nigeria is more of a gas-producing nation than an oil-producing one. We have enormous gas reserves, but for decades we have wasted this resource, ranking second in gas flaring after Russia,” Coker said.
He called on state governments to support the program, commending Edo State for launching its own gas-powered vehicle initiative over three years ago.
The Commissioner for Mining and Energy, Enaholo Ojiefoh, expressed pride in Edo’s efforts to explore alternatives to petrol and pledged continued collaboration with the Federal Government.
