The Federal Government has provided assurance that the introduction of Compressed Natural Gas (CNG) buses under the Presidential CNG Initiative will significantly reduce transportation costs for Nigerians, ultimately contributing to controlling the inflation rate. Finance Minister and Coordinating Minister of the Economy, Wale Edun, conveyed this assurance during a visit to the JET Motor Company Assembly Plant in Lagos, where CNG buses are being assembled.
Edun emphasized the cost-saving benefits of CNG buses compared to their petrol-powered counterparts, stating that filling a 15-20 seater CNG bus costs between N12-15,000, significantly less than the N55,000 required for petrol. This substantial cost difference is expected to help reduce transport expenses and inflation rates.
Furthermore, Edun praised JET Motor Company for employing local talents in vehicle assembly, highlighting the Presidential CNG Initiative’s aim of providing affordable mass transit. Chidi Ajaere, the chairman and founder of JET, commended President Bola Tinubu for promoting local production of CNG vehicles and expressed confidence in the success of the initiative.