According to report from PUNCH news. In a recent address, President Bola Tinubu stunned the nation by revealing that Nigeria spends a staggering N2 trillion monthly on petrol and diesel imports. This astonishing figure highlights the country's alarming reliance on oil, while simultaneously neglecting its vast gas resources.
Tinubu's administration has taken a bold step towards addressing this issue by removing fuel subsidies, which has led to a significant increase in petrol prices from N200 to N700 per liter. While this move has sparked controversy, the President is determined to reduce the country's dependence on oil and explore alternative energy sources.
To mitigate the impact of the subsidy removal, Tinubu has launched an ambitious Compressed Natural Gas (CNG) program aimed at reducing transportation costs and curbing inflation. This initiative is expected to provide relief to millions of Nigerians who have been grappling with the rising cost of living.
The CNG program is a crucial component of Tinubu's broader strategy to diversify Nigeria's energy mix and harness the potential of its vast gas reserves. By promoting the use of CNG, the government aims to reduce the country's reliance on petrol and diesel, while also decreasing greenhouse gas emissions and promoting sustainable development.
As Nigeria navigates this critical phase in its energy transition, President Tinubu's leadership and vision will be crucial in shaping the country's future. With the CNG program, he has taken a significant step towards creating a more sustainable and energy-efficient Nigeria. However, the journey ahead will require continued commitment, innovation, and collaboration among all stakeholders to ensure a successful transition.
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