Tinubu Launches CNG Conversion Incentive Program in Ibadan
…As the nation break free from imported fuel dependence
President Bola Ahmed Tinubu on Thursday 22nd August, 2024 launched Conversion Incentive Program (CIP) for Compressed Natural Gas (CNG) in Ibadan, the Oyo State capital.
The initiative, according to the President, was to cushion effect of fuel subsidy removal and promote safer, cleaner and reliable nation.
Speaking at the event, the President, who was represented by the Chief Executive Officer (CEO) and the Programme Director, Presidential Compressed Natural Gas Initiative (P-CNGi), Michael Oluwagbemi said the initiative was one of the testimonies to Tinubu’s Renewed Hope Agenda.
He urged Nigerians to take advantage from opportunities in CNG sector, saying Nigeria is at the cause of revolution by using CNG.
The President said Nigerians should not doubt the initiative, saying they should rather give the nation opportunity to leverage on its own resourceses.
He lamented that the nation has been depending on imported and subsidised petroleum products, puting destiny, growth and economy of the nation in the hands of third party nations.
He said, “Nigeria as a nation has continue to pay for expensive PMS and diesel that is not only deterous to our health but also our finances, the better way is for us to used what we have that is cleaner, cheapers, safer and more reliable.
“This natural gas is everywhere across the nation, 30 out of 36 states in Nigeria has natural gas reserve, we have enough gas reserve to last us for more than 100 years as one of the largest gas reserve nation in the world and ranked as number one in Africa.
“And to translate these gas either for transportation, fuelling generators or our industries, it is far more simpler than building a refinery.
“Dangote refinery is about 650,000 barrels processing capacity per day which translate to about 100 million liters of petrol per day, this is equivalent to about 36 million vehicles, if you are to power 36 million CNG vehicles, you wont need the footprint of Dangote refinery, so, to get PMS is not only expensive but time and space consuming endeavours, and that is what makes PMS expensive.
“With all these natural blessings, why would Nigerian live beside the ocean and be washing their hands with slit? why would we have these bountiful gas resouces which is easier to produce, cheaper on our pocket and cleaner for our environment and safer and not make good use of it?.
“If you get to petrol tankers accident, nine out of ten leads to explosion, but in case of CNG, one out of ten leads to explosion, CNG is eight times less explosive than diseal, 18 times less explosive than petrol.”
