Nigeria’s Presidential Compressed Natural Gas (CNG) and Electric Vehicle Initiative has attracted about $2.5 billion in non-public funding, alongside roughly N250 billion in authorities funding and commitments, the Minister of Information and National Orientation, Mohammed Idris, has stated.
Mr Idris stated greater than 120,000 vehicles had been converted under the initiative, with over 400 licensed conversion centres and greater than 90 refuelling stations established nationwide. Another 180 refuelling stations are in improvement, he stated.
He stated the initiative was creating jobs and enterprise alternatives in host communities because the federal authorities pursues efforts to cut back transportation prices and diversify the economic system.
The CNG programme was launched after President Bola Tinubu eliminated the petrol subsidy in May 2023, a choice that contributed to greater transport prices and intensified financial stress on Nigerians. The authorities subsequently promoted CNG as a less expensive various to petrol, notably for business transport operators.
However, the price of changing vehicles has offered a barrier for a lot of motorists, at the same time as they search to cut back their gasoline bills.
The value of changing petrol-powered vehicles to run on CNG might value between N750,000 and N2.5 million, relying on the automobile and engine. The upfront expense makes the transition troublesome for motorists already grappling with greater working prices.
In September, Nairametrics documented challenges going through motorists who had made the change, together with insufficient refuelling infrastructure, lengthy queues and misplaced working hours.
The minister disclosed the initiative’s funding figures throughout a media chat with senior editors and journalists on Monday, the place he highlighted the federal government’s financial reforms and their impression on key indicators.
He stated Nigeria’s inflation charge had fallen from about 27 per cent in January 2025 to round 15 per cent, whereas the nation’s exterior reserves exceeded $54 billion in September, the best degree in nearly 20 years.
The economic system can be projected to develop by greater than 4 per cent in 2026, whereas Nigeria’s present account surplus rose to $12 billion within the first half of 2026, up from $8.6 billion within the corresponding interval of 2025, in keeping with the minister.
Mr Idris attributed the enhancements to the federal government’s financial insurance policies, saying the reforms have been serving to to stabilise the economic system, restore confidence and create circumstances for sustained progress.
“The macroeconomic numbers have turned the corner, and I would ask that we always look at what they mean beyond the headlines,” he stated.
However, he acknowledged that many households continued to face cost-of-living pressures, saying the federal government’s precedence was to make sure that enhancements in financial indicators translated into higher dwelling circumstances.
“Our commitment is to ensure that stronger economic indicators translate into more jobs, more productive businesses, more affordable essential services and greater purchasing power for Nigerian families,” he stated.
“The reforms are strengthening our economic fundamentals, rebuilding confidence and creating the conditions for broader prosperity. We are determined to consolidate these gains and accelerate their impact across the country.”
Infrastructure, agriculture
Mr Idris stated infrastructure initiatives have been creating financial alternatives for contractors, suppliers, engineers, artisans, transporters and different companies.
He stated the federal government’s 4 Legacy Projects coated about 3,000 kilometres throughout the nation’s six geopolitical zones, alongside a whole bunch of different initiatives in street, rail, port, energy, well being and schooling infrastructure.
He additionally cited a not too long ago permitted freeway undertaking price roughly N1.5 trillion in Niger State, which he stated would enhance connectivity alongside an necessary agricultural and business hall.
On agriculture, the minister stated the federal government had positioned meals safety on the centre of its financial coverage, with assist for mechanisation, entry to inputs, irrigation and agricultural financing meant to extend home manufacturing, enhance farmers’ incomes and scale back meals prices.
Healthcare, schooling and jobs
The minister stated the federal authorities had commissioned two extra most cancers therapy centres, bringing the entire variety of commissioned centres to 5, as it really works in direction of making 10 out there nationwide.
He stated the investments, alongside the revitalisation of major healthcare, have been anticipated to develop entry to therapy and strengthen the well being system.
READ ALSO: Minister defends NNPC petrol discount, says its not return to subsidy
On schooling, Mr Idris stated the Nigerian Education Loan Fund (NELFUND) had supported greater than 1.6 million college students, paying over N192 billion in tuition charges and N180 billion in repairs allowances.
He stated the funding offered aid for college students, mother and father and guardians who would in any other case battle to fulfill the price of greater schooling.
He additionally stated the Three Million Technical Talent programme was increasing alternatives for younger Nigerians to accumulate digital abilities in software program improvement, information science, cybersecurity and rising applied sciences.
The minister stated investments in home refining, strong minerals, industrial manufacturing and innovation have been additionally a part of the federal government’s efforts to diversify the economic system and create sustainable employment.
Discover extra from Premium Times Nigeria
Subscribe to get the newest posts despatched to your e-mail.
