Subsidy Removal: Infrastructure Bank To Provide Funding For CNG buses

As part of efforts to ease the hardship occasioned by the removal of petrol subsidy, the Infrastructure Bank has promised to provide funding for the Compressed Natural Gas (CNG) Mass Transit. According to the bank during a visit to the Permanent Secretary of Special Projects Dr. Okokon Udo Ekanem, part of the strategy will include collaborative efforts towards advancing sustainable infrastructure development. The team headed by Director in the Bank, Andrew Nweke, said the bank is committed to supporting the Federal Government in mitigating the effects of fuel subsidy removal through the promotion of Compressed Natural Gas (CNG) Mass Transit. According to him, the bank had dedicated funds towards financing CNG mass transit. Compressed Natural Gas (CNG) has emerged as a cleaner and more sustainable alternative to conventional fuels, offering significant economic and environmental benefits. He said TIB’s proactive stance in this endeavour aligns with its broader mission of fostering sustainable infrastructure development in Nigeria. Also speaking, the Acting Managing Director of the Bank, Mrs. Nkiru Chime, highlighted some of TIB’s achievements in the transport sector through the Move Nigeria Scheme (MNS). She said the bank has played a pivotal role in facilitating economic progress, adding that since the inception of the MNS, ithas disbursed about N47bn, resulting in the distribution of over 4,500 vehicles across all geopolitical zones. The scheme, she added, has created over 10,000 employment opportunities consequently and has contributed to the Gross Domestic Product through the transport sector. The transport sector contributed about 1.35 per cent to Nigeria’s GDP in the second quarter of this year. Chime added that the Move Nigeria Scheme (MNS) has become synonymous with TIB’s commitment to transforming the nation’s transportation landscape. By facilitating access to financing and resources, she said MNS has empowered numerous entrepreneurs and businesses to acquire vehicles, thereby stimulating economic activities across various sectors. According to her, the decision to allocate funds for the promotion of CNG Mass Transit underscores TIB’s responsiveness to the evolving energy landscape and its dedication to environmentally friendly and cost-effective transportation solutions.

Looming Strike: NLC Criticises FG’s Lack of Progress on CNG Buses, Cash Transfers, Others

Amid the economic hardships triggered by the removal of fuel subsidies, the Nigeria Labour Congress (NLC) has expressed deep dissatisfaction with the apparent lack of commitment from the Federal Government to address its demands. Following an unsuccessful meeting with government officials on Monday, where both sides failed to reach an agreement to avert an indefinite strike, the NLC President Joe Ajaero spoke out about the government’s reluctance to address several critical issues during an appearance on Channels Television’s which was monitored by NIGERIAN ANCHOR. Among the NLC’s key demands are the need to mitigate the consequences of petrol price hikes, review the minimum wage, establish a viable roadmap for the adoption of Compressed Natural Gas (CNG) as an alternative fuel, rehabilitate the country’s refineries, and settle lecturers’ salary arrears. Ajaero expressed frustration, saying, “Even the issue as simple as cash transfer or bringing buses on the road, nothing has happened to them. So, it’s a lack of willingness, and we can’t muddle up all these issues. Then you call a minimum wage as wage award. If anybody is looking at the issue of wage award as minimum wage, then there’s confusion within that class of people.” He referenced a 2021 agreement on CNG vehicles reached with the then Minister of State for Petroleum, Timipre Sylva, highlighting that it was evident a million vehicles could be converted to CNG within three months. Ajaero criticized the Federal Government’s 2024 projection to deploy CNG buses for a more affordable mass transit system, questioning the delay, saying, “What is so peculiar about next year when these processes will start? Is it that there are no CNG vehicles that can hit the road, or we can’t have some stations, even with IPMAN saying that their filling stations are available?” Ajaero also criticized the Federal Government for its failure to meet the union’s demands despite having over four months to do so. The NLC is now preparing for an indefinite strike due to the ongoing economic difficulties in the country. “We agree that the Federal Government has had more than enough time for the past four months, and that even if there is a commitment, between now and the next four days, issues will be resolved,” Ajaero said. “And we hope that the minister [Simon Lalong] will work with us within these next few days to make sure we resolve the problem.” Regarding the possibility of resuming negotiations on Tuesday, Ajaero stated that if invited, the NLC would participate in the discussions.