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.

Tinubu meets UK Foreign Secretary on economy, security

President Bola Tinubu is expected to meet UK Foreign Secretary, James Cleverly, who is on a 4-day African visit, on Wednesday. Cleverly, who will spend two days in Nigeria, is on a three-country visit where he is prioritising future-focused, mutually-beneficial partnership. A statement from the UK Foreign, Commonwealth, and Development Office disclosed that a number of funding would be unveiled during Cleverly’s visit to make Nigeria’s agriculture sector more resilient to climate change. It said that the funding would help more than four million people develop better farming practices and reduce harmful carbon emissions. Cleverly’s meeting with Tinubu and the National Security Adviser,  Nuhu Ribadu will focus on the UK-Nigeria partnership and key common priorities. ‘’It will also include how to increase bilateral trade and investment, economic development, regional issues, and strengthened security cooperation.’’ Total trade in goods and services (exports plus imports) between the UK and Nigeria was 7.6 billion pounds in the four quarters to the end of the first quarter of 2023. This is an increase of 48.4 percent or 2.5 billion pounds in current prices from the four quarters to the end of the first quarter of 2022.