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Innocent Chukwuma, Founder and Chief Executive Officer of Innoson Vehicle Manufacturing, has assured Nigerians that the Compressed Natural Gas-powered buses initiative of the Federal Government will bring down the cost of transportation in the country.
Chukwuma made this known after a closed-door meeting with President Bola Tinubu at the Presidential Villa in Abuja, the nation's capital on Thursday, August 8, 2024.
During his broadcast on the nationwide protest on Sunday, the President reiterated his promise to distribute one million kits at extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported petrol and diesel.
Tinubu argued that despite the country's abundant oil and gas resources, Nigeria had relied solely on oil-based petrol, neglecting its gas deposits to power the economy.
He added that the CNG initiative would save Nigeria two trillion naira monthly, which is currently used to import petrol and diesel.
Innoson founder supports Tinubu on CNG initiative
Speaking on Thursday, Chukwuma corroborated Tinubu on the benefits of the CNG-powered buses, urging Nigerians to give the current administration more time.
He also promised that his company will soon roll out CNG buses to key into the efforts of the Tinubu government.
“I’ve discussed with him (President Tinubu), and soon the masses will have plenty of CNG buses on the road,” he said.
The automobile entrepreneur described the Presidential CNG initiative as the best idea for transportation in Nigeria.
“The government’s initiative on CNG is the best idea for transportation in this country because CNG offers many benefits for Nigeria.
“That benefit is what I recognised before I started the factory to produce vehicles that run on CNG. I began producing CNG kits before the announcement.
“So today, everyone who tries CNG will find that it is the way forward for this nation,” he added.