Vice President Yemi Osinbajo says the Federal Government will focus on developing Compressed Natural Gas (CNG) otherwise known as autogas, in order to offer Nigerians an effective option to petrol.
The vice president’s spokesman, Laolu Akande, in a statement on Saturday in Abuja, said Osinbajo made the remarks during a virtual interactive session hosted by the Africa Report magazine.
The vice president, in responding to a question regarding the removal of petrol subsidy, said that autogas was priced significantly lower than Premium Motor Spirit (PMS).
“We have experienced a severe downturn in our finances over the years; so at 60 per cent less revenue, we are in a position where sustaining fuel subsidy is practically impossible simply because we do not have the resources.
“What we have decided to do is to focus on CNG which is about half the price of petrol today.
“So, if we use CNG for our cars and for our buses, it will cost between N78 and N80 or so per litre.”
He said that under the Nigerian Economic Sustainability Plan (NESP), the Federal Government’s objective was to promote domestic use of CNG.
Osinbajo said that one million jobs could be created by maximising the domestic use of CNG while reducing reliance on refined petroleum products like kerosene and Premium Motor Spirit (PMS).
On taxes, he said that the administration had no plans of increasing taxes as such was untimely.
“It is even more difficult for people to pay taxes now than ever before, I mean, given the state of affairs, but this is why we’re doing everything now.
“We are trying to ensure that businesses survive this period by providing as much support as we can, and by relieving them of as much burden as possible and ensuring that they are able to get some moratorium.
“So that they can at least continue to run their businesses and by all the other interventions and support that we are giving, we hope that those interventions will help businesses.
“Our approach is first to ensure that we save jobs. If we save jobs and save businesses, and then do the best we can in agriculture, the housing scheme and all of that, we will actually be able to improve spending.
“And if we are able to improve spending, taxes will definitely improve, and if businesses survive, taxes will improve.
“So, those are the sort of projections that we are looking at.”
On electricity tariffs, the vice president said the era of subsidising petrol and electricity was over as the government had adopted measures of addressing the situation.
According to him, the Federal Government is trying to reform the electricity industry.
“The industry is privatised except for the transmission sector; but what we have seen is that the distribution companies (DisCos) are just not able to meet their targets or to even provide electricity on any kind of stable basis now.
“The DisCos have been hankering all these years for a cost-reflective tariff and government has been paying the subsidy.
“In fact, in the past few years, we have spent about N1.3 trillion on subsidies for electricity. Again, here is a situation where that is completely unaffordable.
“We want to ensure that new companies come into the market; so, that will be decentralised completely.
“This way, in several parts of our country, we can have micro-grids, small grids, and all of that; we are doing 5 million solar connections as part of the Economic Sustainability Plan.
“We think that, with all these, we can electrify our country within a short period of time,” he said.
Osinbajo stressed that the target of government in the NESP was to save existing jobs and revamp businesses by improving the spending capability of Nigerians through the various initiatives in industry, agriculture, mass housing, and solar connectivity projects. (NAN)
- The Curfew Might Be Lifted On Friday – Governor, Babajide Sanwo-OluOctober 22, 2020Lagos State Governor, Babajide Sanwo-Olu, has said the curfew on the state to reduce the illegal conflagration and inescapable savagery that has ...[Read more]
- Former militant leader, Tompolo makes first public appearance in six years, after being declared wanted (Video)October 22, 2020Former militant leader, Tompolo has made his first first public appearance in six years, after he was declared wanted. Reports gathered that the ...[Read more]
- “we don’t have a president” – Apostle Johnson SulemanOctober 22, 2020Popular Nigerian clergyman, Apostle Johnson Suleman has said that he is confident Nigeria does not have a President. He disclosed this in a tweet he ...[Read more]
- BREAKING!!! CCTV footage Of Lekki Shootings Is Available, says Sanwo-OluOctober 22, 2020Lagos State Governor, Babajide Sanwo-Olu, has said that surveillance cameras caught the shootings of #EndSARS dissenters at the Lekki toll gate. He ...[Read more]
- #LekkiMassacre: Nigerian Pastor Says He Support The Killings Of The Protesters (+Video)October 22, 2020A Nigerian pastor has demonstrated his help for the Nigerian government, saying they made the best choice by executing the individuals who went out ...[Read more]
- See Stoning Photos From Kim Kardashian’s 40th birthdayOctober 22, 2020Keeping Up With The Kardashian TV series star, Kim Kardashian, celebrated her 40th birthday yesterday, 21st of October 2020 with amazing photos. ...[Read more]
- Watch Moment A Warehouse Full of COVID-19 palliatives busted and looted in Lagos (+Photos/Video)October 22, 2020Reaching Newzandar news has it that a warehouse full of Covid-19 palliatives for people have been discovered and looted in Monkey Village area of ...[Read more]
- The Biography, Background, Career of Uche JumboOctober 22, 2020Uche Jombo is a Nigerian actress, scriptwriter, filmmaker, movie director, and producer. She has thrived in the Nigerian movie industry for over 20 ...[Read more]
- Biography, Net worth, Education and growing up of Chacha EkeOctober 22, 2020The Nollywood actress known as Chacha Eke, who is also know as Chacha Eke Faani. She is young but made it to being a talented award-winning actress, ...[Read more]
- See the Net Worth of Mercy EkeIn BBNaijaOctober 22, 2020Former BBNAIJA Winner Mercy Eke Net Worth: Mercy Eke is a Nigerian media personality, actress, video vixen and entrepreneur from Imo State, who has a ...[Read more]
Join The Discussion👇🏾
- on ‘Men With Big D!ks Can Talk to Me Anyhow – Lydia Forson Explains in A New Video This is good for nation
- on ‘Men With Big D!ks Can Talk to Me Anyhow – Lydia Forson Explains in A New Video I have one baby, and I know how to work with it.
- on Rita Dominic and Kate Henshaw Joins #EndSARS protest yes o!! They will know that we own this country.
- on See Amazing Photos Of A Village In Abia State Nicknamed “Small London” (+Photos) You guys should come to my ebonyi and see that this one is small
- on Meet Man Who Employs His Biological Son As Security Man In His Company In Nigeria (+Photo) Hmm... Wetin concern me
- on Newcastle vs Man Utd: Paul Scholes blasts Cavani Time shall Tell
- on Man Kills His Parents In Enugu During Misunderstanding God why, okay why did village people called police, y can't theme kill…
- on Police Bust S3x Party, Arrest Guys While Having S3x With The Ladies (Photos) This idiots deserve what's happening to them
- on Kizz Daniels Finally Reveals The Girl He Is Dating Good evening
- on Kizz Daniels Finally Reveals The Girl He Is Dating Hello