Business
Fuel Stations Begin Multi-Fuelling Operations In 2021
Fuel stations across the country would start dispensing Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) as alternatives in 2021, says the Chairman, National Gas Expansion Programme (NGEP), Mohammed Ibrahim.
According to him, many filling stations in the country have already started setting up multi-fuel models to dispense CNG and LNG. This, he said, would deepen the utilisation and consumption of gas in the country while also saving Nigeria trillions of naira
Ibrahim at a stakeholders’ meeting tagged “Natural Gas: The catalyst for Nigeria’s economic renaissance”, added that switching to gas is vital as there are concerns that pump price could increase even further to about N350 per litre.
He said that over 50 conversion centres were currently upgrading for mass conversion and trainings as the country does not have enough technicians to retrofit motor vehicles in the country.
He said: “We need to build about 500, 000 conversion engineers in the next 90 days to ensure that the retrofitting of the vehicles go as planned. Fifty conversion centres are currently upgrading for mass conversion and trainings and over 30,000 vehicles are already running on dual fuels in Nigeria.”
Ibrahim said to deepen domestic cooking gas usage, the NGEP had set up Micro Distribution Centres (MDC) nationwide to bridge the supply and accessories gap between the market and consumers.
He said the NGEP was established to provide job opportunities for the nation’s teeming youths, saying that every single molecule of gas exported is creating job opportunities for other countries.
“We need to rethink how we manage our gas resource. The objective of the NGEP is to reinforce and expand gas supply as well as stimulate demand in the country through effective and efficient mobilisation and utilisation of all available asset, resources and infrastructure in the country,” he said.
He expressed confidence that the programme would change the narratives of the Nigerian economy and would also mop up untapped flared gas potential.
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Business
Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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