On Thursday, the National Economic Council (NEC) in Abuja gave its endorsement for the proposed mass deployment of Compressed Natural Gas (CNG) vehicles to all states in Nigeria, specifically for public transportation.
This move aims to mitigate the impact of the removal of petrol subsidies.
The decision was reached during the fourth meeting of the Council, chaired by Vice President Kashim Shettima, at the State House Executive Council Chambers.
The NEC Adhoc Committee, led by Governor Chukwuma Soludo of Anambra state, presented the proposal, which was well-received by the council members.
Following the presentation and subsequent deliberations, Vice President Shettima announced the council’s plans to actively pursue the mass deployment of CNG-powered vehicles across the country.
Additionally, the council intends to establish autogas conversion plants/kits in all states in the short-term.
The government is also keen on promoting the use of electric buses and cars with adequate charging infrastructure nationwide.
The meeting further discussed the importance of enhancing engagements between State Governors and labor union leaders to address issues related to workers’ welfare.
The provision of cost-of-living allowances for civil servants in both state and federal services was proposed to alleviate their financial burdens.
Regarding infrastructure development, the council resolved to support the Federal Government’s efforts in improving infrastructure, particularly focusing on repairing and rehabilitating dilapidated highways throughout the nation.
During the meeting, financial reports were also presented, outlining the balances in various accounts as of the end of June.
The outstanding balances included $473,754.57 in the Excess Crude Account, N27,524,857,142.27 in the Stabilization Account, and N98,421,834,602.86 in the Development of Natural Resources Fund.
The Monthly Statutory and Exchange Gain, Non-Oil Revenues, recorded a balance of N104,978,145,865.86 from January to June 2023.
Additionally, the Solid Mineral Development Fund (SMDF) had a balance of N835,511,263.00 during the same period.
As for the State Budget Support Facility, the outstanding liability stood at N1,718,705,566,436.25 as of June 30, according to the update provided during the meeting.
Furthermore, Chairman of the Federal Inland Revenue Service, Mr. Muhammad Nami, delivered a presentation on the revenue outlook.
He highlighted major revenue reforms implemented between 2020 and 2023, which focused on restructuring tax operations and administration, automating tax administration processes, and creating a customer-focused, data-centric institution.
