The Federal Government has taken steps to mitigate the effects of the fuel subsidy removal by commissioning a 5.2 million standard cubic feet per day (mmscfd) Compressed Natural Gas (CNG) plant in Lagos on May 30, 2024.
The plant, which is part of the government’s efforts to provide alternative sources of fuel, was commissioned by the Minister of State for Petroleum Resources (Gas), Rt Hon Ekperikpe Ekpo, at the Isolo Industrial Area, Ilasamaja in Lagos.
It is aimed at reducing the impact of the subsidy removal on petrol prices and promoting the use of cleaner and more sustainable energy sources.
Furthermore, the government plans to launch CNG-powered mass transit buses and tricycles and has offered a 35,000 naira ($45) a month pay increase for six months for federal employees, a temporary suspension of VAT on diesel, and social security cash transfers to the poorest Nigerians, all effective June 1, 2024.
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