By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: NEC Endorses Rollout of CNG Vehicles to Cushion Petrol Subsidy Removal Impact
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

NEC Endorses Rollout of CNG Vehicles to Cushion Petrol Subsidy Removal Impact

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: July 21, 2023
Share
3 Min Read
SHARE

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.

- Advertisement -

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.

- Advertisement -

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.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:NEC
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Super Falcons Begin World Cup Campaign With a Draw
Next Article FIRS Records Historic N5.5 Trillion Tax Revenue Collection in First Half of 2023

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,540.00
Sell₦1,560.00
GBP
Buy₦2,148.00
Sell₦2,180.00
EUR
Buy₦1,740.00
Sell₦1,800.00

Updated: 13 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

ADC Asserts Neutrality Amidst Political Realignments, Denies Bias in Presidential Race
Politics Top stories
Nigeria Union of Teachers
FCT Teachers to Resume as NUT Suspends Over Three-Month Strike
Education
Boladale Odunlami, Commercial Manager, Nestlé Nigeria; Olabisi Joseph, President, Nigeria School Sports Federation (NSSF); and Ifeanyichukwu Orabuche, Category Manager, Beverages, Nestlé Nigeria, pose with the triumphant Father O’Connell Science College team after they clinched the male championship title at the 25th MILO Basketball Championship held at the Indoor Sports Hall, National Stadium, Lagos.
25 Years of Impact as Nestlé’s MILO Basketball Championship Shapes Nigeria’s Future Champions
Sport
New Admission Benchmarks Set to Standardise Tertiary Entry Across Nigeria
Education
Dangote Refinery
Dangote Refinery Cuts Petrol Price Again to ₦820 Per Litre, Expands Distribution Network
Energy & Oil
- Advertisement -
Ad imageAd image

You May Also Like

David Mark
Politics

2027: ADC Has No Preferred Presidential Aspirant – David Mark

Muhammad A. Aliyu
Muhammad A. Aliyu
July 8, 2025
JAMB Registrar, Is-haq Oloyede
Education

JAMB Suspects Foul Play in 2025 UTME Top Scorer’s Result

Muhammad A. Aliyu
Muhammad A. Aliyu
July 8, 2025
Bukky Wright
Celebrities

I Wish to Remarry – Bukky Wright

Damilola A.
Damilola A.
July 8, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?