The Minister of State for Petroleum Resources, Timipre Sylva, said on Tuesday the Federal Government has set aside N250 billion for investors in autogas assembly plants in Nigeria.
Sylva, who disclosed this at an Autogas Technicians Training and Certification Programme in Abuja, said the move was part of the government’s efforts at ensuring that the autogas conversion of vehicles yielded the desired results.
Represented at the forum by the Senior Technical Adviser on Referendum, Mr. Umar Gwandu, the minister said the money has been deposited with the Central Bank of Nigeria (CBN) for interested investors to access it.
He said: “The amount of money government is spending on fuel subsidy is high so the President Muhammadu Buhari’s administration in a bid to ease the pains of Nigerians, decided to look inward and evolved ways to reduce the cost.
“If we focus on moving from fossil fuel to Liquified Petroleum Gas (LPG) and Compressed Natural Gas (CNG), it will save us a lot of money because the benefits are enormous.
“Apart from the fact that autogas is cheaper, we are also concerned about making the conversion of cars affordable so that Nigerians can indeed reap the advantage of this new policy.”