President Bola Tinubu, during his inaugural speech as the 16th President of Nigeria on May 29, 2023, in Abuja, announced an end to petrol subsidy regime.
“Subsidy is gone!” Tinubu exclaimed.
The pronouncement caused petrol prices to skyrocket from an average of N238.11 per litre before May 29, 2023, to an average of N750/liter, according to the National Bureau of Statistics.
In October 2023, the President introduced the Presidential CNG Initiative to promote safer, more affordable, and eco-friendly energy solutions. The initiative plans to roll out 5,500 CNG buses and tricycles, 100 electric buses, and over 20,000 CNG conversion kits.
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