By Salifu Faridat
In a recent statement at the National Economic Council (NEC) meeting in Abuja, Vice-President Kashim Shettima unveiled the federal government’s ambitious plans to promote the widespread adoption of compressed natural gas (CNG) vehicles for public transportation in all states.
This move is part of the resolutions reached during the fourth NEC meeting, with a focus on addressing the impact of petrol subsidy removal.
Shettima emphasized that the government is actively committed to mass deploying CNG-powered vehicles and establishing autogas conversion plants and kits in the short term.
Additionally, the administration aims to introduce electric buses and cars equipped with charging infrastructure across the country. While specific implementation timelines were not mentioned, the council expressed its support for increased dialogue between state governors and labor unions to address any concerns.
Furthermore, the committee proposed providing cost-of-living allowances to civil servants in both state and federal civil services. The council also pledged its support for the federal government’s efforts to enhance infrastructure, particularly focusing on the repair of deteriorated highway roads nationwide.
During the meeting, other key highlights were presented, including the financial balances of various accounts. The excess crude account showed a balance of $473,754.57 at the end of June, the stabilization account had N27,524,857,142.27, and the development of natural resources fund reached N98,421,834,602.86.
The monthly statutory and exchange gain non-oil revenues balance from January to June 2023 amounted to N104,978,145,865.86, while the solid mineral development fund (SMDF) balance for the same period was N835,511,263.00.
Regarding the state budget support facility as of June 30, the outstanding liability of the Federation Account Allocation Committee (FAAC) stood at N1,718,705,566,436.25.
Muhammad Nami, chairman of the Federal Inland Revenue Service (FIRS), delivered a presentation on revenue outlook, focusing on major revenue reforms implemented between 2020 and 2023.
The reforms encompassed restructuring tax operations and administration, automating tax administration processes, prioritizing customer-oriented service, and establishing a data-centric institution.
In a separate development on June 8, the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) pledged to donate 100 compressed natural gas (CNG) buses to mitigate the effects of petrol subsidy removal.
The generous commitment was made during a meeting with President Bola Ahmed Tinubu, shortly after he announced the removal of petrol subsidy.