President Bola Tinubu has approved the rollout of 500 additional compressed natural gas (CNG) refuelling stations across Nigeria as part of efforts to reduce transportation costs.

Tinubu said the new stations would bring the total number of CNG stations planned nationwide to 1,000, following an earlier order for 500 stations by the Presidential Compressed Natural Gas Initiative (PCNGI).

The president, in a statement on Thursday, said the Federal Government and state governors had agreed to establish a joint committee to immediately implement measures aimed at reducing transport fares.

According to Tinubu, the Nigeria Governors Forum (NGF) is considering a nationwide reduction in transportation fares through the proposed National Affordable CNG Transit Programme (NACTP), which will leverage the lower operating costs of CNG.

He said vehicles powered by CNG could spend 60 to 80 per cent less on fuel than petrol-powered vehicles.

“From October 1, our goal is that Nigerians begin to partake in those savings through lower transport fares,” Tinubu said, stressing that cheaper fuel should translate into cheaper transportation.

The president added that the Federal Government is currently financing more than 100 gas projects, including 15 CNG mother stations and 86 daughter stations.

Tinubu urged all tiers of government to work together to ensure that the benefits of cheaper and cleaner energy reach Nigerians.