President Bola Tinubu has said the benefits of compressed natural gas (CNG) are not reaching commuters quickly enough, as truck owners are currently taking a large share of the gains.
Tinubu made the statement on Thursday when the leadership of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), led by its President, Salimon Oladiti, visited him at the Presidential Villa in Abuja.
The President urged petroleum transport operators to ensure that savings from the Federal Government’s CNG initiative are reflected in lower transportation costs for commuters.
Tinubu said the CNG programme was designed to reduce the cost burden on Nigerians, stressing that the benefits should extend beyond transport operators.
He also defended the removal of petrol subsidy, saying the policy was necessary to correct economic distortions and redirect government funds towards projects that can deliver lasting value.
The President said details of how funds saved from subsidy removal had been spent would soon be made public.
Tinubu described the broader economic reforms as a financial restructuring aimed at creating a stronger foundation for sustainable growth.
The President also assured NUPENG that Nigeria’s refineries would return to operation.
He said, however, that simply restarting the facilities would not amount to success unless they operate efficiently and generate sufficient value.
Tinubu said he had accepted responsibility for the assets and liabilities inherited from previous administrations and remained committed to restoring the refineries to productive and profitable operations.
Meanwhile, NUPENG urged the Federal Government to address the continued casualisation of workers in the oil and gas industry, especially in the upstream sector.
Oladiti said the union had engaged some companies over the matter but had yet to achieve a satisfactory resolution.
He appealed to Tinubu to intervene and compel companies involved in the practice to provide more secure employment arrangements for workers.
The NUPENG president also commended the administration’s efforts to revive the Warri and Port Harcourt refineries through partnerships with Chinese firms.
He called for similar action on the country’s ageing petroleum depots operated by the Nigerian Pipelines and Storage Company, proposing that they be opened to private investors through equity partnerships to restore their operations.
