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| FEC meeting |
The Federal Executive Council (FEC) has approved a N215 billion initiative to support the procurement of Compressed Natural Gas (CNG) buses and related infrastructure, alongside a $900 million financing package aimed at strengthening Nigeria’s agricultural sector.
The approvals were granted during a council meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa in Abuja as part of the administration’s efforts to address transportation challenges and improve food production across the country.
Speaking after the meeting, government officials said the CNG project is designed to provide Nigerians with a more affordable and environmentally friendly transportation alternative. The programme is expected to accelerate the transition from petrol-powered vehicles to CNG-powered buses, helping to reduce transportation costs and ease the burden on commuters.
The Federal Government has been promoting the adoption of CNG vehicles since the removal of fuel subsidies, arguing that natural gas offers a cheaper and cleaner energy source. Authorities believe the new funding will support the acquisition of buses, expansion of refuelling infrastructure, and increased accessibility of CNG transportation services nationwide.
In addition to the transport initiative, FEC approved a $900 million agricultural financing facility intended to boost food production, improve value chains, and enhance the productivity of farmers across the country. The financing is expected to support investments in modern farming techniques, agricultural infrastructure, storage facilities, and processing operations.
Officials noted that the agriculture funding aligns with the government’s broader agenda of achieving food security, reducing dependence on imports, and creating employment opportunities within the sector.
Nigeria has continued to face rising food prices driven by insecurity, climate-related challenges, and supply chain disruptions. The government hopes that increased investment in agriculture will help improve local production and stabilize food supplies in the medium to long term.
The latest approvals reflect the administration’s focus on infrastructure development and economic reforms aimed at improving the living conditions of citizens. Analysts say successful implementation of both initiatives could contribute significantly to reducing transportation expenses, boosting agricultural output, and supporting overall economic growth.
The Federal Government expressed confidence that the projects would deliver long-term benefits for Nigerians while advancing the country’s goals of sustainable transportation and agricultural development.
