FG says N250bn Gas Expansion Fund has been Dormant For 4 Years

Experts have said the N250bn National Gas Expansion Programme, NGEP fund has remained dormant in the Central Bank of Nigeria, CBN in the last four years over the stringent conditions to access it.

NGEP Chairman Dr. Mohammed Ibrahim disclosed this in Lagos during the Annual Training Workshop of the Nigeria Auto Journalists Association with the theme, “Fuel Subsidy Removal: Autogas/Electric Vehicles as Alternatives”.

The money was meant to assist Nigerian companies involved in the gas value chain, especially the conversion of internal combustible engine (ICE) vehicles into autogas as part of the government’s drive to deepen autogas penetration.

Ibrahim stated that the federal government had certified 9,000 out of the existing 10,000 filling stations as fit for co-location of autogas fuel.

The autogas initiative is billed to create over 12m jobs as there are about 5m conversion kits to be imported for the initiative.

According to him, the N250bn was set aside to assist those importing kits and related products but nobody has been able to access it because of the stringent conditions attached to it.

He said globally, autogas as a fuel of choice for the mobility sector has risen by over 40% as it powers the largest number of vehicles running on alternative fuels.