President Bola Ahmed Tinubu says the Federal Government has waived more than ₦3.3 trillion in fuel taxes and duties to ease the impact of rising petrol prices, while working towards a proposed ₦1,350-per-litre ceiling on wholesale petrol supply costs.
Tinubu disclosed this in a series of posts on his X handle on Sunday, noting that the intervention would complement NNPC Retail’s decision to forgo its profit margin for 30 days to provide temporary relief, particularly for public transport operators.
Acknowledging the pressure of rising fuel costs on households and businesses, the President said the government was expanding compressed natural gas (CNG) and electric-powered transportation to reduce fares and operating expenses.
He cited the experience of Blessing, whose journey from Masaka to Berger now costs ₦500, down from ₦1,500, saving her ₦1,000 per trip. Commuters Ada and Abigail also reported that fares between Enugu and Nsukka had fallen from ₦4,000 to ₦1,600.
A commercial taxi driver, Kabir, reportedly said spending ₦10,000 on CNG enabled him to complete three additional return trips compared with petrol-powered operators. In Borno State, some passengers reportedly pay as little as ₦50 on government-supported CNG and electric vehicles.
“Your various experiences show what our investment in CNG transportation is intended to achieve.
“Lower operating costs for drivers should translate into more affordable fares for passengers, leaving families with more money for their everyday needs,” Tinubu said.
The President acknowledged that the benefits had not reached everyone but promised to expand the programme through partnerships with state governments and private investors.
He said Nigeria now had more than 400 certified CNG conversion centres, over 120,000 converted vehicles and more than 90 CNG stations, with further investments planned.
Tinubu also outlined state-level initiatives, including 15 CNG buses delivered to Ekiti, 20 to Lagos and 50 buses ready for service in Akwa Ibom. Katsina introduced 30 CNG hybrid buses and 200 electric tricycles, while Kano received 30 CNG buses and five electric buses. Another deployment was scheduled for Edo State.
Ekiti State Governor Biodun Oyebanji inaugurated 15 CNG buses on October 1, announcing plans to cut fares by 50 per cent on designated routes. Vice-President Kashim Shettima launched CNG hybrid buses and 200 electric tricycles in Katsina on October 4.
“When we removed the petrol subsidy, I knew the decision would bring difficulties for many households. With that decision came a responsibility to provide practical alternatives that would ease transportation costs,” Tinubu said.
“The dividends of reform are becoming visible. But more work remains to ensure they fully translate into better living standards for every household, starting with lower food prices and decent jobs for our young people.”
“Our administration will stay the course of reform and redouble its focus on inclusive growth under the Renewed Hope Agenda,” he said.
