The Finance Minister and Coordinating Minister of the Economy, Wale Edun, announced on Tuesday that Compressed Natural Gas (CNG) buses would be introduced in Nigeria this month.
These CNG buses are expected to reduce the cost of operating petroleum-powered vehicles by 30%, providing relief to Nigerians during economic difficulties.
Edun explained that the arrival and conversion of CNG buses took longer due to global supply chain issues, including those caused by the situation in Ukraine.
Despite the delays, the buses are now set to be rolled out.
He clarified that there is no fuel subsidy in the current budget and that any security measures to ensure fuel availability do not equate to a budgeted subsidy.
Edun also revealed plans for a new real estate fund aimed at making landed properties more affordable for citizens.
This initiative is part of a broader effort to strengthen the economy through Private Public Partnerships (PPPs) for major infrastructure projects, such as highways connecting ports and states across Nigeria.
Furthermore, the government will soon announce a real estate fund to support affordable housing. Pension funds, within their investment limits and normal rates of return, will be blended with concessional financing to offer Nigerians 25-year low-interest mortgages.
This is expected to stimulate a housing construction boom, as banks will finance construction and developers will respond to the demand.
