The Federal Government (FG) has stated that every one million cars changed to run on compressed natural gas will save almost $2.5 billion per year.

During the South-South/South-East Stakeholders Engagement Meeting on the Presidential Initiative on CNG, held in Port Harcourt, on Friday, Michael Oluwagbemi, the initiative's program director, made thus known to the public.

According to Oluwagbemi, the project is very likely to lessen the inflation that is now negatively impacting Nigeria's economy.

He added that FG's push for compressed natural gas (CNG) is important to the country's economic growth and the end of pollution and environmental degradation

Oluwagbemi said: “Nigeria is the second largest waste of oil and gas. We exploit it and waste it then continue to suffer poverty. The president has set us on natural gas features and set up the nation on the path of growth. The use of gas ensures we have energy savings, mind you the price of Natural gas is controlled by the government.

“It has the capacity of reducing inflation. It is cheaper. You can realize between 40 per cent to 50 per cent savings from patrol. This is good for Nigeria and it is safer. It is 18 times safer than petrol and diesel. It is cleaner and safer for the environment.

“We will stop subsidising poverty importing unemployment and exporting jobs. We will be using our own natural gas to drive our transportation sector.

“There is enough demand for natural gas all we need to do now is to open stations, pipelines and conversation centres. When we convert our vehicles, 1,000,000 vehicles they will convert, it saves the country about $2.5 billion a year.

“This will also save us 6,000,000 litres a day. These are monies that we can spend on hospitals on roads.”