NEWS
FG To Launch 100 New CNG Stations Nationwide Within Six Months
As part of its ongoing efforts to promote the use of cleaner, more affordable fuel alternatives to petrol, the Federal Government will be launching 100 new Compressed Natural Gas (CNG) stations across Nigeria in the next six months.
This initiative aims to reduce the cost of fuel for Nigerians while also supporting the country’s energy transition goals.
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Speaking at an event in Ogun State, Oluwagbemi Michael, the Programme Director and Chief Executive Officer of the Presidential Compressed Natural Gas Initiative (PCNGI), revealed that the Nigerian National Petroleum Company Limited (NNPC) had already acquired equipment to establish 40 of these new CNG stations.
This comes in addition to 12 stations the NNPC has set up in the past year, with six in Abuja and six in Lagos.
Oluwagbemi noted that the government’s goal is to improve the accessibility of CNG as a cleaner, cheaper alternative fuel, addressing public concerns over the limited availability of CNG refuelling stations.
He explained that the expansion is backed by an active infrastructure development programme, in collaboration with the Midstream and Downstream Gas Infrastructure Fund.
“Two weeks ago, about N122 billion was released to six private organisations investing in the CNG distribution value chain,” Oluwagbemi said. “This will ensure that we have sufficient CNG distribution infrastructure across the country.”
In addition to the NNPC’s efforts, several private companies are also contributing to the expansion of CNG infrastructure.
Companies such as Bovas, NIPCO, Matrix, and MRS are investing heavily in the sector, with Bovas working on eight stations and NIPCO adding 12 more to their existing network of 10 stations.
The PCNGI CEO noted that Nigeria had only 13 to 20 CNG refuelling stations a year ago, but that number has grown to 50 today.
He expects this figure to double within six months, driven by ongoing investment and government support.
The federal government is also pushing the distribution of one million CNG conversion kits to commercial drivers and providing credit schemes for private individuals to convert their petrol-powered vehicles to CNG.
Oluwagbemi assured Nigerians that as more vehicles convert to CNG, the demand for refuelling stations will continue to rise, encouraging more private investment in the sector.
He also confirmed that existing petrol stations could be upgraded to offer CNG services, with the NNPC already working on 40 such upgrades.
He emphasized that the government is committed to creating a robust CNG infrastructure to support the country’s energy transition, reduce fuel costs for Nigerians, and provide a cleaner, safer alternative to petrol.
NEWS
JUST IN: Senate Approves Tinubu’s ₦1.77trn Loan Request
To address Nigeria’s ₦9.7 trillion budget deficit for the 2024 fiscal year, the Senate has approved President Bola Ahmed Tinubu’s request to secure a ₦1.77 trillion ($2.2 billion) loan.
The decision was made during Thursday’s plenary session, where a voice vote confirmed the approval following the presentation of a report by the Senate Committee on Local and Foreign Debts.
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Chaired by Senator Wammako Magatarkada (APC, Sokoto North), the committee endorsed the loan request as a vital step in managing the country’s fiscal challenges.
Recall that President Tinubu had submitted the proposal earlier in the week, outlining the loan as a crucial component of his administration’s external borrowing strategy.
Details shortly…………..
NEWS
Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations
Simon Ekpa, a Finnish citizen of Nigerian descent, has been arrested by Finnish authorities on allegations of inciting terrorist activities.
The Päijät-Häme District Court ordered his detention following an incident that reportedly occurred in Lahti on August 23, 2021.
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The Finnish National Bureau of Investigation (NBI) is also seeking the arrest of four other individuals in connection with the case. Officials say the charges involve public incitement to commit crimes with terrorist intent.
“The detention demands are related to a preliminary investigation in which a Finnish citizen of Nigerian descent, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent,” the police said in a statement.
Details regarding the additional suspects or the specifics of the alleged crimes remain unclear as the investigation continues. Authorities have emphasized the sensitive nature of the case, stating that further information will be disclosed as the inquiry progresses.
This development marks a significant step in Finland’s efforts to combat terrorism and ensure public safety.
International News
COP29: Climate Summit Faces Deadlock Over Vague Funding Proposals For Vulnerable Nations
As the 29th United Nations Climate Change Summit (COP29) nears its conclusion, tensions are rising over a newly published funding proposal aimed at assisting developing nations in addressing climate-induced crises.
The proposal, released by the United Nations Framework Convention on Climate Change (UNFCCC) on Thursday, has sparked widespread debate among delegations, activists, and observers at the summit.
The document, spanning ten pages, outlines funding options to support developing countries in implementing their Nationally Determined Contributions (NDCs) under the 2015 Paris Agreement.
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However, it fails to specify how much wealthier nations are required to contribute annually—a key sticking point that has drawn criticism from the Global South and climate advocates.
Ambiguity in Funding Commitments
Critics argue that the absence of concrete figures undermines the credibility of the proposed framework.
Mohamed Adow, Founder and Director of Power Shift Africa, described the proposal as “a blank piece of paper,” highlighting the lack of clarity on financial commitments.
“This is the ‘finance COP.’ We came here to talk about money. The way you measure money is with numbers. We need a cheque, but all we have right now is a blank piece of paper,” Adow remarked during an interview.
The Global South, led by African delegations, is demanding at least $1.3 trillion annually by the end of the decade to adapt to climate change impacts and transition to sustainable energy systems.
Yet, developed nations have yet to commit to a specific annual figure, raising concerns over the summit’s ability to deliver tangible outcomes.
Key Provisions and Concerns
The new text acknowledges the disproportionate impact of climate change on developing nations and the financial barriers they face, including high costs of capital and limited fiscal space.
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It proposes the establishment of a New Collective Quantified Goal (NCQG) for climate finance, suggesting a framework of “at least USD [X] trillion annually” from 2025 to 2035.
However, the absence of defined numbers has led to frustration among negotiators.
David Tong, Global Industry Campaign Manager at Oil Change International, emphasized the critical role of finance in achieving meaningful progress.
“Without finance, there is no phase-out [of fossil fuels], no energy transition, no adaptation. The ambitious options are simply missing,” Tong stated during a press briefing.
Rising Frustration from the Global South
Delegates from the Global South have expressed dissatisfaction with what they perceive as weak commitments from developed nations.
Many fear that without concrete financial pledges, the summit’s outcomes may fall short of expectations.
“This summit is about delivering justice to those who suffer most from climate impacts. Wealthy nations must step up and provide the necessary funding,” said an African negotiator, speaking on condition of anonymity.
A Critical Juncture
With less than 48 hours remaining in the summit, the stakes are high. The COP29 negotiations in Baku, dubbed the “finance COP,” are expected to set a precedent for addressing the financial needs of vulnerable nations.
Delegates are calling on world leaders to finalize an ambitious NCQG target and bridge the growing divide between developed and developing nations.