Fuel hike: FG distributes CNG tricycles to Adamawa riders

In response to rising transportation costs following the fuel price hike, President Bola Tinubu has launched the distribution of 138 Compressed Natural Gas-powered tricycles to youths in Adamawa State under a discounted instalment loan scheme.

Speaking in Yola on Wednesday, the Managing Director of Sub-City Global Consult, Malam Imam Umar, said the initiative aligned with the Renewed Hope Agenda’s focus on youth empowerment, entrepreneurship, job creation and inclusive economic growth.

“It is my great pleasure to welcome you to this occasion organised by CREDICORP in partnership with Sub-City Project Global Consult, as part of the Federal Government’s effort to empower Nigerian youths through mobility services and sustainable economic opportunities,” Umar said.

He added that the scheme provided tricycles on instalment payment terms, enabling beneficiaries to own productive assets, create jobs, generate income and build a more sustainable future for themselves and their families.

Umar urged beneficiaries to use the tricycles responsibly, comply with programme terms, prioritise safety and ensure timely repayments so the scheme can reach more young Nigerians.

In her welcome address, Adamawa’s Commissioner for Transportation, Mrs Rumpe Anthony, who represented Governor Ahmadu Fintiri, commended CREDICORP for facilitating access to consumer credit for CNG-powered tricycles.

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“In a relatively short period, CREDICORP has enabled more than 300,000 Nigerians to access consumer credit for productive and essential assets, including vehicles, digital devices, solar solutions and work tools,” she said.

Anthony noted that access to affordable credit, when properly structured, allows young people to own productive assets, earn income, build businesses and improve family welfare.

She said the introduction of CNG-powered tricycles demonstrates what is possible when government, development finance institutions, financial institutions, manufacturers, vendors and beneficiaries work together.

“CNG offers us an opportunity to begin transitioning towards cleaner and potentially more efficient transportation while supporting the economic needs of transport operators,” she added.

According to her, the rollout fits into a broader conversation on building a transportation system that is more affordable, sustainable and responsive to people’s needs, with potential extensions to agriculture and renewable energy financing in Adamawa.

The Adamawa activation marks CREDICORP’s first deployment of CNG-powered three-wheelers and its entry into the North-East as part of a nationwide 10,000-vehicle mobility programme.