Marketers of petroleum products in the downstream oil sector have lamented their inability to access the N250bn intervention facility of the Central Bank of Nigeria for the National Gas Expansion Programme, more than one year after its introduction.

Dealers of Liquefied Petroleum Gas, popularly called cooking gas, and Premium Motor Spirit (petrol) said barriers to accessing the fund were complex, and urged the government to re-engineer the scheme to effectively deepen gas usage in Nigeria.

In September 2020, the CBN introduced the N250bn facility for the NGEP as part of measures to improve access to finance for private sector investments in the domestic gas value chain.

It said the scheme would stimulate investments in the development of infrastructure to optimise domestic gas resources for the economy, putting the country’s proven gas reserves at 188 trillion cubic feet of gas.

The apex bank said the low level of investment in the industry had resulted in the minimal production and utilisation of Compressed Natural Gas and LPG as clean alternative sources of domestic energy in Nigeria.
But for more than one year after introducing the N250bn intervention, operators in the downstream sector said they had yet to start accessing the fund despite making effort's.
Members of the Nigerian Association of Liquefied Petroleum Gas Marketers, the Independent Petroleum Marketers Association of Nigeria, and the Petroleum Products Retail Outlets owners Association of Nigeria said they had not been able to access the fund.
IPMAN and PETROAN members own the bulk of the filling stations in the country, and many of them are involved in the sale of LPG, while NALPGAM members are basically cooking gas dealers.

The President, PETROAN, Billy Gillis-Harry, said despite concerted efforts by members of his association to access the fund, it had remained difficult to get the money.
When asked by our correspondent on Friday whether PETROAN had started accessing the N250bn facility for gas expansion, he replied, “No, not at all. That is a promise that has not been delivered because the process of delivering it is just very complex.
“That is a project that is difficult to access because the CBN is not helping matters. Also, the process is not giving the kind of guarantee to access the money. So, they need to meet with stakeholders to re-engineer the process.”

Gillis-Harry had said in July that marketers were in the process of converting over 7,000 retail outlets across the country to autogas stations as part of measures to deepen the use of gas in automobiles.

He told our correspondent at the time that the marketers were getting set to deploy the N250bn fund to actualise the conversion process and purchase products.
But on Friday, he said the requirements of CBN had constituted stiff barriers to accessing the fund.

When asked to explain some of the barriers to accessing the fund, Gillis-Harry said, “The stumbling block is the required guarantee for the release of the fund.”

Confirming the position of PETROAN, the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, said the requirements by the apex bank for accessing the fund were cumbersome.
“The N250bn is for the gas expansion programme but we have not started accessing the fund. There are so many procedures to access it and it is quite tedious.”

Ukadike, however, said the gas programme would require time to become fully effective, adding that marketers, in partnership with the government, would have to deploy enough conversion centres for vehicles that would prefer running on gas.

Source: https://punchng.com/we-cant-access-cbns-n250bn-gas-intervention-fund-marketers/

My own is that CBN should stop deducting unnecessary charges from our money or is it our money they want to use to pay the loan that we are not benefiting from.

There is no positive intervention from the government that benefits the common man that is ever accessible in this God forsaken country

All these so called intervention are jus means for them to divert monies for their election campaigns in 2022

This is Nigeria

E dey somewhere make una no worry

Austerity in 2021, Buhari is a like a generational curse

[s]

Maxymilliano:
There is no positive intervention from the government that benefits the common man that is ever accessible in this forsaken country

[/s]

Maybe the village or ipob the group you cherish is God forsaken, Nigeria is NOT God forsaken. It is not your 10kobo this Gas intervention is designed for, it is designed for people with deep pockets.

Gas people should know, that the era of people collecting money from government and not paying is over. If you want to borrow be ready to meet up with the terms. Even small loan CBN gives requires guarantors and there are many procedures woven into it. Once again rather than the piece to educate people on the project it has spent time acting like paid blackmail!

These marketers to me are becoming the demons affecting normal Nigerians.

There are patterns to them

Fraud....

Simply because it is audio funds

Anyhow e be, abeg make e come down o. 1k per kg is not a small something.

Meanwhile, start your day with this fine animation skit.
[url][/url]
https://www.youtube.com/watch?v=EO3T-IU8Cv8[url][/url]

Audio money

Gas intervention fund that have miraculously intervened through Shady channels straight down the Politician's Aza.

Wo I don't know know what I'm saying, all I know is that the money is no longer with CBN, it is cooling somewhere in Someone's offshore account.

Cause na audio?

It's well with Nigeria.

valentineuwakwe:



Source: https://punchng.com/we-cant-access-cbns-n250bn-gas-intervention-fund-marketers/

Likewise the #50B eefp NEPC grant for non oil export. It has been voicemails since inception despite exporters been approved.

Buhari and his fraudulent cabinet are just scammers. Now, people don't even need your intervention nonsense again just make good policies that will support and as well boost non oil export, it is a lie they will come up with bogus and unrealistic please policies to destabilize everything.

I pity those young idiot that quoted me yesterday. You've already traded your future. This government will be remembered as the worst ever black government globally

Maybe they are saving it for election

Gas people also want to take their own part of the national cake, but FG hates it when other thieves compete with them for the crumbs. They are both thieves and I personally don't care because intervention fund or not, gas won't stabilize until we do something about gas flaring and our refineries which bubu has refused to take care of

Hahahahaha baba goes slow the Ajala of Aso Rock has squandered it as usual

vedaxcool:
[s][/s]

Maybe the village or ipob the group you cherish is God forsaken, Nigeria is NOT God forsaken. It is not your 10kobo this Gas intervention is designed for, it is designed for people with deep pockets.

Everyone who laments or display his or her displeasure about the country is an ipob or Igbo. You are really messed up bro but you don't know yet. Really really messed up

This country sef

Why is the CBN giving intervention funds?

This is part of the reason for the sky high inflation..

So much money in the system. That is how they did free give away of over 700bn to farmers who won't pay back.

Same thing with increasing non performing credit to electricity sector.

CBN should face Monetary Policy and leave credit issuance to the commercial banks.

How much is a KG of cooking gas in your area?.....BMC crew should answer this question.

Useless govt of self serving THIEVES AND BLOODTHIRSTY TERRORISTS!

Ogun kee any brainless bmc that quotes me to spit trash! Useless baaaastarrrds!
Bunch of accursed, miserable miscreants!

The doomed shithole urgently needs a SANE AND SOUND LEADER.

I love this I swear. Everybody is suffering it including bmc. Gas wey we dey manage, it reach buhari turn, he turned it to bitcoin

Nonsense people