President Bola Tinubu has begun the distribution of Compressed Natural Gas-powered tricycles to Nigerian youths at discounted loan repayment rates.

The initiative was aimed at cushioning the effect of the hike in transportation costs in the country due to the fuel price hike.

Speaking in Yola on Wednesday, during the distribution exercise, the Managing Director of the principal partners, Sub City to Credi Cooperation, Imam Umar, said that the initiative is in line with the Renewed Hope Agenda of Tinubu, which, according to him, placed strong emphasis on youth empowerment, entrepreneurship, job creation, and inclusivity in economic development.

He stated, “It is my great pleasure and honour to welcome you all to this important occasion here in Adamawa State, organised by Credicorp in partnership with Sub-city Project Global Consult, as part of the Federal Government’s initiative to empower Nigerian youths through mobility services and sustainable economic opportunities.

“Today, we are here to support our young people by providing tricycles on an instalment payment arrangement, giving beneficiaries the opportunity to own productive assets, create employment opportunities, generate income, and build a more sustainable future for themselves and their families.”

Umar said that the empowerment is about giving youths the tools, opportunity, and confidence to become economically independent.

He urged the beneficiaries to treat the opportunity with the seriousness it deserves.

He noted, “Use the tricycle responsibly, comply with the terms of the program, prioritise safety, and ensure timely instalment payments so that the scheme can reach more young Nigerians.”

In her welcome speech, the Commissioner of Transportation, Mrs. Rumpe Anthony, who represented Governor Ahmadu Fintiri, commended CREDICORP for facilitating the loans for the CNG-powered tricycles to Adamawa youths.

Anthony said, “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, work tools and other important needs.

“The introduction of these CNG-powered three-wheelers demonstrates what is possible when government, development finance institutions, financial institutions, manufacturers, vendors and beneficiaries come together.”

According to her, the project is significant because access to finance is not simply about receiving a loan.

She said, “When properly structured, access to affordable credit can give a young person the opportunity to own a productive asset, earn an income, build a business and improve the welfare of their family.

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

“For a state like Adamawa, where transportation plays a critical role in connecting communities, markets, businesses and households, embracing cleaner mobility solutions is part of preparing for the future.”

Rumpe pointed out that the CNG rollout is not an isolated intervention but that it fits into a broader conversation about how the country can build a transportation system that is more affordable, more sustainable and more responsive to the needs of our people.

“There are many areas in Adamawa where access to structured consumer and productive asset finance can make a meaningful difference, including agriculture, renewable energy,” she said.