He would not say where he might run, if he does indeed start the new party.
"Those are considerations for tomorrow – not for today; they're for another time."
On Sunday, he would not comment when asked about the prospect of setting up a new party.
But National Leader Simon Bridges confirmed Ngaro was "considering" it.
Speaking to media before National's weekly caucus meeting today, Ngaro was critical of what he said was the Government "poking the bear" when it comes to abortion laws.
A government bill on abortion has not been publically released and, although it would be in the Government's name, it would be a conscience issue – meaning MPs don't have to vote down traditional party lines.
The Law Commission has recommended three options for reform, all of which remove abortion from the Crimes Act.
The most liberal would allow a woman to make the decision herself, in consultation with a doctor, at any stage of pregnancy.
But Justice Minister Andrew Little said his preferred option was to allow a woman to make the decision herself up to about 20-22 weeks, after which a statutory test would apply, requiring a doctor's sign-off that it was appropriate considering the woman's physical and mental health and wellbeing.
Ngaro said abortion was one of the issues many Kiwis were concerned about.
Asked if he thought it should be taken out of the Crimes Act, he said: "Has a woman actually ever been made to feel like a criminal? Absolutely not."
Ngaro said he had not made a decision about setting up a Christian values Party.
However, it is clear he is considering it.
He said he is in the process of "reflecting" on the prospect after he said he had been approached by a number of people.
Those people have told him that their values were not being represented in Parliament, he said.
Ngaro said he proactively went to National Leader Simon Bridges to let him know he was thinking about forming the new party.
Asked how long Bridges was giving him, Ngaro would only say he had been given "space" and "time" to reflect.
Meanwhile, National MP Judith Collins was speaking to media this morning about the Debbie Francis report into bullying, released this morning.
However, she was forced to cut her comments short, to let Bridges speak to media. Every Tuesday, he speaks to media before going to caucus in the same spot.