Fg to reduce petrol price to ₦130 from ₦145

It seems like you're asking the Nigerian government to reduce the price of petrol from ₦145 to ₦130. Here's a breakdown of the request:

This would mean a reduction of ₦15 (or 10.3%) in the price of petrol.

It's worth noting that the Nigerian government has been under pressure to reduce the price of petrol in recent times due to various factors such as the COVID-19 pandemic, economic downturn, and the need to reduce the burden on citizens.

However, the government has been facing challenges in reducing the price of petrol due to various factors such as:

  1. Crude oil prices: The price of crude oil, which is the main input for petrol production, has been fluctuating globally.
  2. Exchange rate: The Nigerian naira has been experiencing a decline in value against the US dollar, which affects the cost of importing refined petroleum products.
  3. Subsidy: The government has been providing a subsidy to maintain the current price of petrol, which is a significant burden on the national budget.

If the government were to reduce the price of petrol to ₦130, it would likely require a combination of measures such as:

  1. Reducing the subsidy: The government could reduce the amount of subsidy it provides to maintain the current price of petrol.
  2. Increasing revenue: The government could increase revenue through other means such as increasing taxes, reducing wastage, and improving the efficiency of public finances.
  3. Improving the efficiency of the petroleum sector: The government could improve the efficiency of the petroleum sector by reducing corruption, increasing transparency, and promoting competition.

It's important to note that reducing the price of petrol would have both positive and negative impacts on the economy. On the positive side, it would reduce the burden on citizens and stimulate economic activity. On the negative side, it could lead to a reduction in government revenue and potentially increase the budget deficit.

Overall, reducing the price of petrol to ₦130 would require careful consideration of the various factors involved and a well-thought-out plan to mitigate the potential negative impacts.