A financial expert, Dr Samuel Nzekwe, has commended the Federal Government for further slashing the price of premium motor spirit, also known as petrol, to N123.50 per litre.
Nzekwe, a former President, Association of National Accountants of Nigeria, gave the commendation in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun, on Wednesday.
NAN reports that the Federal Government had on March 18 reduced the pump price of petrol from N145 per litre to N125 per litre, following drop in petroleum price in the international market.
The government on Tuesday further reduced the pump price of petrol from N125 to N123.50 due to the COVID-19 pandemic.
The former ANAN president said that the further reduction would cushion the effects of the pandemic in the country.
He also said that it would reduce the cost of doing business, adding that part of the challenges businesses faced in the country was high cost of running machines.
“This development will make businesses in Nigeria to compete favourably with their counterparts abroad,” he said.
Nzekwe said that costs of goods and services would also come down due to drop in the pump price.
He called on the Federal Government to finance the deficit of the 2020 Budget.
Mr Wale Adegbite, a former Chairman, Manufacturers Association of Nigeria, Ogun Chapter, said that the reduction was expected due to the price fall in the international market.
He urged the Federal Government to build road networks and improve electricity.