BREAKING: Jubilation As Tinubu Takes Exciting Action, Orders Immediate Drop In Prices Of Food, Other Items
The Federal Government of Nigeria under the administration of President Bola Tinubu, through the Federal Competition and Consumer Protection Commission (FCCPC), has given traders and market stakeholders a one- month ultimatum to reduce the prices of goods and services across the country.
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This directive was announced by the Executive Vice Chairman of the commission, Tunji Bello, during a stakeholders’ engagement meeting in Abuja. Bello warned that after the one- month grace period, the FCCPC would begin strict enforcement actions against those who fail to comply.
He highlighted some examples of what he described as ” exorbitant pricing” in the market. For instance, he noted that a fruit blender that costs $89 in the United States is being sold for an astonishing N944, 999 in Lagos. Bello expressed concern that such pricing practices pose a significant threat to the Nigerian economy.
He emphasized the seriousness of the situation, pointing out that under Section 155 of the relevant law, those found guilty of price inflation, whether individuals or corporate entities, could face severe penalties.
These penalties could include hefty fines and imprisonment if convicted by a court of law. Bello explained that these harsh measures are meant to serve as a deterrent to those engaged in such unlawful activities.
However, Bello clarified that the commission’ s current approach is not intended to be punitive. Instead, he called on all stakeholders to demonstrate patriotism and cooperate with the government’ s efforts to stabilize the economy. ” It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement, ” he said.
Adding his perspective, Ifeanyi Okonkwo, the Chairman of the National Association of Nigerian Traders, FCT Chapter, acknowledged that the high charges on imported goods at Nigerian ports have contributed to the surge in prices.
He pointed out that these import charges, along with other factors like transportation costs, insecurity, and multiple taxation, have all played a role in the rising prices of goods and services in the country.
Market stakeholders at the meeting echoed similar concerns, noting that these factors have made it difficult to maintain reasonable prices. Despite these challenges, the FCCPC’ s ultimatum signals a strong commitment by the government to protect consumers and ensure that goods and services remain affordable for the average Nigerian.
The coming weeks will be critical as traders and market stakeholders decide how to respond to the FCCPC’ s directive. The enforcement actions that follow will likely set a precedent for how price regulation is handled in Nigeria moving forward.
