Tinubu Govt Reveals Reason behind High Cost of Goods and Foodstuffs. On Saturday, the Federal Competition and Consumer Protection Commission (FCCPC) unveiled the outcomes of an extensive investigation into the underlying factors contributing to the persistent rise in consumer expenses.
This announcement comes amid ongoing endeavors by the Bola Ahmed Tinubu-led administration to restore stability to the currency.
However, despite these efforts, prices have continued to escalate, placing significant financial pressure on consumers.
The Federal Competition and Consumer Protection Commission (FCCPC) recently disclosed the findings of its extensive investigation into the factors behind the continuous rise in consumer costs.
According to Mrs. B.A. Adeyinka, the Director of Surveillance and Investigation at the FCCPC, the investigation involved thorough interviews with marketing executives and sellers across various sectors.
The investigation uncovered a multifaceted set of factors contributing to the high prices, including multiple layers of taxation and transportation costs.
Adeyinka highlighted the significant burden of transportation costs on sellers, which inevitably leads to increased prices for consumers.
She cited examples where products that previously cost N15,000 are now sold for N50,000 due to rising transportation expenses, increased costs of pesticides, and security concerns in certain areas.
In response to these findings, the FCCPC plans to compile a report on the various taxes affecting the market and provide recommendations to the government on potential solutions.
By reducing these taxes, the commission aims to alleviate the financial strain on both sellers and consumers, thereby stimulating economic growth.
In addition to the investigation, the FCCPC has taken enforcement action against businesses found to be flouting price and quality standards.
Recently, 4U Supermarket Wuse 2 was sealed for breaching these standards, and the commission has pledged to continue price enforcement in other states to ensure compliance with regulations.
Market executives, represented by Gimbal Salasi, expressed support for the FCCPC’s efforts, emphasizing their commitment to ensuring smooth market operations and adherence to price regulations.
As the FCCPC continues to monitor prices and enforce regulations, consumers can expect some relief from the relentless increase in costs.
However, addressing the complex issues driving high prices requires sustained efforts from all stakeholders, including the government, businesses, and consumers, to ensure a more stable economic future.