The Federal Government through the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market to slash prices of goods and services nationwide.<\/p>\n
After the expiration of the ultimatum, the apex government stressed that enforcement actions will follow, to compel the traders to adjust immediately.<\/p>\n
Executive Vice Chairman of the commission, Tunji Bello, made the announcement at a stakeholders\u2019 engagement in Abuja, on Thursday.<\/p>\n
Bello cited examples of exorbitant pricing, including a fruit blender priced at $89 in the US but sold for N944,999 in Lagos.<\/p>\n
He said that such practices threaten the economy and urged stakeholders to cooperate, noting that violators face severe penalties, including fines and imprisonment.<\/p>\n
\u201dUnder Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.<\/p>\n
\u201dThis is intended to deter all parties involved in such illicit activities. However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.<\/p>\n
\u201dIt is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,\u201d he said.<\/p>\n
Adding his part, Ifeanyi Okonkwo, the Chairman of the National Association of Nigerian Traders, FCT Chapter, said the charges on imported goods at the ports have also played a role in the surge in prices.<\/p>\n
Meanwhile, market stakeholders attributed price hikes to factors like import charges, transportation costs, insecurity, and multiple taxation.<\/p>\n","protected":false},"excerpt":{"rendered":"
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