LAGOS, Nigeria (VOICE OF NAIJA)-The Federal Competition and Consumer Protection Commission (FCCPC) has faulted multiple taxes as a major factor for incessant inflation on consumer goods.
In its comprehensive investigation, the agency revealed the factors that has contributed to the unfair trades practices rocking the high prices of commodities and also reiterate its commitment to address rising prices of commodities and safeguarding consumers interest.
The FCCPC team led by The Director of Surveillance and Investigation Adeyinka, said efforts are underway to address price gouging, combat price fixing, during its campaign in Masaka Markets in Nasarawa state,
She said, “We’ve conducted extensive interviews with marketing executives and sellers across various sectors. Despite government efforts to stabilise the currency, prices remain high.
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“Our findings point to a complex web of factors, including multiple layers of taxation and transportation costs, driving prices up. The cost of transportation is a significant burden on the sellers, and this cost is inevitably passed on to the consumer.
“For instance, a product that once cost N15,000 now sells for N50,000. This drastic increase is largely due to higher transportation expenses, the rising cost of pesticides, and security concerns in certain areas.
“Our first step is to compile a report on the multiple taxes affecting the market and advise the government on potential solutions. We aim to unlock the market by reducing these taxes, thereby easing the financial burden on both sellers and consumers.”
In its commitment to regulate fair prices and compliance, the FCCPC had on Thursday sealed two 4U Supermarket in Wuse 2, Abuja, for price manipulation and quality standards.
The acting Chief Executive Officer of FCCPC, Adamu Abdullahi, whilst speaking on Thursday, assured that similar exercises will be conducted across the federation to ensure consumers are not exploited despite the naira appreciation against the US dollars.