Tinubu’s Govt Orders Traders to Crash Food Prices, Issues Ultimatum

• President Bola Tinubu-led federal government has expressed concern over the rising cost price of foodstuff items
• FG identified those behind the unreasonable pricing of consumer goods and services, as well as the detrimental practices of certain market associations and as well issued a fresh order
• Tinubu's government has given the traders and market stakeholders a one-month deadline to crash the prices of goods nationwide

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

The federal government, through the Federal Competition and Consumer Protection Commission (FCCPC), has given a one-month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods.

Traders get one-month moratorium to crash prices

As reported by The Punch, the newly appointed executive vice chairman of the FCCPC, Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday, August 29, in Abuja.

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He warned that enforcement actions will follow after the moratorium.

Bello described the commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.

He wondered about the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America (USA).

Speaking futher, Bello said that such practices threaten the economy and urged stakeholders to cooperate, noting that violators face severe penalties, including fines and imprisonment.

”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.

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”This is intended to deter all parties involved in such illicit activities,” he said.

However, some of the market stakeholders who spoke at the engagement, attributed the high cost of goods to hike in transportation, insecurity, and multiple taxation among others were reasons for the continuous increase in prices of goods and services, Vanguard reported.

The chairman, National Association of Nigerian Traders, FCT chapter, Ifeanyi Okonkwo, said that charges on imported goods at the Ports also contributed to the hike in prices, BusinessDay reported.

Tinubu calls for calm amid hardship

Meanwhile, Legit.ng earlier reported that on Thursday, July 25, President Bola Ahmed Tinubu admitted to participating in various protests in Nigeria without violence.

The president spoke while responding to the recently held nationwide protest on August 1 that has generated concerns in the polity.

Source: Legit.ng