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FCCPC takes campaign against arbitrary price hikes to markets in Nasarawa

FCCPC takes campaign against arbitrary price hikes to markets in Nasarawa
April 19
18:28 2024

The Federal Competition and Consumer Protection Commission (FCCPC) has carried out price monitoring and surveillance exercises in Masaka market in Nasarawa state as part of its effort to discourage unfair pricing.

Boladale Adeyinka, director of surveillance and investigations, FCCPC, on Tuesday, said the commission had received complaints from consumers that despite the appreciation of the naira against the dollar, prices of goods were still increasing.

She also said there was a need to carry out surveillance to ensure that prices are regulated and consumers are protected from exploitation.

“This is a fact-finding mission and investigative mission to gather information directly from the sources and the fair food price campaign continues. As we are seeing exorbitant prices increase even though we are seeing that the exchange rate is going down,” Adeyinka said.

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“So we are here to find out from three levels of stakeholders, first from good market executives, the second being the sellers, and the third stakeholders are consumers.

“This is a big market for direct food supply, from the farm to the market. So we wanted to see the value chain and how they’re interacting with the prices and cost variables. We had a meeting with the executives to find out if there are levies, taxes, things that can be added on because every cost will be passed on to the consumer. This is because the consumer is the final person that bears the entire cost of any business. 

“A team of investigators have gone round to collect direct information on what is causing the increase in price on a daily basis even with the efforts of the government to make sure that the dollar keeps going down daily, prices still remain up. 

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“Just from what we heard from the yam seller, there are multiple taxes. That is also affecting the final cost to the seller then this cost is passed on to the consumer.

“Before the heap of yam used to be bought for N15,000 but it is now being bought for N70,000. The reason for this increase is attributed to transportation, high cost of pesticides and also insecurity or herdsman crisis in the village.”

Adeyinka added that the commission will intervene by developing a concise report of all the multiple taxes and then advise the government on how they can unlock or remove some of these taxes or how taxes can be reduced.

“Also we will engage the executives to know that there is no restriction you can always bring your goods to the market and the goods will be available more goods will mean definitely that there will be lower pricing also at the end of the day,” she said.

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Adeyinka said it will also unlock the anti-competitive tendencies of cartels in the market.

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