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BREAKING; Federal Govt issues deadline to Traders to crash prices of goods
The Federal Competition and Consumer Protection Commission (FCCPC), has given one month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods.
The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja.
According to Bello, the Commission will begin enforcement after the moratorium.
He said that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.
Bello gave a description of 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.
Bello wondered the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.
He said the unwholesome practices including price fixing was threatening the stability of the economy.
”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court..
”This 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.
”It is in this spirit that we are giving a moratorium of one month (September) before the Commission will start firm enforcement, ” he said.
Bello said the government was aware of most of the problems raised by the market stakeholders.
”We have heard and you have genuine issues and government has the responsibility to address the problems but generally, let us talk to ourselves too.
”There are also gang ups to exploit consumers by traders,” he said.
Some of the market stakeholders who spoke at the engagement said that high cost of transportation, insecurity, multiple taxation among others were reasons for the continuous increase in prices of goods and services.
Mr Ifeanyi Okonkwo, the Chairman, National Association of Nigerian Traders, FCT Chapter, said that charges on imported goods at the Ports also contributed to the hike in prices.
Okonkwo appealed to the Commission to set up a taskforce and involve the association in its enforcement.
Mr Emmanuel Odugwu from Kugbo Spare Parts market, said the initial cost of transportation of a trailer load of tyres from Lagos to Abuja was N450,000 but now, it costs over one million naira to transport same.
Ms Kemi Ashiri, the Liaison Manager, Flour Mills, said that fines by regulators needed to be harmonised for businesses to thrive.
Ikenna Ubaka, who spoke on behalf of supermarket owners, alleged that banks’ interest rates to them were over 30 per cent, rent increment and hike in prices by distribution/ supply chains were reasons for the high cost of goods.
Ubaka also alleged that electricity distribution companies were charging supermarkets exorbitantly.
Mr Solomon Ukeme who represented Master Bakers Association, said that rapid increment of major ingredients like flour, sugar and butter contributed to the high cost of confectioneries.
He said that a bag of flour formally sold for N34,000 was now being sold for N74,000.
He said that multiple taxation was also the major cause for the high cost of bread.
The News Agency of Nigeria (NAN) reports that various market associations also attended the engagement. (NAN) (www.nannews.ng)
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Economic Hardship; PDP Governors seek review of Federal Govt’s policies

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Economic Hardship; PDP Governors seek review of Federal Govt’s policies

The Peoples Democratic Party (PDP) Governors’ Forum, has sought a review of the economic policies of the Federal Government, to ameliorate the current economic hardship in the country.

This was part of its 8-point communique issued at the end of its deliberations during its forum, held on Saturday in Jos.

The News Agency of Nigeria (NAN), reports that Gov. Caleb Mutfwang of Plateau hosted the governors with party executives and other stakeholders in attendance.

Malam Bala Mohammed, Chairman of the Forum and governor of Bauchi State, who read out the points, empathised with the masses over the current economic crunch.

Mohammed called on the Federal Government to as a matter of urgency, find ways of cushioning the effects of its policies or have a review.

“The forum expresses empathy for Nigerians suffering from economic difficulties and calls for a review of Federal Government’s policies to improve citizens’ welfare,” he said.

Similarly, the party addressed issues confronting its unity and called for more collaboration among members.

“The forum has emphasised the need for unity within the party, addressing concerns about divisions among its members.

“It expresses a commitment to maintaining the party as a trusted platform for democratic governance.

“The forum’s discussions reflect a strong commitment to party unity and addressing internal divisions while also focusing on the broader socio-economic challenges facing Nigerians.

“The forum aims to position the PDP as a proactive and responsive political entity in Nigeria’s democratic landscape.

“The party is also making a clear call for action regarding electoral integrity and governance, emphasising the need for reforms to ensure fair representation and accountability

“The party acknowledged recent tragedies such as the demise of the First Lady of Akwai-Ibom, and also expressed gratitude for local hospitality reinforcing the party’s connection to the electorate.(NAN)

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You’ve been contesting for President for 31 years, you need to step down – Bode George advises Atiku

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You’ve been contesting for President for 31 years, you need to step down – Bode George advises Atiku

A former Deputy National Chairman of the Peoples Democratic Party (PDP), Bode George, has advised Atiku Abubakar, the party’s presidential candidate in the 2023 general election, not to run in the next presidential race.

George, reflecting on Atiku’s unsuccessful attempts at the presidency since 1993, urged him to step aside and act as an elder statesman by leaving the presidential contest to others.

He urged Atiku who would be 81 by 2027, to end his 31-year-long bid to be President and assume the position of an elder for posterity sake.

George said this while addressing newsmen in Ikoyi, on Thursday, November 21.

He said: “My advice to Atiku is this, you will be 81 years old in 2027, and you have been contesting for presidency since 1993. This is the time for you to calm down and act like an elder. I appeal to you in the name of the Almighty Allah that you serve to take it easy and leave everything to posterity.”

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Lagos Speaker, Obasa clears air on Governorship ambition to succeed Sanwo-Olu

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Lagos Speaker, Obasa clears air on Governorship ambition to succeed Sanwo-Olu

Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa on Thursday dispelled rumour making the rounds that he was desperate of becoming the next governor of the state.

Obasa made the declaration when the Lagos State Governor, Mr. Babajide Sanwo-Olu presented a budget of ₦3,005,935,198,401 for the 2025 fiscal year to the state House of Assembly.

The Speaker, in his remarks, noted that the budget was presented at a time of complaints by Nigerians about the economy, appealing to Nigerians to be hopeful as President Bola Tinubu’s administration works to ensure the nation’s economic recovery.

On speculation that the speaker was aspiring to be Governor in 2027, Obasa said, “I have not given a serious thought about becoming the next governor of the state”.

He stated that the major concern now is to strengthen the party in the state, saying that was why he continued to enjoin more people to support the party at all times, an act he noted to have been misconstrued by ‘political detractors’ to mean that he was chasing a governorship ambition.

He added, “I have made it a personal task to mobilise people on the platform of Mandate, which has been misconstrued by some political detractors as being a selfish aspiration on the ground for me to become governor of the state. There is the need, however, to correct this wrong impression. My concern is about building our party, and whatever we do is mainly for this cause.

“To the blackmailers who have embarked on the mission to distort and redefine our mission, let me state it unequivocally here, our intention is to promote our party on the platform of Mandate.’

Obasa said becoming governor is secondary to him, adding that “it is something that I have not given serious consideration. Nevertheless, that does not mean I am too young or lack experience to run; whereas, those who have been before me are not better off.”

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