Naira Appreciation: Price Of Goods Not Reducing- Accord Party To FG

The Accord Party urged the Federal Government to increase efforts to stabilize commodity prices in Nigeria, noting that despite the naira’s appreciation against the US dollar, commodity prices haven’t reflected this change.

Mr. Dele Oladeji, the Lagos State Chairman of the Party, emphasized this point in an interview with NAN in Lagos. He highlighted the widespread expectation among Nigerians for a reversal of the escalating prices of consumer goods and food items. Oladeji urged the government to thoroughly examine all factors contributing to inflation and enhance measures to stabilize commodity prices.

“To crash the prices of consumer goods and food items, the plethora of high import duties, levies and fees at the port, road and markets have to be revisited, reviewed, slashed or removed.

“Many Nigerians have always wondered why the price of goods are not reducing to reflect the crash in the dollar rate against the naira.

“The reason is that the dollar rate is just one of the several factors that affect trade and production.

“Without a slash in or removal where necessary, of persisting high import duties on production materials and machinery; with the high levies and fees from local governments on goods on transit; warehouses and those in markets; prices of consumer goods will remain high and continue to rise, in reaction to these plethora high fees and levies,” Oladeji said.

He stated that a brief tax holiday and rebates granted to certain manufacturers are merely benefiting wealthy industrialists, with no tangible impact on the broader population.

”Such tax rebates and tax holidays should come with a conditional agreement to subsidise prices of the produce.

”The FG has to look more into and resolve these other contributory factors to create respite and a reversal of rising prices in consumer goods and food items,” he said.


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