Breaking: The Federal Government gives traders one month Ultimatum to crash the prices of goods Nationwide.

 

The Federal government of Nigeria through the Federal competition and consumer protection commission (FCCPC) has issued a month deadline for traders and market shareholders to crash the prices of goods and services across the country.

The incumbent Vice chairman of the commission, Bello Tunji, made the announcement at a stakeholders engagement in the FCT Abuja. And ensures that enforcement action will follow immediately after the deadline.

 The vice chairman spotted an example of the hike in price of goods, like a fruit blender which is sold at $89 in the US but it is sold at N944,999 in Lagos state.

He also stated that such acts threatens the Economy and that stakeholders should be at alert, as violators world face charges of fine or imprisonment.

"Under section 155, any individual or corporate entities found guilty by the court will face severe fine charges or imprisonment.

This is intended to stop all parties involved in such illicit activities.

" However our approach today is not Vindictive. I therefore call on all stakeholders to be patriotic and work with cooperation.

He said, "It is in this spirit that we are giving an ultimatum of one month before we begin firm commission of enforcement".

Ifeanyi Okonkwo the incumbent chairperson of the National Association of Nigerian Traders, FCT chapter, said that the charges on imported goods at the ports have also played a role in the increment in prices.

Perhaps, market stakeholders attributed price increment to factors like import charges,insecurity, cost of transportation, and lots of taxation.