FG agency blames high goods cost on multiple taxes & other factors

The Federal Competition and Consumer Protection Commission (FCCPC) has revealed its findings from an extensive investigation into the factors contributing to the consistent rise in consumer prices.

During a briefing with journalists at Masaka Markets in Nasarawa State, Mrs. B. A. Adeyinka, the Director of Surveillance and Investigation, highlighted the key issues uncovered. Despite government interventions to stabilize the currency, prices continue to soar due to various factors, including multiple layers of taxation and transportation expenses.

Adeyinka emphasized that the escalating transportation cost and increased expenses for pesticides, coupled with security concerns in certain regions, have significantly impacted prices. The FCCPC aims to address these challenges by compiling a report on the multiple taxes affecting the market and providing recommendations to the government to alleviate the financial strain on both sellers and consumers. Additionally, as part of its compliance campaign, the FCCPC sealed 4U Supermarket Wuse 2 for violating price and quality standards, with plans to continue enforcement efforts in other states.