The Federal Competition and Consumer Protection Commission (FCCPC) has disclosed findings from an extensive investigation into the persistent increase in consumer costs, highlighting various factors contributing to the surge. During a market surveillance operation at Masaka Markets, Nasarawa State, Mrs. B. A. Adeyinka, the Director of Surveillance and Investigation, briefed journalists on the outcomes of the investigation.
Adeyinka outlined that despite government initiatives to stabilize the currency, consumer prices remain high due to a multitude of factors. These include multiple layers of taxation and escalating transportation expenses, which significantly impact sellers and inevitably lead to increased prices for consumers. For instance, she cited instances where products previously priced at N15,000 now sell for N50,000, attributing the spike to elevated transportation costs, rising expenses for pesticides, and security concerns in certain regions.
To address these challenges, Adeyinka stated that the FCCPC aims to compile a comprehensive report on the impact of multiple taxes on the market and propose potential solutions to the government. The goal is to alleviate the financial burden on both sellers and consumers by reducing taxes and unlocking the market.
As part of its efforts to ensure compliance with price and quality standards, the FCCPC recently sealed 4U Supermarket Wuse 2 for breaching regulations. Adamu Abdullahi, the acting Chief Executive Officer of FCCPC, affirmed that the commission would continue its enforcement actions in other states to uphold market regulations.