Multiple Taxation, Others Responsible For High Prices Of Goods — FCCPC
The Federal Competition and Consumer Protection Commission has revealed the factors contributing to the increase in consumer costs.
This is as Nigerians continue to lament the high cost of commodities, despite rapid fall of dollar in the recent days,
The FCCPC Director, Surveillance and Investigation Mrs. B.A Adeyinka, made some revelations while briefing journalists during a market check-up to enforce prices on Friday, in Masaka Markets, Nasarawa State.
Adeyinka disclosed that the commission has conducted extensive interviews with marketing executives and sellers across various sectors.
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She said: “Despite government efforts to stabilize the currency, prices remain high. Our findings point to a complex web of factors, including multiple layers of taxation and transportation costs, that are driving prices up.
“The cost of transportation is a significant burden on the sellers, and this cost is inevitably passed on to the consumer.
“For instance, a product that once cost N15,000 now sells for N50,000. This drastic increase is largely due to higher transportation expenses, the rising cost of pesticides, and security concerns in certain areas.
“Our first step is to compile a report on the multiple taxes affecting the market and advise the government on potential solutions.
“We aim to unlock the market by reducing these taxes, thereby easing the financial burden on both sellers and consumers.
“An increase in the availability of goods will naturally lead to lower prices. Additionally, we will address anti-competitive practices by cartels that restrict supply, to ensure a fair and competitive marketplace.”
Full Story: https://www.informationng.com/2024/04/hardship-multiple-taxation-others-responsible-for-high-prices-of-goods-fccpc.html
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