Naira Appreciation: Price Of Goods Not Reducing – Accord Party Tells FG

On Wednesday, the Accord Party urged the Federal Government to enhance its efforts in stabilizing commodity prices in the country, emphasizing that the appreciation of the naira against the US dollar is not mirrored in commodity prices.

The Lagos State Chairman of the Party, Mr Dele Oladeji, made the call in an interview with NAN on Wednesday in Lagos.

Oladeji said Nigerians were seriously anticipating a reversal of rising prices of consumer goods and food items in the country.

He, therefore, called on the Federal Government to look into all contributory factors causing inflation and intensify efforts at stabilising the prices of commodities.

“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.

According to him, a cursory tax holiday and rebate to some manufacturers are only enriching the hyper-rich industrialists, with zero impact on the general populace.

”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.