The Federal Competition and Consumer Protection Commission, FCCPC has blamed the rising cost of goods in the country to multiple taxes traders are subjected to in the country.
This was according to findings by the Commission through a comprehensive investigation into the contributory factors to the relentless increase in consumer costs.
This was contained in a statement by the Director of Surveillance and Investigation of the Commission, Mrs. B. A. Adeyinka. She said this while briefing journalists during a market surveillance to enforce prices on Friday in Masaka Markets, Nasarawa State.
Adeyinka explained, “We’ve conducted extensive interviews with marketing executives and sellers across various sectors. Despite Government efforts to stabilize the currency, prices of goods remain high.
“Our findings point to a complex web of factors. Which include multiple layers of taxation and transportation costs. These 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.
“Our first step is to compile a report on the multiple taxes affecting the market. And to advise the Government on potential solutions.
“We aim to unlock the market by reducing these taxes. And thereby, easing the financial burden on both sellers and consumers,” she said.
Recall that FCCPC as part of its campaign for compliance sealed 4U Supermarket Wuse 2 on Thursday. This was for breaching price and quality standards.
