Accord Party claims that price of goods has not decreased despite the appreciation of Naira

The Accord Party has urged the Federal Government to take stronger measures in stabilizing the prices of commodities in the country, as they believe that the appreciation of the naira against the US dollar has not been reflected in the prices of goods.

The Chairman of the party in Lagos State, Mr Dele Oladeji, emphasized the urgent need for a reversal of the increasing prices of consumer goods and food items in Nigeria.

He called on the government to thoroughly investigate all factors contributing to inflation and intensify efforts to stabilize commodity prices.

Read Also: New Conflict Looms Over PDP Ahead of Key NEC Gathering

In order to bring down the prices of consumer goods and food items, Oladeji highlighted the need to reassess and reduce the high import duties, levies, and fees imposed at ports, roads, and markets.

He explained that many Nigerians have been questioning why the prices of goods have not decreased despite the decline in the dollar rate against the naira. Oladeji clarified that the exchange rate is just one of the numerous factors influencing trade and production.

Without addressing the persistently high import duties on production materials and machinery, along with the excessive levies and fees imposed by local governments on goods in transit, warehouses, and markets, consumer goods prices will remain high and continue to rise.

Oladeji also criticized the current tax holiday and rebate system, stating that it only benefits wealthy industrialists without any positive impact on the general population.

He suggested that tax rebates and holidays should be conditional, requiring manufacturers to subsidize the prices of their products.

He emphasized that the Federal Government needs to thoroughly examine and resolve these contributing factors in order to provide relief and reverse the upward trend in consumer goods and food prices.