The Accord Party has urged the Federal Government to take action to stabilize commodity prices in Nigeria, citing that the appreciation of the naira against the US dollar has not translated to reduced prices of goods.
Mr. Dele Oladeji, the Lagos State Chairman of the Party, emphasized the need for the government to address factors contributing to inflation and ensure stability in commodity prices.
Oladeji highlighted the impact of high import duties, levies, and fees at ports, roads, and markets on the prices of consumer goods and food items, urging the government to revisit, review, slash, or remove these charges.
He pointed out that while the crash in the dollar rate against the naira is a significant factor, it is not the sole determinant of commodity prices. Without addressing other factors such as high import duties and local government levies, prices are unlikely to decrease.
Oladeji criticized the current system of tax holidays and rebates for manufacturers, suggesting that these measures primarily benefit wealthy industrialists without benefiting the general populace.
He proposed that any tax incentives provided to manufacturers should be tied to conditions that ensure the subsidization of product prices, thereby offering relief to consumers.
