A civil society organisation, the Patriotism Awareness Forum (PAF), has commended the Federal Competition and Consumers Protection Commission (FCCPC) for its democratic footprint of consultative dialogue meant to curb the exploitative and unwholesome practices of mercantilist that continue to make life difficult for Nigerians by the arbitrary marking up of prices of goods and services.
The group particularly commended the Executive Vice Chairman/CEO of the commission, Mr. Tunji Bello, a renowned Democrat per excellence for leading the commission to engage in far-reaching democratic engagement with the various groups in the production chain with a view to collaborate on how to curb the present economic sabotage of marking up of prices of goods and services and thereby feeding a rampaging inflation that continues to whittle down the standard of living of Nigerians.
In a press statement issued in Lagos on Sunday, September 15, 2024, and signed by the Convener, Nelson Ekujumi and Co-Convener, Peter Claver Oparah, the civil society group stated that having been previously engaged in the task of researching, understanding and proffering solution to the present abnormal Nigerian inflationary trend, it is glad that the FCCPC is engaging in a meaningful course of combating the arbitrary and unexplainable increase in the prices of goods and services. PAF expressed it’s willingness and readiness to work and partner with FCCPC to achieve its objectives in this regard.
According to the press release, the group asserted, “We in PAF are worried about the worsening inflationary trend in Nigeria since the abrogation of the fuel subsidy regime which has made us to engage in a study and research of the situation.
“Consequently, our findings reveal that while increase in fuel prices play a role in spiking up inflation in Nigeria, its contribution to the present inflation is marginal, we discovered that fuel price increment accounts for just about 30% of Nigeria’s inflation rate. The remaining 70% is being driven by the shylock tendency of Nigerian business interests at all levels who whimsically mark up prices of goods and services, with no compelling reasons for that act.
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“We are glad that FCCPC under the leadership of Mr. Tunji Bello has been rejuvenated and re-tooled to deal with this abnormal inflation and it has started the course of addressing the trend with the meaningful engagement of key players in the production and distribution chain on the collaborative need to arrest and reverse this negative and ugly trend.
“We are particularly happy that the Executive Vice Chairman and CEO of FCCPC is leading the commission on this democratic engagement, even as there are provisions in our laws for the commission to identify and punish those engaged in the obnoxious practice of marking up prices of goods and services at the detriment of the Nigerian people and the economy.
“PAF has a detailed impression of the present abnormal inflation, the causes, trend and suggestions on how to tame it. We believe these are invaluable ideas that would help FCCPC to achieve its objectives.
“We are hereby extending a positive hand of fellowship to FCCPC for the purpose of contributing our own quota to the task of confronting the inhuman and illegal exploitation of Nigerians.
“We urge Nigerians across board, to support FCCPC to realise its goal, which includes but is not limited to confronting the present raging inflation in Nigeria exacerbated by business interests who engage in the unwholesome practices of marking up prices of goods and services and thereby pose a threat to our economy and a better standard of living for Nigerians”
