Accord Party Urges FG to Stabilize Commodity Prices Amid Naira Appreciation

The Accord Party has called on the Federal Government to intensify efforts to stabilize commodity prices in Nigeria, noting that the appreciation of the naira against the US dollar is not reflected in the prices of goods.

Mr. Dele Oladeji, the Lagos State Chairman of the Party, made this appeal in an interview with NAN in Lagos on Wednesday, emphasizing the need for a reversal of the rising prices of consumer goods and food items.

Oladeji urged the government to address all factors contributing to inflation and make efforts to stabilize commodity prices.

He highlighted the need to revisit, review, slash, or remove high import duties, levies, and fees at ports, roads, and markets.

He explained, “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.”

Oladeji emphasized that without a reduction or removal of high import duties on production materials and machinery, along with high levies and fees from local governments, the prices of consumer goods would remain high.

He criticized the current tax holiday and rebate system, stating that they mainly benefit hyper-rich industrialists without impacting the general populace.

Oladeji suggested that tax rebates and holidays should come with conditions to subsidize prices of goods.

In conclusion, Oladeji urged the Federal Government to address these contributory factors to create relief and reverse the rising prices of consumer goods and food items.