Accord Party Urges Federal Government To Address High Commodity Prices Despite Naira Appreciation

Accord Party Urges Federal Government To Address High Commodity Prices Despite Naira Appreciation

The Accord Party has urged the Federal Government to take decisive action to stabilize the prices of goods in the country, citing concerns that despite the recent appreciation of the naira against the US dollar, the prices of commodities have not seen a corresponding decrease…….READ ALSO 2023: 39-Year-Old Wins Accord Party’s Presidential Ticket (Photo)

Speaking to NAN in Lagos, Mr. Dele Oladeji, the Lagos State Chairman of the Party, emphasized the urgent need for the government to tackle the root causes of inflation and work towards stabilizing commodity prices.

Oladeji highlighted the impact of high import duties, levies, and fees on goods at various points of trade, including ports, roads, and markets, as major contributors to the persistent high prices of consumer goods and food items.

He explained that while the appreciation of the naira against the dollar is one factor, other elements such as import duties and local government levies also play significant roles in determining commodity prices.

Oladeji emphasized the necessity for a comprehensive review and reduction of these fees and levies to alleviate the burden on consumers and foster a reduction in commodity prices.

Furthermore, he criticized the effectiveness of tax holidays and rebates for manufacturers, asserting that these measures primarily benefit wealthy industrialists without substantially impacting the general populace. He suggested that such incentives should be tied to agreements ensuring subsidized prices for consumers.

In conclusion, Oladeji called on the Federal Government to prioritize resolving these underlying issues to alleviate the pressure on consumers and facilitate a reversal of the upward trend in commodity prices.

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