News
FG to traders: Slash goods prices in one month or face penalties
FG to traders: Slash goods prices in one month or face penalties
The Federal Competition and Consumer Protection Commission (FCCPC) has granted a one-month grace period for traders and market stakeholders to lower prices on goods.
The decision, announced by the newly appointed Executive Vice Chairman, Mr. Tunji Bello came during a stakeholder engagement on exploitative pricing held in Abuja on Thursday.
Bello stated that enforcement actions against unfair pricing practices will begin after the grace period. The session aimed to confront the growing issue of excessive pricing and address the unethical practices observed within various market associations.
He highlighted an example of price inflation, noting that a Ninja fruit blender was priced at $89 (approximately N140,000) in a Texas supermarket, while the same item was listed at N944,999 in a Victoria Island, Lagos supermarket. Such stark differences, he remarked, reflect broader issues of market manipulation that threaten economic stability.
“Under Section 155 of the FCCPC Act, violators—whether individuals or corporations—face significant penalties, including hefty fines and imprisonment, if found guilty. This measure is intended to deter illicit practices. However, our approach is not punitive at this stage,” Bello explained. “We are providing a one-month grace period for stakeholders to adjust their pricing practices before we implement strict enforcement.”
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He acknowledged the government’s awareness of the challenges faced by market participants and stressed the importance of cooperative solutions.
“While we recognize the genuine concerns raised by stakeholders; such as rising transportation costs and multiple layers of taxation; it is also essential to address any collusion among traders aimed at exploiting consumers.”
Stakeholders shared their perspectives on the factors driving price increases. Mr. Ifeanyi Okonkwo, Chairman of the National Association of Nigerian Traders (FCT Chapter), cited increased import duties at ports and urged the formation of a task force with association involvement for effective enforcement.
Emmanuel Odugwu from Kugbo Spare Parts Market reported a dramatic rise in transportation costs, with the price of moving a trailer load of tires from Lagos to Abuja increasing from N450,000 to over N1 million. Ms. Kemi Ashiri, Liaison Manager at Flour Mills, called for the harmonization of regulatory fines to support business sustainability.
Ikenna Ubaka, representing supermarket owners, attributed high costs to excessive bank interest rates, rent increases, and inflated prices from supply chains. He also noted that electricity distribution companies were imposing high charges on supermarkets.
Mr. Solomon Ukeme from the Master Bakers Association pointed out that the cost of essential baking ingredients, such as flour, sugar, and butter, has surged significantly, with a bag of flour now costing N74,000 compared to N34,000 previously. He linked these increases to multiple layers of taxation.
The engagement underscored the need for a concerted effort among market stakeholders and regulatory bodies to address pricing issues and promote fair market practices.
FG to traders: Slash goods prices in one month or face penalties
News
Tinubu not telling Nigerians the truth, says Sule Lamido
Tinubu not telling Nigerians the truth, says Sule Lamido
President Bola Tinubu has been accused of not being forthright about the true state of Nigeria under his administration.
Former Jigawa State Governor and senior Peoples Democratic Party (PDP) member, Sule Lamido, made the accusation while speaking on the BBC Hausa programme Gane Mini Hanya.
Lamido criticized both Tinubu and former President Muhammadu Buhari for what he described as a lack of transparency in governance.
“Buhari’s and Tinubu’s governments are not being transparent with Nigerians unlike during the time when PDP was in power where everything was transparent and open to all Nigerians,” Lamido said.
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He accused the two administrations of relying on propaganda rather than providing citizens with accurate information.
Lamido also expressed concerns over President Tinubu’s recent loan requests, questioning the logic behind them. “If Nigerians are being told the truth then there is nothing wrong with that, but how would you budget N30tn, generate N50tn and then request loan when you have a surplus of N20tn,” he said, referencing last year’s budget.
He described the situation as “reckless” and “selfish,” adding, “This recklessness and clear-cut selfishness is not done anywhere in the world, but yet you find (some) Nigerians supporting it. Visit social media and see how APC is being criticised, being referred to as calamity, yet you find some protecting it.”
Tinubu not telling Nigerians the truth, says Sule Lamido
News
Nigeria Customs Service begins 2025 recruitment [How to apply]
Nigeria Customs Service begins 2025 recruitment [How to apply]
The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.
The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.
Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.
This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.
“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.
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The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.
Academic qualifications for the three cadres are as follows:
Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.
Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.
Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).
In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.
Nigeria Customs Service begins 2025 recruitment [How to apply]
News
Tinubu to critics: I won’t reduce my cabinet size
Tinubu to critics: I won’t reduce my cabinet size
President Bola Tinubu on Monday unequivocally responded to critics who described his cabinet as “bloated” by saying he is unprepared to reduce the size of his 48-man cabinet.
“I am not ready to shrink” the size of my cabinet, Tinubu said during a media chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.
“I am not prepared to bring down the size of my cabinet,” the former Lagos governor said, arguing that “efficiency” has been at the core of his selection of ministers.
The president also said he has no regret removing the petrol subsidy in May 2023, saying Nigeria cannot continue to be Father Christmas to neighbouring countries.
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“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary,” he told reporters.
Tinubu appointed 48 ministers in August 2023, three months after his inauguration. The Senate immediately screened and confirmed the ministers. One of the ministers, Betta Edu, was suspended in January while another, Simon Lalong, moved to the Senate.
There were calls for the President to reshuffle his cabinet as many Nigerians have not been impressed by the performance of some of the ministers, especially in the face of unprecedented inflation, excruciating economic situation and rising insecurity.
In October 2024, Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation. He also sacked five of his ministers but critics insist that the President’s cabinet remains large, especially with the creation of a Livestock Ministry with a minister.
Tinubu to critics: I won’t reduce my cabinet size
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