The Foundation for Environmental Rights, Advocacy and Development has condemned the Federal Competition and Consumer Protection Commission for giving a one-month moratorium to sellers who inflate prices of commodities.
FENRAD argues that price reductions cannot be achieved through force and that the government’s policies are the root cause of inflation, according to Daily Post.
In a statement, FENRAD’s Executive Director, Nnanna Nwafor, said the government’s focus should be on addressing the economic policies that have led to price conflicts, rather than targeting traders.
He cited the removal of subsidies on petrol and energy, as well as the unification of foreign exchange windows, as examples of policies that have negatively impacted the economy.
Nwafor also emphasized that palliative handouts alone cannot address hardships and price inflation, and urged the government to address worsening insecurity to enable farmers to access their farms and cultivate.
FENRAD advised the FCCPC to implement economy-friendly policies to naturally reduce commodity prices, rather than threatening traders.
“His words: “It should be recalled that within his first three months in office President Tinubu ‘removed’ subsidy on petrol and floated the naira in an attempt to unify the foreign exchange windows. Before one year in office, the same president removed the subsidy on energy, negatively impacting the energy security in a petrol-dependent economy.”
It noted that the naira has been unable to withstand the shocks in the volatile foreign exchange market, losing about 35.53% value to the US dollar in August 2024.
Nwafor, who declared that palliative handouts alone can not address hardships and price inflation in the country, urged the government to address worsening insecurity to enable displaced communities and farmers access their farms and begin cultivation.
He advised the FCCPC against threatening traders but to implement economy-friendly policies to naturally reduce commodity prices.