The Coalition of Northern Groups (CNG) has raised alarm over the alarming increase in prices of essential goods in Nigeria, expressing deep concern over the impact on citizens. According to reports, there has been widespread unease among Nigerians due to soaring prices of items like rice, flour, sugar, and cement, exacerbated by the depreciation of the naira, which has diminished purchasing power.
In a statement issued on Tuesday, Jamilu Aliyu Charanchi, the National Coordinator of CNG, highlighted the distressing state of Nigerians in the face of these challenges. Charanchi criticized the perceived inaction of the Consumer Protection Board, which should safeguard citizens’ interests but has reportedly failed to address the situation effectively, leading to growing frustration and anger among the populace.
The CNG attributed the exorbitant rise in food prices to the self-serving interests of unscrupulous elites who have manipulated the forex market, causing a scarcity of foreign exchange and driving up the cost of importing essential food items. The group alleged that officials from the previous administration are involved in forex racketeering to conceal their ill-gotten wealth, converting looted funds into foreign currencies, particularly dollars, which are easier to hide. This alleged hoarding of foreign currencies has created an artificial scarcity, increasing the prices of essential commodities.
The CNG also criticized influential business holders who control production and importation, accusing them of exploiting monopolistic structures to dictate prices and exploit the market. The group condemned the government’s imposition of excessive taxes and levies on businesses, which it claims hinder growth and increase the cost of goods, ultimately burdening consumers. Additionally, the recent hikes in tariffs for utilities, such as electricity, were deemed unacceptable, adding to the financial strain faced by Nigerians.
The coalition called for swift and decisive action from the Federal and State Governments to expose and prosecute those responsible for manipulating commodity prices. It urged the government to review and reverse excessive taxation and tariff hike policies to alleviate the financial burden on citizens and promote economic recovery. The CNG also demanded a national executive council meeting to address the free float of the naira and other damaging policies.
The group warned that failure to take urgent measures could lead to national chaos, as the frustration and anger of the people could reach a breaking point, potentially leading to a complete breakdown of law and order.
Daily Trust