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February 19, 2025 at 10:14 AM
*Tinubu's Government Urges Traders to Slash Food Prices*
In a bid to reduce the financial burden on Nigerians, President Bola Tinubu's government has called on traders to reduce food prices. The Minister of Agriculture and Natural Resources, Abubakar Kyari, emphasized that retailers must reflect the recent drop in food prices and refrain from exploiting consumers.
Kyari expressed concerns that despite the significant decrease in food prices, many retailers have refused to adjust their selling prices. This, he described as "unpatriotic and unacceptable." The minister cited examples of price drops, including flour, which decreased from N81,000 per bag to below N60,000, and spaghetti, which fell from N20,000 to N15,000.
The government has mentioned its commitment to ensuring food availability and engaging with stakeholders to reflect current market realities. This move is aimed at providing relief to Nigerians who have been struggling with high food prices.
In related news, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month moratorium for traders to reduce prices and stop exploitative pricing practices. The commission's directive is a welcome development, as it seeks to protect consumers from unfair business practices.
As the government continues to work towards reducing food prices, it is essential for traders to cooperate and prioritize the welfare of Nigerian consumers. By doing so, we can create a more equitable and sustainable food market for all.