CNG Urges Immediate Steps to Tackle Soaring Prices of Basic Commodities

• The Coalition of Northern Groups (CNG) expresses serious concerns over the steep rise in prices of essential goods nationwide
• Jamilu Aliyu Charanchi, the CNG’s National Coordinator, criticizes the lack of action from the Consumer Protection Board, exacerbating citizens’ frustration

The Coalition of Northern Groups (CNG) has voiced serious concerns regarding the alarming surge in the prices of essential goods across Nigeria.

Citizens nationwide have expressed dismay over the escalating costs of crucial commodities like rice, flour, sugar, and cement. This unsettling trend coincides with the ongoing depreciation of the naira, significantly diminishing the purchasing power of the populace.

Jamilu Aliyu Charanchi, the National Coordinator of CNG, issued a statement on Tuesday, highlighting the distressing impact of these developments on Nigerians.

Charanchi lamented the apparent lack of action from the Consumer Protection Board, whose role is safeguarding the people’s interests. He emphasized that this inaction has only exacerbated the situation, fostering frustration and anger among citizens.

He stated, “The excessive price hikes in Nigeria are not a natural consequence of market forces but rather the result of self-serving agendas pursued by unscrupulous elites. These elites have manipulated the forex market, leading to a scarcity of foreign exchange and subsequently driving up the costs of importing essential food items.”

“The current forex manipulation and commodity price hikes can be attributed to officials from previous administrations seeking to conceal their ill-gotten gains,” Charanchi continued. “These individuals are converting their looted funds into foreign currencies, particularly dollars, as it offers a convenient means to conceal large sums of money.”

Furthermore, the CNG firmly believes that the individuals responsible for the current hardships Nigerians face have historically received substantial unregulated allocations of foreign currencies from the government.

Charanchi also highlighted the detrimental role of influential business figures controlling production and importation, often operating within monopolistic structures. They wield significant influence over the availability and pricing of essential commodities, exploiting the market for personal gain.

In addition, Charanchi criticized the government for exacerbating the situation with multiple taxation imposed by agencies such as the Nigerian Customs Service. These excessive taxes burden businesses, hindering their growth and increasing consumer costs.

In response to these challenges, the CNG calls for swift and decisive action from the Federal and State Governments. They demand the identification and prosecution of those responsible for manipulating commodity prices and a review of taxation policies to alleviate financial burdens on citizens.

The CNG urges convening a national executive council meeting, bringing together key stakeholders to address currency float issues and harmful policies. Failure to act promptly, they warn, may escalate public frustration and potentially lead to social unrest.