September 11, 2024

NEWS AGENCY OF NIGERIA

Africa's Media Giant
Exclusive
Breaking News

1 FG committed to independence of auditor-general’s office – Tinubu

2 FCTA, GAIN sign MoU on access to affordable, nutritious food

3 FG, stakeholders synergise to boost poultry production

4 Eguavoen says report of quitting false

5 Chief of Defence Staff (CDS), Gen. Christopher Musa Banditry: Turji’s capture is imminent, says CDS

Economy/Business

FG committed to independence of auditor-general’s office – Tinubu

By Kadiri Abdulrahman

President Bola Tinubu has expressed the commitment of the Federal Government to enhance the independence of the Office of the Auditor-General of the Federation (OAuGF) for effective service delivery.

Tinubu, who was represented by Sen. George Akume, Secretary to the Government of the Federation (SGF), said this on Wednesday in Abuja, at the public presentation of the OAuGF Strategic Plan 2024 -2028.

The president said that one of his administration’s goals was to enhance the independence of the OAuGF and empower it to perform its mandate seamlessly, towards deterring and detecting corruption in public institutions.

“Nigeria must win the fight against corruption. It is an existential problem that requires that all hands are on deck, in collaboration to ensure success.

“This is to ensure that the resources of the nation are deployed for the well-being of the present generation without hindering the aspirations of future generations of Nigerians,” he said.

He commended the OAuGF for developing a five-year strategic plan to promote public accountability and transparency in federal ministries, departments and agencies.

“The strategic plan has taken cognizance of the National Anti-Corruption strategy 2022 to 2026 action plan, which will ensure that endemic corruption is tackled head on.

“I am aware of the administrative and financial constraints faced by the OAuGF.

“I want to assure you that all necessary legislative processes will soon be concluded on the Federal Audit Service Bill, which is now before the Senate.

“I will not hesitate to sign it into law. This will underscore my determination to ensure the independence of this institution,” he said.

The AuGF, Mr Shaakaa Chira, said that the strategic plan was designed to contribute to the Federal Government’s agenda to stem the tide of corruption.

Chira said that it would also help to reduce waste and revenue leakages to the barest minimum, as well as guard against diversion of public resources.

“It will help to improve governance by holding public office holders accountable without fear or favour, through the delivery of high quality and timely audit reports,” he said.

Chira said that the plan would achieve an enhanced independence and mandate of the OAuGF and reduce mismanagement of public funds through stronger follow-up of audit recommendations.

He said that the strategic plan would also help to improve financial reporting in the public sector and present the OAuGF as a model institution.

“Let me assure you that OAuGF will ensure full implementation of the goals encapsulated in the strategic plan.

“We will put in place measures that will ensure a cultural shift and a new orientation in the way the management and staff of the OAuGF perform their roles,” he said.

He called for a truly independent OAuGF and an enhanced budgetary allocation to the office.

Also speaking, the Chairman, Public Accounts Committee of the House of Representatives, Rep. Bamidele Salam, commended the OAuGF for putting the strategic plan together.

Salam said that the office, which was vacant for about one year, had started living up to expectations.

“The office of OAuGF was vacant for more than one year, and there are deficits in the submission of annual reports.

“We were dealing with the 2019 report in 2024, but he has now submitted the 2020 report and part of the 2021 report.

“Audit work is one of the most difficult jobs anyone can be called upon to do in Nigeria because there is a lot of resistance,” he said.

Salam said that the OAuGF should always ensure that scarce resources are put to the best of use.

“We are operating a budget where we use 75 per cent of our revenue to service debt.

“The question is, to what extent has the debt impacted the quality of life of the average Nigerian?

“The government is asking ordinary Nigerians to make sacrifices. What are the political elite doing to also shed some of their weights?

“The only way to ensure that is through an effective audit system. Both the pre-expenditure and post-expenditure audit are important,” he said.

He called for a truly independent Office of the Auditor-General of the Federation. (NAN)

Edited by Joseph Edeh

Economy/Business

We are restoring confidence in Nigeria economy – Tinubu

By Salisu Sani-Idris

President Bola Tinubu says his administration is restoring confidence in Nigeria economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.

Tinubu, represented by his Vice, Kashim Shettima, gave the assurance on Tuesday at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.

He described theme of the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as timely and imperative.

The President noted that the conference came at a time the nation was grappling with interrelated challenges.

He identified the challenges as, high inflation, rising costs of living, unemployment, infrastructure deficits and effects of global economic shifts.

Tinubu observed, however, that the challenges also present opportunities for growth and development.

In addressing the challenges, the President said that the administration had taken bold but painful steps to reform the macroeconomic environment.

“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services.

”The adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system,” he said.

Tinubu also noted that his administration was committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.

“We are committed to upgrading Nigeria’s infrastructure to support economic growth.

” We are investing in roads, railways, and energy projects through public-private partnerships to reduce transportation costs and improve market access,” he said.

He added that the administration was prioritising the digital economy, to drive innovation and enhance financial inclusion.

” We are expanding broadband penetration and encouraging the growth of tech startups through initiatives such as the Digital Nigeria program.

” For example, we currently train three million Nigerian youths in digital technology and essential skills and then deploy them to innovation hubs.

“These efforts are designed to create jobs, increase productivity, and make financial services more accessible to Nigerians in all corners of the country.

” It is essential to state that we are committed to achieving a 70 per cent digital literacy level by 2027 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement,” he said

The President called for collaboration across all sectors, including the government, private industry, and civil society organisations.

” To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.

“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development.”

Tinubu expressed hope that the conference would provide a platform for the sharing of ideas, exchange of knowledge, and exploration of innovative solutions to the challenges bedevilling the country.

“The conversations during this event will allow us to dissect the critical problems affecting our financial system and economy, identify growth opportunities, and collectively shape the future of banking and finance in Nigeria,” he added.

Earlier, President/Chairman of CIBN, Prof. Pius Olanrewaju, called for urgent introspection on Nigeria’s economic challenges, stressing the need for innovative solutions.

“We are on a journey to economic growth and prosperity,” Olanrewaju stated, acknowledging however that “the current challenges are things of concern.”

He emphasised that while the Central Bank of Nigeria has introduced several monetary policies to address the issues, their success hinges on “the professionalism and patriotism of operators in the financial services sector.” (NAN) (nannewsngr.com)

Edited by Rotimi Ijikanmi

Business

Infrastructure devt. : ICRC to issue certificates in 7 days— D-G

By Okeoghene Akubuike

The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and Full Business Case (FBC) Certificate of Compliance within seven days.

This follows a directive from President Bola Tinubu to the commission’s Director General, Dr Jobson Ewalefoh, “to accelerate investment in national infrastructure through innovative mobilisation of private-sector funding.”

In a statement signed by Ifeanyi Nwoko, Acting Head of Media and Publicity, ICRC, in Abuja on Monday, the commission said it had streamlined its approval processes to issue the certificates.

Nwoko said that the move aimed to accelerate the turnaround time for approvals by the commission.

He quoted Ewalefoh as saying, “in line with President Tinubu’s charge and the Renewed Hope Agenda, we have updated our approval processes.

“This process aims to issue either the OBC or FBC to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.

“This is part of the current administration’s efforts to accelerate infrastructure development, bridge infrastructure gaps, and stimulate the economy through private sector investment in Public-Private Partnership (PPP) initiatives.”

He said by streamlining its processes, the commission was not compromising its stringent approval steps or key requirements.

“Therefore, only business cases that are viable, bankable, offer value for money, and meet all other requirements will be approved.

“The ICRC cannot achieve this alone; I urge all chief executives of MDAs to match our momentum and align with the President’s charge to accelerate infrastructure development.

“This will ensure that PPP projects are delivered within record time without being stalled.

“The commission is ready to partner and collaborate with all MDAs to achieve this.”

Nwoko said the ICRC was established to regulate the Federal Government’s PPP initiatives, address Nigeria’s physical infrastructure deficit and promote economic development.

The statement said an FBC is a comprehensive document outlining the detailed investment plan, capital and operating costs, benefits, risks framework, and negotiated financials associated with a PPP project.

It is prepared and submitted by the MDA to obtain the Federal Executive Council’s (FEC) approval, as required by Section 2(2) of the ICRC Establishment Act.

“This formed the basis for secure funding, approvals, or partnerships.

“In contrast, the OBC is less detailed than the FBC but provides a determination of project viability and bankability, offering a solid foundation for the project’s overall strategy and direction.”(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

Economy/Business

FG grants UTM Offshore licence for 2.8m tonnes floating LNG facility

By Lucy Ogalue

The Federal Government has granted UTM Offshore Limited a licence to construct a 2.8 million tonnes per annum (MTPA) Floating Liquefied Natural Gas facility.

The Minister of State, Petroleum Resources (Gas), Mr Ekperipe Ekpo, said this during the issuance of the licence to the company in Abuja.

The News Agency of Nigeria (NAN) reports that the Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, presented the licence to the company.

According to Ekpo, this licence marks a historic milestone as it will be the first floating LNG facility in Nigeria, aimed at boosting the country’s gas production and utilisation.

“This is in line with the mission of President Bola Tinubu to grow gas production, distribution, and utilisation.

“In line with the Decade of Gas Initiative, we are looking at gas driving the economy of this nation come 2030. We are going to achieve that.

” I salute NMDPRA for due diligence, and I salute the CEO of UTM LNG, for the bold step him and his team have taken to bring to work what we are going to celebrate today.

“I believe that after this presentation and celebration, all other things that need to be done to make sure the dream of today is realised tomorrow will be done,” he said.

Ekpo said that  the Federal Government was committed to providing a conducive environment that would ensure realisation of its dream of increasing gas production to 12 billion cubic feet by 2030.

Earlier , the NMDPRA Chief Executive said that the project,  located offshore Akwa Ibom State in OML 104, would process 324 million standard cubic feet per day (MMSCFD) of natural gas.

Ahmed said that the project, initially designed for a capacity of 1.2 MTPA, UTM Offshore upgraded the facility’s scope to meet rising global LNG demand, resulting in the increased capacity of 2.8 MTPA.

According to him,  the project aligns with the main aspirations of the PIA 2021, which includes the expansion of Midstream Gas Facilities in Nigeria.

” It also aligns with the targets of the Decade of Gas Programme and other Gas Expansions projects of the current administration.

“It is projected to be commissioned in the year 2028. The products from the project include LNG, LPG, and condensate,” he said.

Ahmed reaffirmed the NMDPRA’s commitment to providing guidance and oversight for the project’s successful implementation while also ensuring it complied with all regulatory requirements throughout its lifecycle.

Responding , the Managing Director, UTM Offshore, Julius Rone, thanked Tinubu and the NMDPRA for their support in ensuring the issuance of the licence..

Rone said that this project had a capacity to bring into the domestic market 500,000 metric tonnes of LPG to support the domestic market per annum.

“Nigeria requires over two million tons per annum, so we are importing LPG for the domestic market, and everybody is paying expensive prices for LPG.

“We are not going to export it. We are going to use it to support the domestic market; it will reduce the pressure on forex and will drastically reduce the price of cooking gas,” said.

According to him, the first gas supply from the multi-billion Naira project is expected to be delivered in the first quarter of 2029. (NAN)

Edited by Kadiri Abdulrahman

Economy/Business

FG conducts clearance operation on illegal mining site in Kogi

By Martha Agas

The Federal Government has conducted a clearance operation at an illegal mining site in the Jaguna community of Yagba East Local Government Area of Kogi.

Solid minerals development minister Dele Alake, in a statement by his media aide, Segun Tomori, said that the exercise was part of efforts to combat illegal mining and sanitise the sector.

He said that Mining Marshalls, a special security unit established to secure mining sites, recently conducted the clearance operation to enforce compliance to the government’s directive for the miners to vacate the area.

The News Agency of Nigeria (NAN), reports that the minister, on July 19, stated that an operation was conducted in the community to dislodge the armed illegal miners.

According to the minister, Jaguna, an area surrounded by forest, was raided by the mining marshals, resulting in the arrest of seven suspected illegal gold miners.

“Labourers on-site were given a directive to vacate the area within five days.

“Instead of complying, the miners mobilised additional workers and fortified the site with armed protection.

“The illegal miners also ignored appeals from traditional rulers and other community leaders to vacate the site to allow licensed mineral titleholders unhindered access to the area for legitimate operations.

“Their activities have prevented lawfully authorised miners from accessing the area covering four cadastral units, for 16 years.

“Reports indicate that the nefarious activities have gone unhindered for more than 20 years,” the statement said.

It added that the situation necessitated the latest follow-up operation by the mining marshals.

“For over 16 years, the rightful mining license holders have been unable to access the location due to the activities of armed illegal miners.

“Acting on intelligence reports suggesting that the illegal operators had remained defiant, the Mining Marshals, last week, stormed the site, neutralised resistance from the armed gangs, and successfully cleared the area,” it added.(NAN)

Edited by Ephraims Sheyin

Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil)
Economy/Business

Lokpobiri attributes hike in petrol price to deregulation

By Salif Atojoko

Sen. Heineken Lokpobiri, Minister of State (Oil) Petroleum Resources, on Thursday, said the Federal Government was not responsible for the recent increase in the price of petrol across the country.

The minister said this while briefing State House correspondents after a meeting with Vice-President Kashim Shettima.

Lokpobiri said the industry had been deregulated, and that the government was not fixing prices.

“This sector is deregulated. And we believe that with the availability of products, the price will find its level.

“What is important is that the product is available in the country; between now and the weekend, there will be availability of the product across the length and breadth of the country,” he said.

He said it was important to convey to Nigerians that the President was empathetic about what was going on in the country.

“He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country.

“But, we believe that by the time there is availability of the product across the country, the price itself will stabilise,” said the minister.

Lokpobiri said Shettima had summoned him along with Mr Mele Kyari, the Group Managing Director of Nigerian National Petroleum Company Ltd. (NNPCL), and Malam Nuhu Ribadu, the National Security Adviser, over the recent hike in the price of petrol.

Also, Mr Ogbugo Ukoha, Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said regulatory efforts were geared toward stabilising supply of petrol in the country, which he said would impact positively on stability of price.

“The objective of the regulator is to ensure that there’s increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.

“More importantly also is the reinforcement of the support being given to local refinancing, because with increased production there will be higher supply, which will stabilise the price,” said Okuoha.

It will be recalled that the price of petrol was increased from N855 to N897 per litre, depending on the location, from the previous N568-N617. (NAN) 

Edited by Vivian Ihechu

Economy/Business

SCADA system ‘ll be operational in Q4, 2024 – MD

By Constance Athekame

The Transmission Company of Nigeria (TCN), says the Supervisory Control and Data Acquisition (SCADA) system that will effectively monitor, control field devices will be operational in fourth quarter of 2024,

Mr Sule Abdulaziz, the Managing Director of TCN, said this in an interview with the News Agency of Nigeria(NAN) in Abuja on Sunday.

NAN reports that the SCADA systems are used for controlling, monitoring, and analysing industrial devices and processes.

Abdulaziz said that the SCADA implementation had reached about 60 per cent completion and is expected to be completed by the last quarter of 2024,

He said that all the machinery offshore had been shipped into the country, adding that engineering and design works were ongoing, as reviews and modifications were being made continuously as the equipment was being installed.

“About 70 per cent of the equipment has been delivered to various sites and mounted in the substations’ control rooms across the country.”

He also said that configuration, integration, and interconnection of these equipment commenced in July.

“By middle of July, part of the grid was seen on the new SCADA system and this will be continuously expanded to other parts of the network.

“TCN has done a lot in terms of revamping transmission equipment nationwide; several sub-stations have been expanded, new transformers have been installed, others upgraded, and transmission lines projects have equally been executed.

“All these have contributed to increasing TCN’s wheeling capacity to 8100 Megawatts (MW) as of today,” he said.

Abdulaziz said that the diligent implementation of the Nigerian Electricity Grid Maintenance, Expansion, and Rehabilitation Programme (NEGMERP) had fast-tracked transmission infrastructure in the country.

He said that there had been milestone achievements in grid efficiency, maintenance, rehabilitation, equipment procurement, and expansion.

“We have successfully completed several transmission substations across the country, which has enhanced the capacity and efficiency of the power transmission network.

‘`We initiated the re-conducting of aged and de-rated capacity 132 Kilo Volt (KV) lines, and have also built new ones including 330kV transmission lines which have improved the reliability and capacity of the transmission system.

“Most aged transformers have been replaced with new ones, and the capacities of existing ones have been upgraded, resulting in improved system performance and efficiency.

“The company places strong emphasis on maintaining equipment and infrastructure through proactive maintenance practices and timely procurement of necessary spare parts.”

Abdulaziz said that the commitment had helped prevent disruptions, enhanced system performance, and reinforced TCN’s reputation as a dependable transmission system provider.

“In the last one year under President Bola Tinubu’s administration, TCN has witnessed outstanding successes in all aspects of transmission projects, including initiation, scoping, construction, network operations and maintenance.

“These, among other achievements, have had a transformative impact on the country’s power transmission infrastructure nationwide.

“It has consequently improved reliability, efficiency, and capacity, thereby, laying a more solid foundation for the country’s economic development and growth,” he said. (NAN)

Edited by Ese E. Eniola Williams

Economy/Business

TCN has capacity to transmit 6,000MW of electricity – MD

By Constance Athekame

The Transmission Company of Nigeria (TCN), says it has capacity to transmit 6,000 MWS of electricity to distribution load centres nationwide.

Mr Sule Abdulaziz, the Managing Director of TCN said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

Abdulaziz said that in the last three years, TCN had upgraded several sub-stations.

He said that the company  had also built new sub-stations funded through its Internally Generated Revenue (IGR) and donor agencies.

The TCN boss said that the company had installed new transformers to ensure an increase in capacity.

“TCN has a comprehensive list of proposed projects, which are in batches, taking into cognisance those that require little investment to benefit the grid in the first batch for quick additional capacity.”

He said that the grid capacity was confirmed through an acceptable scientific method of capacity determination.

“The last grid simulation test carried out  revealed that it has a capacity of 8100 MWS. In March 2021,  TCN successfully wheeled 5,801 MWS from generating companies to distribution load centres nationwide.

“From then to date, we have continued to add more transformers, conduct transmission lines and build new transmission substations among others.

“All these we know have continued to further strengthen our grid capacity. So, yes, we can comfortably transmit 6,000 MWS and more before the end of this year,” he said.

He said TCN was a key stakeholder of the Nigerian Presidential Power Initiative (PPI) as undertaken by the Federal Government of Nigeria Power Company (FGNPC).

“This initiative aims to resolve existing challenges in the nation’s power sector and further expand the capacity of the transmission and distribution networks to achieve an operational capacity of 25,000 megawatts (MW).

“Through a series of projects spanning three phases, projects under this PPI initiative are currently ongoing and it is also adding to the capacity of the grid,” he said. (NAN)

Edited by Shuaib Sadiq/Ese E. Eniola Williams

Economy/Business

TCN to purchase spinning reserve for grid maintenance – MD

By Constance Athekame

The Transmission Company of Nigeria (TCN), says it plans to procure a spinning reserve to maintain the national grid frequency within specified limits.

The Managing Director of TCN, Mr Sule Abdulaziz said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

He said that the spinning reserve would maintain the grid even after a system fault or disturbance.

NAN reports that a spinning reserve is the amount of unused capacity in online energy assets which can compensate for power shortages or frequency drops within a given period of time.

Abdulaziz said that the spinning reserve, however, required collaboration with critical stakeholders in the power value chain.

“We are equally working at installing Flexible Alternating Current Transmission System (FACTS) devices at critical nodes on the grid in order to maintain the grid voltage within the specified limits.

“Some nodes on the grid are susceptible to either high or low voltage problems. FACTS devices help to resolve these voltage problems which in turn will help to strengthen the Grid.

”The reliability of the grid is improved when there is redundancy, ” he said.

The managing director said that the company had proposed several projects in order to close the remaining loops on the network which were still radial, creating redundancy.

“These projects include the proposed second Jos-Gombe line, Makurdi- Jalingo and Yola-Maiduguri 330 Kilo Volt (kV) lines which will close the open loop in the Northeast.

“These redundancies will help to further strengthen the grid and help forestall its instability, improving reliability and stability, which will in turn make the grid more robust and less susceptible to faults that can lead to collapse,” he said..

Abdulaziz said that TCN was also implementing a robust maintenance schedule to regularly inspect and repair ageing infrastructure.

He said that the robust maintenance aimed to prevent sudden failure that may lead to grid collapse.

The TCN boss said that the company had continued to carry out regular upgrade of its  equipment to prevent technical failure that would reduce downtime; using advanced monitoring and control systems to detect and respond to issues promptly.

“We deployed the Generation Dip/Loss Detection System (GLDS) and the Internet of Things (IoT) which are significant steps in bolstering Grid stability and reliability.

“The GLDS plays a pivotal role in detecting, and responding to sudden drops or dips in power generation across the network.

“This is designed to empower the National Control Centre (NCC) in Osogbo, as it provides Grid controllers in NCC with advanced tools for real-time monitoring and analysis of grid performance, ’’ he said.

The managing director also said that TCN’s engineers had equally deployed an in-house designed Internet of Things (IoT) technology, in response to the challenge of limited visibility of power generators.h

“The IoT devices had been strategically deployed across power stations and some sub-stations to facilitate the collection of near real-time data including power generation levels and grid performance metrics.

“The IoT has enabled the expansion of visibility of power generating stations from 6 to 27, this has helped TCN significantly improve its ability to monitor grid load and identify potential issues before they escalate.

“TCN is equally using the Free Governor Mode of Operation (FGMO), which automatically adjusts generation in response to frequency changes, ensuring stability, reliability, and reduced transmission losses.

“Even though this has its challenges in terms of full compliance by the generating stations, it has also contributed to further strengthen the Grid,‘’ he said.

Abdulaziz said that the company’s research and development department   was championing studies for the development of energy storage systems, which could provide backup power during peak demand periods.

He said: “The Federal Government, through the Ministry of Power, is also working hard to ensure incorporation of renewable energy sources such as Solar and Wind which would reduce the strain on the grid.

The move, he said would decentralised  energy production through Mini-grids and Off-grid solutions, (NAN)

Edited by Shuaib Sadiq/Ese E. Eniola Williams

Economy/Business

Exploitative pricing: FCCPC gives 1-month moratorium to traders to crash prices

Pricing

By Ginika Okoye

The Federal Competition and Consumer Protection Commission (FCCPC), has given a one month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods.

The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing in Abuja.

According to Bello, the Commission will begin enforcement after the moratorium.

He said that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.

Bello gave a description of the Commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.

Bello wondered the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.

He said the unwholesome practices including price fixing was threatening the stability of the economy.

”Under Section 155, violators, whether individuals or corporate entities, face severe penalties including substantial fines and imprisonment if found guilty by the court..

”This is intended to deter all parties involved in such illicit activities.

”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.

”It is in this spirit that we are giving a moratorium of one month (September) before the Commission will start firm enforcement, ” he said.

Bello said the government was aware of most of the problems raised by the market stakeholders.

”We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.

”There are also gang ups to exploit consumers by traders,” he said.

Some of the market stakeholders who spoke at the engagement said that high cost of transportation, insecurity, multiple taxation among others were reasons for the continuous increase in prices of goods and services.

Mr Ifeanyi Okonkwo, the Chairman, National Association of Nigerian Traders, FCT Chapter, said that charges on imported goods at the Ports also contributed to the hike in prices.

Okonkwo appealed to the Commission to set up a taskforce and involve the association in its enforcement.

Mr Emmanuel Odugwu from Kugbo Spare Parts market, said the initial cost of transportation of a trailer load of tyres from Lagos to Abuja was N450,000 but now, it costs over one million naira to transport the same.

Ms Kemi Ashiri, the Liaison Manager, Flour Mills, said that fines by regulators needed to be harmonised for businesses to thrive.

Ikenna Ubaka, who spoke on behalf of supermarket owners, alleged that banks’ interest rates to them were over 30 per cent, rent increment and hike in prices by distribution/ supply chains were reasons for the high cost of goods.

Ubaka also alleged that electricity distribution companies were charging supermarkets exorbitantly.

Mr Solomon Ukeme, who represented the Master Bakers Association, said that rapid increment of major ingredients like flour, sugar and butter contributed to the high cost of confectioneries.

He said that a bag of flour formerly sold for N34,000 was now being sold for N74,000.

He said that multiple taxation was also the major cause of the high cost of bread.

The News Agency of Nigeria (NAN) reports that various market associations also attended the engagement. (NAN)

Edited by Ese E. Eniola Williams

error: Content is protected !!