CNG Calls For Urgent Action To Address Rising Costs Of Commodities

Folalumi Alaran in Abuja

The Coalition of Northern Groups (CNG) has voiced deep concern over the indiscriminate rise in prices of essential commodities in Nigeria.

The group in a press statement signed by the National Coordinator of the Coalition of Northern Groups, Jamilu Aliyu Charanchi, said the soaring costs of food items and other necessities have left Nigerians in a state of despair, struggling to provide for their families and faced with unaffordable basic necessities.

Despite the existence of the Consumer Protection Board, which should safeguard the interests of the people, the inaction on their part has only worsened the situation, fueling frustration and anger among citizens. This inaction has further aggravated the suffering faced by the majority of Nigerians, while a privileged few continue to live in opulence. It is disheartening to witness such a stark contrast between the lives of the elite and the suffering of the masses, and it is high time that resources are utilized for the benefit of all citizens.

Charanchi, acknowledged the root causes of the exorbitant hike in food prices in Nigeria. He emphasized that the current hardships faced by Nigerians are a result of self-serving interests of unscrupulous elites who have manipulated the forex market, causing a scarcity of foreign exchange and subsequently driving up the cost of importing essential food items.

Charanchi went further to attribute the current forex racketeering and commodity price hikes to officials from the previous administration seeking to conceal their ill-gotten wealth. These individuals, according to Charanchi, are converting their looted funds into foreign currencies, particularly dollars, creating an artificial scarcity that fuels the demand and subsequently increases the prices of essential commodities.

The CNG firmly believes that the individuals responsible for the current hardships faced by Nigerians are those who have historically received substantial unregulated allocations of foreign currencies from the government. With the government now closing the doors on such practices, these individuals have resorted to manipulating commodity prices to maintain their profits.

In addition to these factors, influential business holders who control production and importation further contribute to the prevailing difficulties. Charanchi stressed that by controlling the supply chain, they can dictate prices and exploit the market to their advantage.

The Coalition of Northern Groups calls for swift and decisive action from the Federal and State Governments. They demand that the government identifies, exposes, and prosecutes those individuals responsible for the current hardships imposed on its citizens.

Furthermore, the CNG urges the government to recognize the adverse effects of excessive taxation and tariff hikes and take immediate steps to review and reverse these policies. This action will alleviate the financial burden faced by citizens and create an environment conducive to economic recovery.

The CNG demands the convening of a national executive council meeting, bringing together representatives from the Central Bank of Nigeria, banking and financial institutions, Bureau De Change operators, and other stakeholders. Urgent action is needed to address the free float of the naira and other damaging policies that further impoverish the majority while enriching a few.

The time for action is now, warns Charanchi. Failure to take urgent measures may result in national chaos as the frustration and anger of the people reach a breaking point, potentially leading to a complete breakdown of law and order.