Idahosa described the move as shocking and an overreach of the powers of the FCCPC.
Idahosa further stated that it did not fall within the purview of the government to regulate the prices of products in the market.
He said, “That is a very crude behaviour. The government, at any point, should not fix prices for any products. Any person who has done business knows that when there is a change in the price of your inputs, you need to sell whatever you have at the old prices to sell your stock before you go and buy at the new prices and then be able to sell at reduced prices to customers.
Consumers should not expect any immediate reduction in prices. Replacement costs of those products that are in the warehouses and markets are what the market will have to sell because the price at which they bought it must be fully recovered before they can go and buy at new prices.”
On his part, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf faulted the FCCPC. He emphasised that raiding the marketplace to enforce prices fell outside the jurisdiction of the commission.
Yusuf said, “That is ridiculous. What kind of crude action is that? That is price control. It is not their business.”
Also speaking, a facilitator with the Nigerian Economic Summit Group, Ikenna Nwosu, said.
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