The Foundation for Environmental Rights, Advocacy, and Development (FENRAD) has criticized the Federal Competition and Consumer Protection Commission (FCCPC) for its recent decision to impose a one-month moratorium on sellers who inflate commodity prices. FENRAD argues that such measures are ineffective and that price reductions cannot be achieved through force.
The group, led by Executive Director Nnanna Nwafor, contends that the real issue lies with government policies that have contributed to inflation. They point to recent actions by President Tinubu, such as removing fuel and energy subsidies and floating the naira, as significant factors in the economic instability. Nwafor emphasizes that the government should focus on improving economic policies and addressing broader issues like insecurity, which affects agriculture and contributes to price inflation. Instead of coercive measures, FENRAD advocates for policies that foster economic stability and reduce prices naturally.