Some traders in the FCT markets are reducing the prices of goods for customers paying with cash to enable them to make sales.
The traders who spoke with the News reporter in Abuja on Monday in some markets in the FCT, complained that their inability to get cash with which to purchase goods to stock their shops decided to give discounts to customers buying their goods with cash.
They appealed to the Central Bank of Nigeria (CBN) to make concerted efforts to address the lingering cash crunch to prevent a total collapse of economic activities.
Mr Innocent Agu, a meat seller at Lugbe Market, told reporter that he decided to give discount to those buying goods from him with cash as he needs money to buy cows.
Agu said that although a kilo of meat was sold for N3,000, he could afford to sell the same volume of meat for N2, 800 “because it is not easy to get money from the bank”.
“However, for those buying meat by transferring money to my account, I sell at N3,500 per kilo as I have to pay some charges to the Point of Sale (POS) operator who will give me the money.
“I prefer collecting cash because those selling cows in the bush do not have bank accounts. So we take our money there to buy from them,‘’ he said.
Malam Adamu Abubakar, a trader who sells rice and beans at Lugbe market, said that a measure of beans sells for N750 “but if I see a customer who has cash, I can sell for N600”.
According to him, it is difficult to get cash and for that reason, he does not transact business using bank transfer.
“So for those paying with cash, I am ready to reduce the price so that I can sell the commodity before it gets spoilt,” he said.
Another trader at the Garki Market, Malam Ahmed Aliyu who sells tomatoes, said that a small basket of tomatoes goes for between N1,200 to N1,000.
He added that if he were to get somebody willing to pay cash, he could sell the same basket of tomatoes for N800.
Aliyu said that tomatoes were perishable goods and could not be kept for a long time, hence he was ready to reduce the price in order to prevent or at least minimise losses.
“I would rather reduce the price at which I sell tomatoes than allow them to go bad,‘’ he said.
Another trader, a vegetables seller at the Garki Market, Mrs Oluchi Ogbonna, said she sells the commodity cheaply because they could not be kept for long.
Ogbonna said that before now, she sold a wrap of pumpkin leaves (Ugu) for N200 but now sells the same wrap for N150 or N100 to be able to go back to the market and restock her stall.
“I cannot collect money by transfer of N200. So I sell cheaply so that people can buy them quickly as they are perishable goods,‘’ she said.
Mrs Titilayo Olufemi, who sells clothing materials at Wuse Market said that since cash scarcity began, she had not made any sales.
Olufemi said that nobody wanted to buy clothes as what everyone is after is how to feed themselves and their families.
She said that if anyone came to patronise her, she was ready to reduce the prices of her goods.
Also at the Wuse Market, Mr Obinna Uzo, who deals in shoes and bags said that he hardly received money from sales since cash became scarce.
“I hardly sell anything these days. Nobody wants to buy shoes or bags these days. So, I just sit here every day praying for somebody to patronise me,‘’ he said
A reporter who conducted the market survey in the FCT, reports that customers could be seen in large numbers waiting to enter the banking halls in the various locations, even when most of the ATM machines at the banks could not dispense cash.
Nasarawa Assembly introduces bill to regulate private schools, tertiary institutions
The Nasarawa State House of Assembly has announced the first reading of a bill aimed at regulating private schools and tertiary institutions in the state.
The bill, titled “A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” was introduced during the House proceedings on Monday in Lafia.
In addition to this bill, the House also passed two executive bills that focus on promoting education and skills training in the state.
The bills, if passed into law, are expected to enhance the quality of education and boost skills training across Nasarawa State.
Three bills have successfully passed their first reading in Nasarawa State, Nigeria.
The first bill, titled “A Bill For a Law to Establish the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other Matters Connected Therewith,” aims to establish a vocati onal and technology institute in Lafia, the state capital. This institute will provide valuable skills training and education to the youth of the region.
The second bill, named “A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof,” seeks to amend the existing law governing the College of Agriculture, Science and Technology in Lafia.
The proposed amendments aim to enhance the college’s operations and ensure it remains at the forefront of agricultural and technological advancements.Lastly, the third bill, titled “the Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” focuses on regulating the establishment and operation of private educational institutions in the state.
This bill aims to ensure that these institutions meet certain standards of quality and provide a conducive learning environment for students.
“The Speaker of the House, Alhaji Ibrahim Abdullahi, announced that the second reading of the bill for the establishment of the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other related matters will take place on October 2.
The second reading of the bill to amend the College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and matters connected thereof, will be scheduled for October 3.
These bills demonstrate the commitment of the Nasarawa State House of Assembly to improving the educational sector and providing opportunities for skills development in the state.
“I will slate Oct. 3, for the second reading of A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof.
“I will also slate Oct. 4 for the second reading of A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” he said.
Earlier, Alhaji Mohammed Omadefu, the Majority Leader of the House, moved motions for the bills to scale first readings.
The Minority Leader of the House, Mr Luka Zhekaba, seconded the motion.
The House unanimously passed the bills into first readings.
Inflationary pressures to ease by December – Economist, Yusuf
The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year.
Yusuf disclosed this on Sunday in his Half Year Review of 2023.
His review comes amid the effect of fuel subsidy removal and foreign exchange reforms by President Bola Ahmed Tinubu’s administration.
Consequently, the prices of goods and services sharply increased.
The National Bureau of Statistics said Nigeria’s inflation is 22.41 per cent. Nigerians have continued to lament the hike in the prices of goods and services.
Meanwhile, Yusuf said that the effect of fuel subsidy removal and forex reforms would be in the short term.
According to him, the challenges would gradually reduce before the year ends.
Meanwhile, Yusuf said the CBN should implement a sustainable intervention framework to moderate the volatility in the forex market.
“Inflationary pressure is expected to ease before the end of the year.
“It would pave the way for an equilibrium exchange rate which would be more tolerable and sustainable”, he stated.
Enugu residents frown at proposed electricity tariff hike
Residents of Enugu have expressed concern over the proposed 40 per cent hike in electricity tariff, beginning July 1.
The residents spoke on the issue in separate interviews with the Newsmen in Enugu on Wednesday.
An industrialist, Mr Jude Emordi, said the proposal would push up the cost of production, which would lead to a hike in the prices of manufactured goods.
Emordi also said that the proposed increase might chase many small businesses out of business.
“With an increase as high as 40 per cent, how do you think pure water producers can survive because this will lead to an increase in the production cost.
“The purchasing power of Nigerians will also reduce drastically, it is going to be terrible for many business owners and salary earners,” he said.
Also, a civil servant, Mrs Mercy Ofoma, advised that the proposal be shelved for now.
Ofoma said the new administration should first fulfil the palliative measures promised to cushion the effect of the oil subsidy removal.
“For me, the suffering will be much for poor Nigerian workers when everything begins to go up and salary remains static,” she said.
She argued that even an upward review of workers’ salary would not change anything.
Another resident, Miss Jane Okeke, said she envisaged tougher time ahead of the planned hike in the electricity tariff.
“It will be difficult to survive without light, especially those of us who do not use prepaid meters,” Okeke, a hairdresser said.
She advised that the proposal should be perished until every electricity consumer had been metered.
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