News
FG Gives Traders One Month Deadline to Crash Prices of Goods Nationwide
The Federal Government through the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders to slash prices of goods and services nationwide.
Executive Vice Chairman of the commission, Tunji Bello, made the announcement at a stakeholders’ engagement in Abuja, warning that enforcement actions will follow after the moratorium.
Bello cited examples of exorbitant pricing, including a fruit blender priced at $89 in the US but sold for N944,999 in Lagos.
He said that such practices threaten the economy and urged stakeholders to cooperate, noting that violators face severe penalties, including fines and imprisonment.
”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 before the Commission will start firm enforcement,” he said.
Adding his part, Ifeanyi Okonkwo, the Chairman of the National Association of Nigerian Traders, FCT Chapter, said the charges on imported goods at the ports have also played a role in the surge in prices.
Meanwhile, market stakeholders attributed price hikes to factors like import charges, transportation costs, insecurity, and multiple taxation.
Bandits have killed a monarch,his wife, his son, and three other residents in a deadly night attack on Olegabulu community in Agatu Local Government Area of Benue State.
Residents said the attack happened on Thursday night when the armed men, numbering about four and arriving on two motorcycles, stormed the palace of the monarch and opened fire on him and his family members.
According to a resident who requested anonymity, the attackers entered the community without raising suspicion, reportedly exchanging greetings with locals in the native dialect before heading straight to the royal residence. Once inside, they opened fire, killing the traditional ruler, his wife, and his son on the spot.
The attackers were said to have spent about 20 minutes in the community. After the assault on the palace, they reportedly moved to a nearby compound where they killed two additional residents and left another person injured before fleeing the scene.
Eyewitnesses described the incident as coordinated and deceptive, noting that the gunmen initially blended in with residents before launching the attack.
The Chairman of Agatu Local Government Area, Melvin Ejeh, confirmed the incident, stating that five people were killed and one person sustained injuries.
He added that security operatives, including police personnel, have since visited the scene.
Meanwhile, the Police Public Relations Officer in Benue State, DSP Udeme Edet, said she was yet to receive full details of the attack at the time of filing this report.
Proceedings in the case involving former Kogi State governor, Yahaya Bello, were on Thursday adjourned till May 6, 2026, by Justice Emeka Nwite of the Federal High Court, Abuja.
At the resumed hearing, counsel to the Economic and Financial Crimes Commission, EFCC, Kemi Pinheiro, SAN, represented the prosecution, while Bello was represented by his lead counsel, Mr Joseph Daudu.
During proceedings, the prosecution informed the court of the need for more time to respond to applications filed by the defence, while Bello’s legal team urged the court to consider their submissions and move the matter forward.
Justice Nwite, in his ruling, adjourned the case to May 6 to allow all parties to adequately prepare and ensure a fair hearing.
Mr Bello is currently facing charges bordering on alleged financial misappropriation during his tenure as governor, allegations he has repeatedly denied.
Nigeria is set to experience one of the highest increases in food insecurity worldwide in 2026, according to the latest Global Report on Food Crises released on April 24, 2026.
The report, compiled by agencies including the Food and Agriculture Organization and World Food Programme, raised fresh concerns over worsening hunger levels driven by insecurity, economic hardship and declining humanitarian funding.
According to FAO findings, about 4.1 million additional Nigerians could fall into acute food insecurity in 2026, placing the country among those with the largest increases globally.
Reacting to the development, President of the International Fund for Agricultural Development, Mr Alvaro Lario, said “the crisis is becoming more prolonged and difficult to contain”.
“We are no longer seeing just temporary shocks, but persistent shocks over time,” warning that the situation is placing growing pressure on global stability.
FAO noted that about 266 million people across 47 countries face high levels of acute hunger in 2025, with conditions expected to remain severe into 2026.
In Nigeria, the situation is being worsened by continued insecurity in key farming regions, rising inflation and limited access to food.
According FAO projections, over 34 million Nigerians may experience crisis level hunger between June and August 2026, during the peak of the lean season.
The FAO Country Representative in Nigeria, Mr Hussein Gadain, said the combined impact of armed conflict, climate shocks, high food prices and cuts in global aid funding is pushing more Nigerians into hunger.
The report called for urgent and sustained intervention, warning that without immediate action, millions more could slide into emergency levels of food insecurity in the coming months.
BREAKING: Benue boils again as bandits invade palace, kill monarch ,wife, son three others
Yahaya Bello to know fate on May 6 as Court adjourns financial infractions case
Nigeria set to record largest surge in food insecurity globally in 2026-Reports
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