Business
ACN Rally Pushes Up Price Of Brooms
The price of brooms has shot up by 100 per cent in the Madagali Local Government Area of Adamawa, following the flag-off of the ACN gubernatorial campaign in the area.
Reports say a bunch of brooms, which is the symbol of the party, sold for N50 in Madagali on Wednesday as against its previous price of N25.
Mr James Audu, a shop keeper, said he ran out of stock due to high demand for the commodity by party supporters in the area.
“I collected dozens of brooms from other shop keepers in the market to meet the demand of desperate party supporters.
“Brooms are scarce and the price is likely to remain high due to increasing demand,” Audu said.
Beverage and water vendors recorded similar sales due to appreciable demand for their commodities.
Mrs Mary Timothy, a water vendor, said she made about N1,000 from the sale of water at the rally.
“It is a happy day, because I am making good money from the sale of sachet water. We have been recording high sales in the last two days since the ACN rally started,” she said.
Hundreds of party supporters were seen carrying brooms in their hands at the campaign held in Gulak, Madagali, Guyuk and Sukur communities.
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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