President Bola Ahmed Tinubu-led Federal Government has said it would investigate the raging and high airfares imposed on Nigerian travellers by airlines operating in the country.
The Executive Vice Chairman and the Chief Executive Officer (CEO) of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, made this known on Saturday during the agency’s end-of-year get-together
While speaking at the event, Irukera promised the Commission will run a detailed investigation into the high airfare regime in Nigeria’s aviation sector, noting that as important as that may sound, it is, however, a difficult task determining price hikes, particularly airfares.
He said, “There’s a provision in law against price gouging. Nigeria is a free-market economy where the buyer and seller agree to determine the cost.
“Do we, as a regulator, have the power to impose a price? No, we don’t. So one way to determine excessive pricing is through investigation.”
The FCCPC boss revealed in his usual detailed presentation that forensic studies in airfare pricing remain the most complex in the market investigation ecosystem, adding that it’s possible to travel a short distance and pay more, even with someone sitting beside you, paying something different.
Describing the phenomenon as a competition issue, Irukera noted that there are many issues that must be considered when investigating the hike in airfares.
He added: “We believe that airfares in Nigeria are too high, but it will amount to an abuse of office by the regulatory authority to take action just because we feel the price is high.
“Our duty is to establish evidence and confront the body, and that’s why we will commence an investigation into why airfares in Nigeria are too high.”
