- He stated that the overall increase in prices across Nigeria has had a ripple effect on both goods and services
The House of Representatives has called upon the Tinubu administration to contemplate reinstating a price control board in the nation, aiming to enforce government-approved prices for goods and stabilize overall commodity prices.
This request stems from the adoption of a motion concerning urgent public matters presented by Hussaini Jallo (PDP-Kaduna) during Thursday’s plenary in Abuja.
The motion, titled: ‘’Need to enforce the price control act to regulate and monitor price of essential goods and services in the country,’’ was aimed at preventing the hoarding of goods and protecting customers from exorbitant prices.
He stated that the overall increase in prices across Nigeria has had a ripple effect on both goods and services. He emphasized the necessity of implementing a Price Control Act to stabilize the nation’s economy, mitigate excessive inflation, and ensure affordability of essential commodities for all.
According to him, implementing such an act would help maintain economic balance in the nation. He highlighted the lack of proper regulation on commodity prices, resulting in unpredictable hikes in petroleum product costs, particularly Petroleum Motor Spirit (PMS), automotive gas oil (AGO), and kerosene.
The fluctuating prices adversely affected the transportation sector, subsequently impacting the cost of living for the ordinary citizens. He warned that if the ongoing economic challenges were left unaddressed, it could lead to economic disparity and contribute to social unrest, fostering discontent among the citizenry who may perceive the government as insensitive to their needs.
Consequently, the House urged the federal government to impose zero duty on agricultural products for a five-year period to incentivize agricultural production and ease the burden on farmers. They proposed the establishment of a price control board responsible for setting, regulating, and monitoring the prices of essential commodities, extending beyond cement, sugar, and food items.
To ensure compliance, the House mandated its Committee on Commerce to oversee and report back within four days for further legislative action.