October 15, (THEWILL) – The House of Representatives has tasked the Tinubu administration to consider the reintroduction of a price control board in Nigeria, to ensure that goods are sold at the government approved prices to stabilise the general price of commodities.
This followed the adoption of a motion on a matter of urgent public importance by Hussaini Jallo at 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,” is aimed at preventing the hoarding of goods and protecting customers from exorbitant prices.
The News Agency of Nigeria (NAN) reports that he said the general rising of prices in Nigeria had an attendant effect on goods and services.
He emphasised that there is a need to put in place a Price Control Act to stabilise the nation’s economy by preventing excessive inflation and ensuring the affordability of essential commodities for the benefit of all.
He said the absence of a price control board gives room for manufacturers, wholesalers and retailers of agricultural products to inflate the costs of production, thereby disrupting the economic equilibrium..
He said that the lack of proper regulation on the prices of commodities had resulted in unpredictable rises in the costs of petroleum products, especially premium motor spirit (PMS), automotive gas oil (AGO), and kerosene (Jet A1 and household kerosene).
He noted that price volatility affects the transportation sector, which in turn influences the cost of living for the ordinary citizen.
He said that if the present economic hardship is left unchecked, it would lead to economic disparity and subsequently contribute to social unrest.
He added that it would also contribute to discontent amongst the citizenry and cast the government as insensitive to their needs.
The House therefore urged the federal government to ensure zero duty on agricultural products for a period of five years to encourage agricultural production and reduce the farmers’ burden.
The House said the price control board would be responsible for setting, regulating, and monitoring the price of essential commodities, not only limited to cement, sugar, and food items.
The House therefore mandated its Committee on Commerce to ensure compliance and report back within four days for further legislative action.
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