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Rising Cost Of Living: Re-Introduce Price Control Board – House Of Reps Tell Federal Govt | Citizen NewsNG

ByCitizen NewsNG

Oct 13, 2023

 

 

The House of Representatives has tasked the Federal Government to consider reintroduction of price control board in the country to ensure that goods are sold at government’s approved prices to stabilise the general price of commodities.

This followed the adoption of a motion on matter of urgent public importance by Rep. Hussaini Jallo (PDP-Kaduna) at plenary in Abuja Thursday.

The motion was titled, ‘’Need to enforce the price control act to regulate and monitor price of essential goods and services in the country.’’

Presenting the motion, Mr Jallo said the board would also help to prevent hoarding of goods and protection of customers from exorbitant prices.

He said the general rising of prices in Nigeria had its attendant effect on goods and services.

He said there was need to put in place a Price Control Act to stabilise the nation’s economy by preventing excessive inflation and ensuring affordability of essential commodities for the blue print of all.

He said the absence of a price control board would give room to manufacturers, wholesalers and retailers of agricultural products to inflate the costs of production.

This according to him would disrupt the economics equilibrium of the nation.

 

He said that lack of proper regulation on prices of commodities had resulted in unpredictable rise in the costs of petroleum products especially Petroleum Motor Spirit (PMS).

Others he, said included the Automotive Gas Oil (AGO) and kerosene, the volatility in pricing affected the transportation sector which in turn influenced the cost of living of the ordinary citizen.

He said if the present economic hardship was 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 perceive the government as insensitive to their needs.

The House therefore urged the federal 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, regulation 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 for further legislative action.

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