Worried by spiralling inflation, federal lawmakers are calling for the return of a price control board to ensure that goods are sold at government’s approved prices.
Thr motion on matter of urgent public importance by Rep. Hussaini Jallo, PDP-Kaduna, was adopted at plenary on Thursday by the House of Representatives.
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, Jallo stated that 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, adding that 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.
Jallo noted that the absence of a price control board would give room to manufacturers, wholesalers and retailers of agricultural products to inflate the costs of production, which he said will disrupt the economics equilibrium of the nation.
He added that lack of proper regulation on prices of commodities had resulted in unpredictable rise in the costs of petroleum products especially Petroleum Motor Spirit.
Others he, said included the Automotive Gas Oil and kerosene, the volatility in pricing affected the transportation sector which in turn influenced the cost of living of the ordinary citizen.
He stated that if the present economic hardship was left unchecked it would lead to economic disparity and subsequently contribute to social unrest.
Jallo 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 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 also 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 for further legislative action.
