The House of Representatives has urged the Federal Government to consider the reintroduction of a price control board in the country to ensure that goods are sold at government-approved prices, aiming to stabilise the general prices of commodities.
This follows the adoption of a motion on a matter of urgent public importance by Rep. Hussaini Jallo (PDP-Kaduna) during the plenary session in Abuja on Thursday.
The motion was titled, ‘’Need to enforce the Price Control Act to regulate and monitor the prices 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 protect customers from exorbitant prices.
He emphasised that the general rise in prices in Nigeria had an attendant effect on goods and services.
He emphasised the 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 all.
Jallo argued that the absence of a price control board would give manufacturers, wholesalers, and retailers of agricultural products room to inflate the costs of production.
According to him, this would disrupt the economic equilibrium of the nation.
He mentioned that the lack of proper regulation on the prices of commodities had resulted in an unpredictable rise in the costs of petroleum products, especially petroleum motor spirit (PMS), automotive gas oil (AGO), and kerosene.
The volatility in pricing affected the transportation sector, influencing the cost of living for the average citizen.
He warned that if the present economic hardship was left unchecked, it would lead to economic disparity and subsequently contribute to social unrest.
Additionally, it would contribute to discontent amongst the citizenry and make them perceive the government as insensitive to their needs.
The House urged the federal government to ensure zero duty on agricultural products for a period of five years to encourage agricultural production and reduce the burden on farmers.
Furthermore, the House stated that the price control board would be responsible for setting, regulating, and monitoring the prices of essential commodities, not limited to cement, sugar, and food items.
The House mandated its Committee on Commerce to ensure compliance and report back within four weeks for further legislative action.
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