The House of Representatives has called on the Federal Government to consider reintroducing a price control board in the country.
The aim is to ensure that goods are sold at government-approved prices, thereby stabilizing the general prices of commodities.
This decision follows the adoption of a motion presented 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 grant manufacturers, wholesalers, and retailers in the agricultural sector the opportunity to inflate production costs, ultimately disrupting the nation’s economic balance.
He pointed out that the lack of proper price regulation had led to unpredictable price hikes in petroleum products, particularly petroleum motor spirit (PMS), automotive gas oil (AGO), and kerosene, stressing that the fluctuations in pricing impacted the transportation sector and, consequently, the cost of living for the average citizen.
He cautioned that if the current economic challenges were not addressed, they could lead to economic disparities, social unrest, and public dissatisfaction with the government’s responsiveness to their needs.
Additionally, the House urged the federal government to impose zero duty on agricultural products for a five-year period to stimulate agricultural production and alleviate the burden on farmers.
The price control board would be responsible for setting, regulating, and monitoring the prices of essential commodities, including but not limited to cement, sugar, and food items.
To oversee compliance, the House assigned its Committee on Commerce, which is expected to report back within four weeks for further legislative action.