The House of Representatives has entrusted the Federal Government with considering the restoration of a price control board in the country to ensure that items are sold at government-approved levels in order to stabilize commodity prices in general.
This came after Rep. Hussaini Jallo (PDP-Kaduna) introduced a resolution on a subject of urgent public significance at the plenary on Thursday in Abuja.
”Need to enforce the price control act to regulate and monitor the pricing of vital products and services in the country,” the motion stated.
Jallo, who proposed the resolution, stated that the board would also help to avoid stockpiling of goods and safeguard customers from high costs. He said the general rising of prices in Nigeria had an attendant effect on goods and services.
He said there was a need to put in place a Price Control Act to stabilize the nation’s economy by preventing excessive inflation and ensuring the affordability of essential commodities for the blueprint 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 economic equilibrium of the nation. 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 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, 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 for further legislative action.
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