To beat inflation in the prices of of goods, the House of Representatives has urged the Federal Government to consider reintroduction of price control board in the country.
According to the Representatives, this will ensure that goods are sold at government’s approved prices to stabilise the general price of commodities.
The rising prices in the country has its attendant effect on goods and services.
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 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 argues that the board would also help to prevent hoarding of goods and protection of customers from exorbitant prices.
He says there is the 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.
Adding 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.
This according to him would disrupt the economics equilibrium of the nation, because the 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 are 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 citizen.
He says if the present economic hardship is left unchecked it would lead to economic disparity and subsequently contribute to social unrest. And the citizenry may perceive the government as insensitive to their needs.
The House therefore urges 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 says the price control board would be responsible for setting, regulating and monitoring the prices 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 weeks for further legislative action.
