House Of Reps Calls For Reintroduction Of Price Control Board

House of Reps Calls For Reintroduction of Price Control Board 

By Faruk Laval, Abuja

The House of Representatives has tasked the Federal Government to consider the reintroduction of a Price Control Board in the country to ensure that goods are sold at government’s approved prices to stabilize the general price of commodities.

This followed the adoption of a motion on matter of urgent public importance by Rep. Hussaini Jallo (People’s Democratic Party -Kaduna) at plenary in Abuja on Thursday.

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 said the board would also help to prevent hoarding of goods and protection of customers from exorbitant prices.

He said the general rise in prices in Nigeria had its attendant effect on goods and services.

“There is need to put in place a Price Control Act to stabilize the nation’s economy by preventing excessive inflation and ensuring affordability of essential commodities for the blueprint of all.

“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 would disrupt the economics equilibrium of the nation.

“Lack of proper regulation on prices of commodities had resulted in 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, which in turn influenced the cost of living of the ordinary citizen.

“If the present economic hardship is left unchecked, it would lead to economic disparity and subsequently contribute to social unrest.

“It would also contribute to discontent amongst the citizenry, who would perceive the government as insensitive to their needs,” he said.

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 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 for further legislative action.