Inflation: Reintroduce Price Control Boards In States, FCT, Reps Urge FG

The House of Representatives has urged the Federal Government through the Ministry of Commerce to re-establish a Price Control Board in the 36 states of the federation including Federal Capital Territory.

The Boards, according to the Green Chamber should impose zero duty on agricultural products for a period of five years to encourage agricultural growth and reduce the burden on farmers, increase food production and make available to all and sundry.

They are to be responsible for setting, regulating and monitoring the price of essential commodities not only limited to cement, sugar and food items but also Agricultural/Petroleum Products especially Premium Motor Spirit, Automotive Gas Oil and Kerosene to ensure that manufacturers and farmers do not impose price arbitrarily.

The Boards will equally oversee the price of petroleum products including Premium Motor Spirit, Automotive Gas Oil and Kerosene; Dremiua, and ensure zero VAT on petroleum products to directly reduce the cost of transportation and living standards.

These resolutions followed the adoption of a motion of urgent public importance moved by Hon. Hussaini Mohammed Jallo from Kaduna State at plenary on Thursday.

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Moving the motion, Jallo noted the existence of Price Control Act to ensure that goods are sold at government approved prices to stabilise the general price level, prevention of hoarding of goods, protection of customers from exorbitant prices.

The lawmaker also lamented the current rising price of goods Petroleum and agricultural Products in Nigeria with its attendant effect on goods and services.

He said: “The absence of a Price Control Board will give room to manufacturers, wholesalers and retailers of agricultural products to inflate the costs of production, thus disrupting the economic equilibrium of the nation.

“Lack of proper regulation on prices of commodities has resulted in unpredictable rise in the costs of petroleum products especially Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and kerosene, the volatility in pricing affects the transportation sector which in turn influences the cost of living for the ordinary citizens.”