Reps to probe daily increase in prices of commodities

Leah TwakiMay 17, 20242 min

The House of Representatives wants the Price Control Board of Nigeria reactivated as it probes the daily price increase of commodities in markets.

In response to the incessant increase in the price of commodities, the House of Representatives has called for the reactivation of the Price Control Board of Nigeria.

The House also mandated the Committee on Commerce to investigate the daily increase in prices of commodities in the country.

This followed the adoption of the motion by Rep. Jesess Onuakalusi (PDP, Delta) on “The Need to Awaken Price Control Board of Nigeria to its Constitutional Responsibilities”  at plenary on Thursday.

Presenting the motion, Onuakalusi said, “The Price Control Board of Nigeria has left its responsibilities to the marketers, who are now  responsible for increasing the prices of commodities with impunity and to the detriment of consumers.”

He lamented that the take-home pay of Nigerian civil servants had yet to increase, yet workers are witnessing an increase in the prices of commodities daily in the markets.

“The responsibility of the price control board is to regulate the prices of all commodities in Nigeria and ensure that the marketers comply,’’ he said.

He stressed that the incessant increase in the prices of commodities is affecting low-income earners and individuals who are unable to afford things at exorbitant prices would resort to other means or steal.

Adopting the motion, the House mandated the Committee on Commerce to investigate the daily increase in prices of commodities in the country and report within four weeks for further legislative action.

Leah Twaki

A Chemistry graduate, excels as a social media manager, digital journalist, and content creator with an interdisciplinary skills blend of science and communication.

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