The House of Representatives on Thursday decried the arbitrary increase in prices of commodities, saying there is a need to establish a Price Control Board to address the issue.
This is just as the House lamented that the absence of a price control board has left Nigerians at the mercy of marketers who frequently increase the price of their goods and services.
The resolution to awaken the price control board follows the adoption of a motion on the ‘Need to Awaken the Price Control Board of Nigeria to its Constitutional Responsibilities’ moved by Hon. Jesess Okey-Joe on Thursday at plenary.
Leading the debate, the lawmaker 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.
“The House is disturbed that the Price Control Board of Nigeria takes no action to checkmate this menace of daily price increases.”
According to him, the Act establishing a governing body known as the Price Control Board is responsible for overseeing and enforcing price control regulations.
“The Act also establishes for each state a committee to be the Price Control Committee to advise and assist the Board on the implementation of this Act,
but without an outcome as the Board is inactive;
“The House is aware that the responsibilities of the Price Control Board of Nigeria are to regulate the prices of all commodities in Nigeria and ensure that the marketers comply for the prices to be comparable with the income of the Nigerian civil servants,” he added.
The Lawmaker said despite the take home pay of Nigerian civil servants has not increased, yet workers are witnessing an increase in the prices of commodities daily in our markets
“The House is concerned that this trend of leaving the prices of commodities at the marketer’s discretion is affecting mostly low-income earners and also increasing crime, as individuals unable to afford to purchase at an exorbitant price will resort to other means or steal,”
Though the motion received objections from some lawmakers who kicked against its prayers; it sailed through as the Deputy Speaker, Hon. Benjamin Kalu who presided over a plenary session in the absence of Speaker Tajudeen Abbas, ruled in favour of the motion.
Following the adoption of the motion, it was referred to the Committee on Commerce for investigation on the daily increase in prices of commodities in the country at random and report within four weeks for further legislative action.