Legal Nigeria

Hardship: Reps urge return of price control board

As part of ongoing efforts to address the hardships faced by the citizenry, the House of Representatives has called on the authorities to reactivate the Price Control Board of Nigeria.

The decision followed the adoption of a motion initiated by Jesess Okey-Joe

Onuakalusi at the plenary presided over by the Deputy Speaker of the House, Mr Benjamin Kalu.

In effect, the House mandated its Committee on Commerce to investigate the daily increase in prices of commodities in the country at random and report back within four weeks for further legislative action.

Onuakalusi said it’s unfortunate that marketers have taken the law into their own hands by increasing the prices of commodities with impunity and to the detriment of consumers due to the absence of the price control board.

The lawmaker contended that the situation must not be tolerated because the take-home pay of Nigerian civil servants cannot cope with the increase in the prices of commodities on a daily basis.

He said that as things stand, leaving the prices of commodities at the marketer’s discretion would continue to affect mostly low-income earners and also increase crime, as individuals unable to afford to purchase at an exorbitant price would be tempted to resort to desperate means to eke out a living for themselves.

Recall that the Act, establishing the 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 responsibilities of the Price Control Board of Nigeria are to regulate the prices of all commodities in Nigeria and ensure that marketers comply for the prices to be comparable with the income of Nigerian civil servants.

Source: Guardian