The House of Representatives in Nigeria has passed a resolution urging the Federal Government to establish a Price Control Board to regulate the prices of goods amidst the ongoing inflationary challenges in the country.
The motion to address this issue was presented during the Plenary session on Thursday and was adopted as a matter of public importance.
The motion was introduced by Hussaini Mohammed Jalo, who highlighted the pressing need to enforce the Price Control Act, particularly in light of the escalating inflation and the increased cost of living in Nigeria. The high costs of petroleum products and the ever-widening exchange rate differentials have fueled inflationary pressures.
Jalo called upon the House of Representatives to call upon the Federal Ministry of Commerce to take the necessary steps to establish and inaugurate the Price Control Board, aligning with the existing Act.
The motion was accepted and passed by the House of Representatives, with the matter referred to the House Committee on Commerce. Establishing a Price Control Board aims to address the mounting inflation challenges and ensure better control over essential goods and services prices.