Economic Hardship: Reps to Probe Daily Increase in Commodity Prices

The House of Representatives has mandated the Committee on Commerce to investigate the daily increase in prices of commodities in Nigeria.

This followed the adoption of a motion by 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, Mr Onuakalusi said that the price control board had abandoned its responsibility of controlling commodity prices to the marketers to the detriment of consumers.

He said workers’ take-home pay had yet to be increased, but the country was witnessing daily increases in commodity prices.

“The responsibility of the price control board is to regulate the prices of all commodities in Nigeria,” he said.

Mr Onuakalusi said the practice of marketers increasing the prices of commodities was affecting low-income earners.

According to him, this was because individuals who were unable to afford things at exorbitant prices would resort to other means or steal.

He expressed worry that the board had not taken action regarding businessmen’s arbitrary increases in the price of commodities.

Adopting the motion, the parliament 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.

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