House Of Representatives Orders Investigation Into Soaring Commodity Prices (View-Details)

The House of Representatives has directed its Committee on Commerce to probe the daily surge in prices of goods across the nation….CONTINUE READING

This decision follows the adoption of a motion by Rep. Jesess Onuakalusi (PDP-Delta) titled “The Need to Awaken Price Control Board of Nigeria to its Constitutional Responsibilities” during plenary on Thursday.

During the presentation of the motion, Onuakalusi expressed concern that the Price Control Board had neglected its duty of regulating commodity prices, leaving this task to marketers to the detriment of consumers.

He noted that while workers’ salaries remained stagnant, the prices of goods continued to rise daily.

“The responsibility of the Price Control Board is to regulate the prices of all commodities in Nigeria,” he emphasized.

Onuakalusi highlighted that the arbitrary increase in commodity prices by marketers was adversely affecting low-income earners, potentially driving them to resort to extreme measures such as theft.

Expressing concern over the Price Control Board’s inaction, he stressed that the Board had failed to address the ongoing surge in commodity prices.

In response to the motion, the House mandated the Committee on Commerce to investigate the daily increase in commodity prices across the country and to submit a report within four weeks for further legislative action.

Published By: Destiny.Jnr