House of Reps Launches Probe into Daily Price Hikes of Commodities

In response to the daily rise in commodity prices nationwide, the House of Representatives has directed its Committee on Commerce to conduct an investigation.

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

During the presentation of the motion, Onuakalusi expressed concern over the apparent neglect of the price control board’s duty to regulate commodity prices, leaving consumers at the mercy of marketers.

He highlighted the discrepancy between stagnant workers’ salaries and the escalating cost of goods, emphasizing the need for urgent intervention.

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

Onuakalusi highlighted the adverse impact of the escalating prices on low-income earners, noting that it could lead to financial strain and even push some individuals towards desperate measures such as theft.

He expressed disappointment in the Price Control Board’s failure to address the arbitrary price hikes by businesses, calling for urgent intervention.

In response to the motion, the House resolved to task the Committee on Commerce with probing the daily surge in commodity prices across the nation. The committee was directed to provide a report within four weeks for subsequent legislative deliberations and actions.