A proposed law to compel the Executive Arm of government to regulate prices of food and other items, in order to guarantee food security and lessen the economic hardship on majority of Nigerians, is underway in the House of Representatives.
He seeks to amend the Act, by “inserting a new section 16”, to read that “The State, shall direct its policy towards ensuring that: a means of production, conservation and distribution of food are upgraded and improved upon on a continuous basis. The legislators also resolved to set up a meeting with critical stakeholders in the country to address the frightening rise in prices of goods.
These followed the adoption of a motion on matters of urgent public importance brought by Rep. Ibrahim Isiaka , calling attention to the “urgent need to investigate the skyrocketing prices of commodities, goods and services across the nation with a view to cushioning the impact on the citizens”. The lawmaker noted that “the Prices of food items, Commodities, Goods and Services have skyrocketed by as much as 100 per cent in many parts of Nigeria in the last one year attributed largely caused by monetary policy, border closures, COVID-19 containment measures, and insecurity, causing Nigeria’s inflation rate to rise geometric progression in August 2021.”