Rising cost of commodities worry Reps



Gbajabiamila

The persistent rise in prices of essential goods in Nigeria got attention of the House of Representatives Wednesday, as it resolved to constitute a special committee, to enable stakeholders on the development.

The committee when constituted by the House’s leadership, is expected to among other things, launch an investigative hearing with all critical stakeholders in the country and carry out the root cause analysis on the rising cost of living, as well as initiate policies needed for addressing the skyrocketing prices of goods and services in the country.

It is also expected to engagement with Captains of Industries, Trade Union Associations, Board of Directors, Manufacturers Association of Nigeria (MAN) and other promoters in the economic sectors, on ways for drastic reduction in prices of goods and services in the country, and initiate any other strategies that can mitigate the effect of the current inflation in the country.

This came following a motion moved under matters of urgent public importance, by Hon. Ibrahim Isiaka on the development, lamenting that 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.

He argued that the cause was attributed largely tom monetary policy, border closure, COVID-19 containment measures, and insecurity, causing Nigeria’s inflation rate to rise in geometric progression in August 2021.

“Price Index in the past months has increased astronomically owing to many controllable and uncontrollable factors with inflation at a 48-month high, posing the challenge for increased spending on housing, shelter, medicals, clothes baby food and even cooking gas, because our nation’s local production still falls short of our local demand”, he said.

According to the lawmaker with the huge population, climate change issues and hunger, a major future issue looms if, immediate remedial action is not taken soon, by the House.

“What does this mean for the average Nigerian? Not too farfetched, because life has become increasingly difficult for many Nigerians, especially the low-income earners, unemployed youth, other vulnerable people, those on fixed incomes such as the pensioners and others” he stated.