IN NIGER STATE, PLANS ARE UNDERWAY TO STABILIZE FOOD PRICES AS A BILL PROGRESSES THROUGH ITS INITIAL READING, AIMING TO ADDRESS INFLATIONARY PRESSURES.
The administration in Niger State is strategizing to cap food prices in a bid to tackle food inflation as a proposal for a Price Control Board advances in the northern-central region.
This follows a recent court ruling in Lagos mandating the federal government to regulate the prices of essential goods and services across the nation within a week.
During Thursday’s session, the bill, championed by ISA Etsugaie (APC-Agaie), was introduced.
Niger State is currently grappling with a 29.43% food inflation rate, slightly below the national average of 33.93% recorded in December 2023, as reported by the National Bureau of Statistics.
The bill aims to counter the steep hike in food prices and other vital commodities, influenced by external factors like insecurity and climate change.
As per the legislator, the Price Control Board will closely monitor prices, analyzing their fluctuations in conjunction with other economic indicators in the state.
Furthermore, Etsugaie highlighted the board’s mandate to supervise the distribution channels of essential items and oversee the activities of the state supply company and other commercial entities.
He emphasized that the board would ensure continuous price surveillance, interpreting price shifts within the broader context of the state’s economy.
Subsequently, the House adopted the bill, marking its passage through the initial reading.
Key points:
Nigeria is currently grappling with soaring food inflation, standing at 33.93% as of December 2023, according to the National Bureau of Statistics, marking the highest level in nearly a decade.
This surge in food prices prompted the federal government to declare a state of emergency on food security and open the National Food Reserves to mitigate the crisis.
Human rights lawyer Femi Falana, SAN, filed a lawsuit against the government over rising food prices, leading to a Lagos high court’s order for the government to regulate prices of goods and petroleum products within seven days.
Reports: Cyrus Ademola
News Source: Nariametrics
