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NEWS UPDATE: Reps to probe high cost of goods, services nationwide

NEWS UPDATE: Reps to probe high cost of goods, services nationwide

The lower legislative chamber has adopted a resolution to probe the high cost of goods and services nationwide.

In a movement sponsored by Hon. Ibrahim Adekunle Isiaka on the level of the House on quarta-feira, he expressed concern that whether there was no instant intervention over the skyrocketing cost of goods and services, the difficulty it would take on citizens will be unbearable.

The lawmaker, who brought the movement entitled: “Urgent demand to investigate the skyrocketing prices of commodities, goods and services across the country with a view to cushioning the impact on the citizens”
expressed deep concern that Nigerians were already finding it hard to contend.

Citing the high cost of cooking gas, babe foods and others, he urged the Speaker, Hon. Femi Gbajabiamila to seem into the movement, piece urging his colleagues to also consider the movement for a solution to what he described, “daily increment of good stuff and other commodities.”

He said: “The House notes 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 lastly one twelvemonth attributed largely to monetary policy, border closures, COVID-19 containment measures, and insecurity, causing Nigeria’s inflation rate to ascension geometric progression in August 2021.”

The lawmaker attributed the high cost of commodities in the marketplace to uncontrollable factors with inflation at a 48-month high.

According to him, Nigerians were looking upwards to the parliament to proffer solution to the cost of goods and services in other to forcefulness downwardly the cost of basic items similar housing, shelter, medicals, clothes babe food and fifty-fifty cooking gas, noting that the country’s local production still falls small of local demands.

He farther argued that population growth, and climate modify were also responsible for hike in damage, piece he insisted that lawmakers must ascension to the occasion.

“Cognizance in relation to the World Bank`s Written report that, Nigeria’s economic system contracted by -1.8% in 2020, lower than the -3.2% loss the organization had predicted at the starting time of the pandemic.”

Hon. Isiaka called on the House to mandate the leadership, to constitute a high-powered Special Commission of the House to launch an investigative hearing with all critical stakeholders in the country and carry out the root cause analysis on the rising cost of living.

After contribution from some lawmakers, the House Speaker sustained the movement through a vocalisation vote and set upwards a Special ad-hoc commission to be chaired by the Deputy Leader of the House, Hon. Peter Akpatason.

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