The Nigeria House of Representatives has set up a special committee to investigate the hike in prices of foodstuffs and other commodities in the country.
The decision followed the adoption of a motion on the need to intervene on the matter.
Presenting the motion, Mr. Isiaka Ibrahim from Ogun State stated that the prices of commodities across the country has skyrocketed by one hundred percent in the last one year, largely due to monetary policy, border closure, COVID-19 containment measures as well as insecurity.
Mr. Ibrahim, observed that the price index in the past one month has increased astronomically owing to many controllable and uncontrollable factors, with the inflation rising at about 48 month high, posing a challenge of increased spending to Nigerians.
Contributing to the debate, a member from Kano State, Mannir Dan Agundi, urged the committee to investigate the various FG interventions in the agriculture sector, describing the hike as unfortunate.
The committee is to engage captains of industries, trade unions, manufacturers and other critical stakeholders for ways to reduce the prices of goods and services in the country.
