Food Prices News Today: State Government set to fix food prices as bill passes first reading

Food Prices News Today: State Government set to fix food prices as bill passes first reading

Food Prices News Today: As a measure creating a Price Control Board passes its first reading in the north-central state of Niger, the government there intends to impose price controls on food goods to reduce food inflation.

This follows a recent verdict by a Lagos high court directing the federal government to set pricing for basic commodities and services inside the nation within the next seven days.

The bill, sponsored by ISA Etsugaie (APC-Agaie), was brought up in plenary on Thursday.

As of December 2023, Niger State’s food inflation rate is 29.43% annually, which is approximately 4.5% less than the national average of 33.93%. This information is based on data from the National Bureau of Statistics.

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In the meantime, the bill will deal with the skyrocketing cost of food and other necessities that are impacted by outside variables like poverty and global warming, among others.

As per the legislator, the Price Control Board will ensure continuous supervision over prices, scrutinizing their variations and connecting them to other economic aspects inside the state.

Etsugaie further stated that the board will supervise the means of distributing necessities and keep an eye on the state supply companies and companies operations.

The politician said that the board would assist in interpreting pricing changes, keeping an eye on prices, and connecting them to other happenings in the state economy.

The House then approved the bill and saw it through to the first reading.

Things to be aware of

Nigeria is now experiencing extremely high food inflation. The National Bureau of Statistics reports that as of December 2023, Nigeria’s food inflation rate is 33.93%, the highest level in nearly ten years.

The federal government has declared a state of emergency regarding food security in the nation due to the increase in food prices. Additionally, Mohammed Idris, the minister of information, announced that the National Food Reserves will now be open as part of the government’s efforts to lower food prices.

Femi Falana, SAN, a human rights attorney and activist, sued the federal government about the problems caused by the market’s growing food costs.

On Wednesday, February 7, the Lagos High Court gave the government a seven-day deadline to set the prices of goods and petroleum products.

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