The National Association of Nigerian Students (NANS) has urged President Bola Tinubu to establish a price control board.
According to NANS in it’s statement, the board would be responsible for regulating prices and preventing the hoarding of goods.
The statement was signed by Mr Akinteye Afeez, the national president of the association and released on Thursday.
Afeez stated that the persistent increase in prices of goods and services across the country is a cause for concern.
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By implementing price control measures, he revealed, the government can tackle inflation and alleviate the impact of rising costs on consumers, especially those with low incomes.
Also, the union believed that the measures will foster competition among producers and retailers, leading to greater efficiency and affordability in the market.
The statement read:
“While the rise in exchange rates has been cited as a contributing factor, the association wants to know why the prices of locally produced goods are also rising when materials used in their production are sourced locally.
“Therefore, in light of the current economic challenges facing the nation, we urge the government to prioritise the establishment of a price control board, as a matter of urgency.
“By doing so, the government can demonstrate its responsiveness to the needs of the people and its commitment to fostering a fair and prosperous society for all.
“The discrepancy between the decrease in the exchange rate and the persistent inflation of prices has led us to believe that there is a lack of oversight in regulating prices within the local market.
“It is evident that without proper mechanisms in place to control prices, consumers are left vulnerable to arbitrary price hikes and exploitation by unscrupulous traders.
“As a solution to this pressing issue, we are calling on the government to establish a price control board, tasked with the responsibility of regulating prices, preventing hoarding of goods and protecting consumers from exorbitant prices.
“A board will play a crucial role in ensuring fairness and transparency in the marketplace, thereby fostering a more equitable and accessible environment for all.
“Furthermore, the establishment of a price control board will serve as a deterrent to unethical business practices, such as hoarding and price gouging.
“It would send a clear message that the government is committed to safeguarding the interests of consumers and promoting economic stability and social welfare.”
