The house of Representatives has set up a special committee to investigate the skyrocketing prices of foodstuffs and other commodities in the country.
This was sequel to a motion by a member from Ogun State Mr Isiaka Ibrahim at plenary.
The lawmaker stated that the prices of commodities across the country have skyrocketed by one hundred percent in the last one year.
This according to him, was 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 increase spending to Nigerians.
The lawmaker stated that It has become necessary for the house to intervene before it spurn out of control.
Contributing to the debate, a member from Kano state, Mannir Dan’agundi, urged the committee to investigate the various FG interventions in the agric sector.
For a member from Delta State, Mr Roland Ibakpa, the solution lies in increase in local production.
The terms of reference for the committee include engaging captains of industries, trade unions, manufacturers and other critical stakeholders for ways to reduce the prices of goods and services in the country.