APC Chieftain Mumuni Urges Federal Government to Implement Price Control Policies

A prominent chieftain of the All Progressives Congress (APC), Abayomi Nurain Mumuni, has advised the federal government to introduce policies aimed at controlling the prices of essential goods and services across Nigeria.

He stressed that this measure is necessary to curb the frequent increases in the cost of living.

Mumuni made the call in a statement released by his Media Aide, Rasheed Abubakar, and shared with Newsmen on Tuesday.

In the statement, he urged the government to implement strategies that would help combat inflation and stabilise the economy, particularly in light of the ongoing devaluation of the naira.

“The federal government must establish policies to prevent further inflation and ensure price stability,” Mumuni said, emphasising the importance of reducing reliance on imported goods.

He also called on the government to provide greater support for industries such as agriculture, manufacturing, and technology, to bolster domestic production and mitigate inflation.

Outlining specific recommendations, Mumuni said, “Investing in infrastructure, such as transportation and power supply, can reduce production and distribution costs for businesses, thereby lowering prices.

Supporting local production in sectors like agriculture, manufacturing, and technology can help curb inflation and reduce dependence on imports.”

He also highlighted the importance of enhancing agricultural productivity through research, subsidies for farmers, and improved market access to stabilise food prices, which remain a significant driver of inflation in Nigeria.

Mumuni further suggested that the government consider temporary price controls on essential goods to prevent excessive price hikes, although he cautioned that this should be done carefully to avoid creating market distortions and shortages.

He advocated for the implementation of a regulatory framework to monitor and regulate the prices of essential goods and services, to shield consumers from sudden price spikes.

Additionally, he called for government intervention in the foreign exchange market, using foreign reserves to stabilise the naira and reduce currency volatility.

“Establishing trade agreements that allow for easier access to goods can help cushion the impact of currency fluctuations on prices,” Mumuni added, urging the government to focus on controlling public expenditure and prioritising investments in productivity-enhancing projects over populist spending that could exacerbate inflation.

Mumuni’s comments come amid growing concerns about the rising cost of living in Nigeria, with inflation and currency devaluation posing significant challenges for citizens and businesses alike.