By Adeola Badru

A leader of the of the ruling All Progressives Congress (APC), Abayomi Nurain Mumuni, has called on President Bola Ahmed Tinubu’s administration to establish effective price control measures for essential goods and services in Nigeria.

In a statement released by his Media Aide, Rasheed Abubakar, Mumuni emphasized that these policies are crucial to addressing the ongoing rise in prices across the nation.

Mumuni argued that the Federal Government must take decisive steps to prevent further inflation, advocating for increased domestic production of goods that are currently imported, suggesting that this could help alleviate inflationary pressures.

He also highlighted the importance of supporting key sectors such as agriculture, manufacturing, and technology in order to stabilize the economy.

“Mitigating inflation after the naira’s devaluation is complex and requires a multi-faceted strategy, Mumuni noted.

Among the proposed strategies, he suggested that the Central Bank of Nigeria (CBN) should consider adjusting interest rates to manage the money supply, as well as conducting open market operations to influence liquidity.

The APC leader urged the government to incentivize local industries, reduce reliance on imports, and invest in infrastructure to lower production costs.

Enhancing agricultural productivity through research, subsidies, and improved market access was also recommended to stabilise food prices, a significant contributor to inflation.

He cautioned that while temporary price controls on essential goods could be beneficial, they must be approached carefully to avoid market distortions.

Additionally, Mumuni called for a regulatory framework to monitor prices, interventions in the foreign exchange market to stabilize the naira, and trade agreements to ease access to goods.

He stressed the importance of prudent fiscal policies and clear communication from the government to manage public expectations and enhance consumer confidence.

A collaborative approach with businesses and international organizations like the IMF and World Bank for technical assistance was also suggested as vital for the successful implementation of these measures.

“Adjusting tax policies to ensure that essential goods remain affordable can help mitigate the impact of inflation on low-income households. Providing clear and transparent communication about economic policies and inflation management efforts can help manage public expectations and confidence.”

“Promoting financial education can help consumers make informed decisions and adapt to changing economic conditions.”

“Collaborating with businesses to understand their challenges and ensuring that they have the support needed to maintain stable prices. Engaging with organizations like the International Monetary Fund (IMF) or World Bank for technical assistance and guidance on best practices in monetary and fiscal policies.”

“A comprehensive approach combining monetary policy adjustments, supply-side interventions, strategic price controls, and prudent fiscal policies is essential for the Nigerian government to effectively mitigate.”