- The federal government (FG) of Nigeria under Bola Ahmed Tinubu has ruled out price control in the country
- The minister of information, Mohammed Idris, restated the FGs intention to lower the cost of food commodities amid hardship among the citizens
- Idris explained that in line with the principles of a free-market economy, the government remains focused on reducing prices by boosting agricultural production and increasing supply
Tinubu’s government rules out price control.
Photo credit: @PBATMediaCentreSource: TwitterIn the past, we used to have these commodity boards where prices were fixed but in the spirit of free market and encouraging entrepreneurship, especially within the agricultural value chain, government didnt feel that it was necessary for them to begin to control prices. Now, what government is doing is to ensure that there is massive production of food items and its a supply and demand issue.”Once you have whatever you need in abundance, the tendency is that the price will automatically come down.”Nigerians’ struggle with essential food itemsNigerian govt speaks on cause of food scarcity
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