A Bill for an Act to Amend the Price Control Act, 1977 to Reflect Current Realities and to Specify Essential Goods and Commodities in Nigeria; and for Related Matters

Abstract

This Bill seeks to amend the Price Control Act, 1977 to update its provisions in line with present-day economic conditions. It substitutes the outdated Schedule with a revised list of essential goods and commodities, including staple food, petroleum products, essential medicines, fertilizers, and building materials. It also introduces a mechanism for periodic review to ensure that the list of essential goods remains relevant to the needs of Nigerians, while safeguarding affordability and preventing exploitation.