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Bismarck Rewane Promises That??? We dont need PROMISES !
In February, a bag of rice was N80,000. It went up to N95,000 and now it's down to N88,000 a bag. We expect by June, it will come down to N85,000 because Ramadan and fasting are over. Now, the price of a loaf of bread is 1,300 in February, it is now at 1,600. We expect it to drop to 1400."
Price Control in Nigeria was effectively introduced by the Price Control Act 1977 (the "PCA"). Though initially enacted as a decree by the military government, it officially became an Act, by virtue of the existing law, after Nigeria's transition from military rule to a democracy.
Which Agency is responsible for price control in Nigeria?
the Federal Ministry of Commerce
The Petroleum Products Pricing Regulatory Agency (PPPRA) is an agency of the government of Nigeria established in 2003 to, among other responsibilities, monitor and regulate the supply and distribution, and determine the prices of petroleum products in Nigeria. Its headquarters is located in Abuja, Nigeria.
PRICE CONTROL ACT
ARRANGEMENT OF SECTIONS
Constitution, etc., of Price Control Board and Committees
SECTION
1. Price Control Board.
2. Price Control Committees.
3. Provisions supplemental to sections I and 2.
Imposition of price control, offences, etc.
4. Imposition of price control.
5. Fixing of controlled price.
6. Prohibition of sale above controlled price.
7. Hoarding.
8. Resale price maintenance.
9. Enforcement staff.
10. Duty to furnish information to the Board; penalty.
11. Seizure of goods suspected of being liable to forfeiture.
12. Requisition and sealing of premises.
13. Court order preventing habitual offender from carrying on business concerning controlled commodity.
14. Offences by bodies corporate.
Trial of offences
15. Trial of offences.
Miscellaneous
16. Exclusion of personal liability.
17. Regulations.
18. Interpretation.
19. ShOJ1 title, repeal, savings, etc.
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