On Wednesday, the Federal Excessive Courtroom in Lagos issued a big directive, mandating the Federal Authorities to determine worth laws for items and petroleum merchandise inside a seven-day timeframe ranging from in the present day. This growth arose from a authorized movement filed and passionately argued by Senior Advocate of Nigeria, Femi Falana, earlier than Justice Ambrose Lewis-Allagoa.
Within the courtroom, Falana contended that the Worth Management Board and the Lawyer Basic of the Federation, named as defendants within the case, weren’t fulfilling their obligations beneath Part 4(1) of the Worth Management Act, Legal guidelines of the Federation of Nigeria, 2004. The central query earlier than the courtroom was whether or not the Worth Management Board was successfully exercising its authority to determine costs for items outlined within the First Schedule of the Worth Management Act.
Supporting Falana’s arguments, a authorized practitioner from his agency, Taiwo Olawanle, submitted an affidavit outlining the crucial commodities coated by the Worth Management Act. These included bicycles and spare components, flour, matches, milk, bikes and spare components, motor automobiles and spare components, salt, sugar, and petroleum merchandise resembling diesel, petrol, and kerosene. Regardless of the Act’s provisions empowering the Worth Management Board to control the costs of this stuff, Olawanle highlighted discrepancies in enforcement, notably regarding petroleum merchandise.
The affidavit additional underscored the alarming escalation within the costs of important commodities, illustrating the rising burden on customers. For example, it identified the staggering enhance in the price of a bag of rice from N8,000 to N45,000, reflecting the escalating inflationary pressures. Moreover, it make clear the pervasive lack of transparency amongst sellers, who exploit market situations to maximise earnings on the expense of patrons, exacerbating the plight of customers.
This courtroom order serves as a pivotal step in the direction of addressing financial disparities and safeguarding client pursuits, signaling the crucial for swift governmental motion to stabilize costs and alleviate the hardships confronted by the populace.
