A Former Vice President of the NBA, Monday Ubani has alleged that the legal action initiated by SAN Femi Falana in urging the enforcement of the Control Price Act is part of the Nigerian law.
He highlighted the existence of a control board, as per the laws of the federation in 2004, with the mandate to regulate the prices of various item.
He expressed concern about the pervasive impunity leading to a high inflationary rate in the Nigerian market due to the non-intervention of the government.
He shared the incident where he encountered exorbitant prices for banana, while underscoring the widespread challenges faced in the market over hikes in prices.
He said in an interview with Channels TV,
”That law has been in our law books but aw have not been able to activate it just like several other laws that are in our law books which the government has actually refused to comply with. What has happened is that, SAN Femi Falana went to court asking that the FG should be compelled to enforce the CPC. [Control Price Act.]
The laws of the Federation 2004 create a control board that’s supposed to fix prices of items. But in Nigeria, you see the level of impunity in terms of inflationary rate. Yesterday on my way back from work, I wanted to buy a banana, the banana that I used to buy for 300,500, and the woman told me N2000. Despite all my plea, the woman refused to comply in giving me that particular banana for 1,500. She insisted on 2,000. And I was so shocked. The same thing with cement, the same thing with everything in the market.”
[Start From 15:09]