Inflation: Oshiomhole Canvasses Need For Regulation Of Market Prices

BY RUTH OKWUMBU
EDO State Governor, Comrade Adams Oshiomhole has canvassed the need for Nigerian government to come up with ways of regulating the market prices of products as a means of controlling inflation.
The Governor who stated this recently during a programme on Channels TV, “View from the top” also reiterated the need for the federal government to consider reviewing the minimum wage of government workers in the country.
Oshiomhole said that the review of the minimum wage is necessary as the persistent rate of inflation has continued to devalue the purchasing power of the civil servants since their income is fixed.
“for private business owners, when the market prize of their raw products increase, they increase the prize of their finished products in order to balance up. And it is the civil servants who suffer it in the end” he stated.
He advised that the government can also come up with ways of regulating the market prices of products as a means of controlling inflation. He added that at the time the minimum wage of N18,000 was agreed, a Dollar was about N150, but that the naira is of much less value now.
“When they signed the agreement of N18,000 as minimum wage, a dollar was about N150, which made N18,000 roughly $120. Now, a dollar is almost N200, which makes the same N18,000 about $90 to $95. There is the need to do something about it” he said.