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Nairaland Forum / Nairaland / General / Politics / This Nigerian Law Can Force A Fixed Price On Anything You Sell. (573 Views)
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This Nigerian Law Can Force A Fixed Price On Anything You Sell. by Chukzyfcb(m): 4:56pm On Jan 24, 2016 |
Do you know there is a draconian law that gives power to the FG to fix prices on certain commodities. Infact the law is still active but totally oblivious to so many because it was praticised mostly in the 70's. ****************************************According to Section 6 Subsection 1 of the price control act of 1977, It shall be unlawful for any person to sell, agree to sell or offer to sell any or employ any other person, whether or not that other person is of full age, to sell any controlled commodity at a price which exceeds the controlled price. 1. Bicycles and spare parts. 2. Flour. 3. Matches. 4. Milk. 5. Motorcycles and spare parts. 6. Motor vehicles and spare parts. 7. Petroleum products. 8. Salt. 9. Sugar. This is just an excerpt found on "nairametrics website" nairametrics.com/once-upon-a-time-the-government-controlled-the-prices-of-these-7-commodities/...............With the failing economy and increase in inflation figure, do y'all think Presidnt buhari can resume this law? |
Re: This Nigerian Law Can Force A Fixed Price On Anything You Sell. by Nobody: 5:07pm On Jan 24, 2016 |
Amazing, it has already applied to PMS |
Re: This Nigerian Law Can Force A Fixed Price On Anything You Sell. by Chukzyfcb(m): 5:11pm On Jan 24, 2016 |
Yea its only active in petrol sector, where PPPRA are responsible for the price fixing, but how about they move to things like Milk? Or even matches that is widely used by everybody |
Re: This Nigerian Law Can Force A Fixed Price On Anything You Sell. by juventino: 5:35pm On Jan 24, 2016 |
Meanwhile in my friends church today.....
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