I don’t believe in price control. I’m sorry - President Bola Tinubu 12/23/2024 10:46Pm - Copy

President Bola Ahmed Tinubu has made it clear that his administration does not support price control as a strategy to address the surging cost of food items across the country.Speaking during a televised presidential media chat on Monday, he emphasized that market-driven forces and increased supply are the key solutions to stabilizing prices.

According to the report by Daily Trust on Monday, the President said, “I don’t believe in price control. I’m sorry. What we have to do is to keep supplying the market."Tinubu stated during the discussion, underscoring his confidence in the principles of demand and supply as the driving forces for sustainable economic solutions.

The President's remarks came following growing concerns over the rising cost of living and persistent inflation, which have seriously impacted the affordability of staple foods for many Nigerians.Many Nigerians have called for direct interventions, including subsidies and price caps, to shield citizens from the economic burden.However, Tinubu's stance suggests a preference for long-term structural solutions rather than short-term regulatory measures.The President’s position has drawn mixed reactions from members of the public, with many taking to the comments section to share their views on the issue. Some said that market forces, if properly managed, can lead to a more resilient and self-sustaining economy.However, others said that without immediate relief measures, many Nigerians may continue to struggle under the weight of escalating food prices.