By Isaac Ologbosere

The House of Representatives has mandated its Committees on Solid Minerals Development, Commerce, Industry and Special Duties to investigate the arbitrary increase in the price of cement by manufacturers in the country like Dangote Cement and BUA Cement. 

This followed a motion by a lawmaker, Jonathan Gaza.

A 50kg bag of cement is currently sold for 10,000 naira in most parts of the country, about 100 percent increase from its initial price of 5,000 naira in the last three months.

Cement manufacturers in Nigeria had met government representatives in February and agreed to bring down the price of the product to between 7,000 and 8,000 naira per 50kg depending on the location nationwide but the price still remained 10,000 naira in most places.

The House, therefore on Wednesday, resolved that the committees should summon cement manufacturers in the country, for capitalising on exchange rate volatility to arbitrarily increase the price of the product, whose cost of production has not changed significantly since last year.

In the meantime, the House called for the resumption of the National Social Investment Programme, after it was suspended by President Bola Tinubu due to scandals revealed concerning its management.