The Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, has attributed the rising cost of housing in Abuja to market forces, stating that the government cannot legislate rent prices.
Wike made the remarks during a visit to Zeberced Limited Quarry in Kubwa, Abuja, on Saturday. While addressing concerns about the high cost of accommodation in the FCT, the minister emphasized that increasing prices are a reflection of broader market conditions.
“Everything has increased in cost, including housing,” Wike explained. “The person who built the houses didn’t do so without the expectation of making a profit.”
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Wike dismissed complaints about rent hikes, noting that rising costs are not unique to housing, but affect all sectors. “We can’t isolate rent increases as an issue. The cost of everything has gone up,” he added.
When asked about potential government intervention, Wike clarified that the FCT Administration is not considering any form of rent control. “We are not running a socialist or communist system; we operate a capitalist economy where market forces dictate prices,” the minister said.
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While acknowledging the possibility of government regulations in the housing sector, Wike emphasized that the government cannot fully control housing prices. “The government can regulate, but we cannot take over the entire housing process,” he concluded.
