FCT Minister Wike Attributes Rising Abuja Housing Costs to inflation, and Rules Out government legislation

The Minister of the Federal Capital Territory (FCT), Barrister Nyesom Wike, has pointed to market forces as the driving factor behind the rising housing costs in the FCT. He made this statement during a visit to Zeberced Limited Quarry in Kubwa, Abuja, on Saturday.

In response to questions from journalists about the FCT Administration's efforts to address high accommodation rents in Abuja, Wike explained that the overall cost of living has significantly increased.

He emphasized that housing rents, like other commodities, are influenced by market dynamics, not government intervention.

Wike remarked, “It's clear that the cost of everything has gone up. Developers don’t construct homes without expecting a return on investment. Complaints about rent increases shouldn’t be isolated, given that prices across the board have risen.” He added, “Expecting the government to impose a law setting fixed rent prices, such as N50,000 or N100,000 for a two-bedroom apartment, wouldn’t be practical, as it would discourage investors."

The minister further explained that the FCT operates within a capitalist framework, where prices are dictated by market forces. However, he acknowledged that while the government may introduce certain regulations, it cannot completely control the housing sector.