The Minister of the Federal Capital Territory, Mr Nyesom Wike, has attributed the rising cost of housing in the FCT to market forces, stating that the government cannot control the rents set by property owners.
Wike expressed disagreement with those complaining about rent increases, noting that property owners and developers cannot be prevented from seeking profits.
He made this statement in Abuja on Saturday during a visit to Zeberced Limited Quarry in Kubwa-Abuja, to assess the company’s activities.
When asked by journalists what the FCT Administration was doing to address the high cost of accommodation in Abuja, the minister pointed out that the costs of everything have risen.
According to him, no government legislates rents for housing; they are dictated by market forces.
Wike said, “You are aware that the cost of everything has actually gone up. The person who built the houses didn’t build them with the intention of not making a profit in the end.
“I don’t agree with people constantly complaining about rent increases. Prices have risen across the board, so rent should not be singled out.
“Do you want us to pass a law stating that a two-bedroom flat should not cost more than N50,000 or N100,000? I don’t think that would encourage investment.
“We are not operating a socialist or communist system; we are running a capitalist economy, and these matters are determined by market forces.”
The minister, however, added that while the government could introduce some regulations, it “cannot fully control the housing market.”
NAN.
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