The Minister of the Federal Capital Territory (FCT), Barrister Nyesom Wike, has pointed to market dynamics as the reason behind the escalating housing costs in the FCT. He made this statement during a recent visit to Zeberced Limited Quarry in Kubwa, Abuja.
In response to inquiries from reporters regarding the FCT Administration’s efforts to tackle the issue of high rental prices, Wike emphasized that the overall cost of living has risen significantly.
He explained that no government sets regulations on housing rents; rather, it is determined by market forces.
Wike remarked, “It’s clear that prices have gone up across the board. Builders construct homes with the expectation of making a profit. I don’t support the constant complaints about rising rents. Costs are increasing everywhere today.”
