Nigerian government won’t enforce reduction in house rent, says minister wike

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared that government will not dabble into the rising cost of housing accommodation, adding that the owners of the houses, built them to make money.

Penpushing reports that Wike made the declaration when he visited Zeberced Limited Quarry, Kubwa-Abuja, the Federal Capital Territory (FCT) on Saturday, to see what the company was doing, noting that no government legislates on rents for houses, but market forces.

The Minister told journalists when interviewed that everything has increased in cost, stressing that the man who built the houses didn’t build that he will not make profit at the end of the day and that it was no more news that everything has actually increased

‘You are aware that everything has actually increased. The man who built the houses didn’t build that he will not make profit at the end of the day. I don’t agree with people always complaining about rent increases. There are increases in everything today. So, rent should not be singled out’, he stated.

“You want us to make a law and say that a 2-bedroom flat should not be more than N50,000 or N100,000 for example. I don’t think that will encourage investors. We are not running a socialist or communist system; we are running a capitalist economy, and these are determined by market forces.”

Penpushing further reports that the known controversial politician, however, added that the government could come in with some regulations, explaining that, but cannot totally take over the housing processes.

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