The Minister of the Federal Capital Territory, Mr Nyesom Wike, has attributed the rising value of housing within the FCT to market forces, stating that the federal government can’t management the rents set by property house owners.
Wike expressed disagreement with these complaining about lease will increase, noting that property house owners and builders can’t be prevented from looking for earnings.
He made this assertion in Abuja on Saturday throughout a go to to Zeberced Restricted Quarry in Kubwa-Abuja, to evaluate the corporate’s actions.
When requested by journalists what the FCT Administration was doing to deal with the excessive value of lodging in Abuja, the minister identified that the prices of the whole lot have risen.
In accordance with him, no authorities legislates rents for housing; they’re dictated by market forces.
Wike stated, “You’re conscious that the price of the whole lot has really gone up. The one that constructed the homes didn’t construct them with the intention of not making a revenue in the long run.
“I don’t agree with folks consistently complaining about lease will increase. Costs have risen throughout the board, so lease shouldn’t be singled out.
“Would you like us to go a regulation stating {that a} two-bedroom flat shouldn’t value greater than N50,000 or N100,000? I don’t assume that may encourage funding.
“We aren’t working a socialist or communist system; we’re working a capitalist economic system, and these issues are decided by market forces.”
The minister, nonetheless, added that whereas the federal government might introduce some laws, it “can’t absolutely management the housing market.”
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