Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has recognized that the government lacks the authority to compel landlords in the city to lower their rental prices.
Wike emphasized that rental costs are determined by market dynamics during his visit to the Zeberced Quarry in Kubwa on Saturday.
He stated, “No government sets a limit on rent prices; it’s dictated by market forces.
“You must understand that overall expenses have risen, impacting everything. The property developer didn’t construct the building without anticipating a profit.
“I do not concur with the constant complaints regarding rent hikes; prices have surged across the board, so rent shouldn’t be the sole focus of dissatisfaction.
“Are you suggesting we enact a law that dictates a two-bedroom apartment cannot exceed N50,000 or N100,000, for instance?”, The FCT Minister Said in a Statement.
