Amid Nigeria’s worsening housing crisis, the Revolutionary Socialist Movement (RSM) has issued a strong call for rent control and large-scale public housing investments by President Bola Tinubu’s administration. The movement decried the unchecked rise in rental costs across the country, attributing it to exploitative landlords, failed government policies, and a deepening economic crisis.
In a statement released on Wednesday, RSM Publicity Secretary Salako Kayode criticized the Tinubu-led government for failing to address the rising cost of living, which has left millions of Nigerians struggling to afford decent shelter.
Kayode pointed out that since President Tinubu assumed office, inflation has surged, worsening the economic strain on Nigerian workers. He noted that despite the approval of a N70,000 minimum wage, many employers—including state governments, private companies, and even the federal government—have refused to fully implement the new wage policy.
“What is even more alarming is the outrageous surge in housing prices. While wages remain stagnant or unpaid, millions of Nigerians are forced into overcrowded, unsanitary living conditions, creating a serious public health crisis,” Kayode said.
According to reports, Nigeria faces a staggering housing deficit of over 17 million units, with millions of citizens unable to afford quality accommodation. Kayode described this as a national emergency requiring urgent intervention and significant public investment.
The statement also criticized Federal Capital Territory (FCT) Minister Nyesom Wike, who recently dismissed calls for government intervention, attributing Abuja’s skyrocketing rent prices to “market forces.”
“But what are these so-called ‘market forces’? Are they not profit-driven real estate investors, landlords, and estate developers who are only concerned with maximizing profits at the expense of ordinary Nigerians?” Kayode asked.
He argued that the government can and must intervene by implementing rent control policies to curb landlords’ excesses and prevent the exploitation of tenants.
The RSM leader highlighted the ridiculous cost of renting apartments in major cities, which has made housing increasingly unaffordable:
In Lagos, Enugu, Benin City, Kano, and Port Harcourt, the rent for a one-bedroom or two-bedroom apartment ranges between N800,000 and N2,000,000, depending on the location.
In Wuse 2, Abuja, a two-bedroom flat costs between N15 million and N20 million, while in Maitama, prices soar to N40 million.
In Jikwoyi, similar flats cost between N380,000 and N800,000, and in Karu, they range from N850,000 to N1 million.
“This unaffordability, combined with the rising cost of food, transportation, and utilities, has pushed millions of Nigerians further into hardship,” Kayode lamented.
The Root Cause: Neoliberal Policies and Corporate Monopoly
The RSM condemned the Tinubu administration’s neoliberal policies, accusing it of prioritizing the interests of capitalists, foreign financial institutions, and local elites over the needs of ordinary Nigerians.
“The profit-driven interests controlling the housing sector make it impossible to provide affordable, quality housing for the people,” Kayode stated.
He cited the monopoly of cement production—a crucial building material—by corporate giants such as Dangote, Lafarge, Holcim, and BUA Group, as a major factor behind Nigeria’s escalating construction costs. Other building materials, he noted, are either imported at exorbitant prices or controlled by a few local businesses, further driving up housing costs.
RSM’s Radical Housing Solutions
The RSM proposed a three-pronged solution to Nigeria’s worsening housing crisis:
1. Nationalization of the Building Sector – Seizing control of major construction industries, including cement, steel, and real estate development, and placing them under democratic control of workers and tenants—without compensation to current owners.
2. Massive Public Investment in Housing – Launching an aggressive, government-funded housing program that prioritizes affordable, environmentally friendly homes for all Nigerians.
3. Implementation of Rent Control Policies – Introducing a rent cap, ensuring that housing costs remain proportionate to tenants’ incomes.
To fund these initiatives, RSM called for higher taxes on the wealthy, multinational corporations, and financial institutions that currently exploit the economy for personal gain.
“The only way to guarantee affordable, quality housing for all Nigerians is through state intervention, public investment, and economic restructuring. If left to the forces of capitalism, housing will remain an inaccessible luxury rather than a basic human right,” Kayode concluded.
The Revolutionary Socialist Movement urged Nigerian workers, tenants, and civil society groups to mobilize and demand immediate government action on the housing crisis.
“Nigeria’s housing deficit is not just a statistic—it is a humanitarian disaster affecting millions of families. The government must act decisively to end this crisis before it spirals even further out of control,” the group warned.
With rent prices skyrocketing, wages stagnating, and living conditions deteriorating, the question remains: Will the Tinubu administration prioritize the people’s right to housing, or will it continue to serve the interests of the elite?
PIONEER NEWS 