Wike Disagrees with Nigerians Complaining of High Cost of Living, Despite Tinubu’s Acknowledgment of hardship faced by citizens

Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has dismissed concerns about the economic hardship facing Nigerians, even as President Bola Tinubu has openly acknowledged the struggles.

Wike, speaking on the issue of rising living costs, downplayed citizens’ complaints and took a different stance, focusing instead on the purchasing power of investors.

Addressing the public, Wike expressed that the ongoing emphasis on price increases is misplaced. He argued that price hikes have long been a part of Nigeria’s economic history, and that focusing solely on this aspect misses the bigger issue: the weakened purchasing power of investors, which he believes is being exacerbated by current economic conditions.

“Nigerians have always complained about rising prices,” Wike said, citing personal memories of high costs during earlier stages of his life. He suggested that the current economic challenges are no different from those experienced in the past, pointing out that the problem is not just the cost of goods and services, but the declining ability of people, especially investors, to make meaningful purchases in the face of these increases.

Wike further argued that Nigeria’s capitalist system, which relies heavily on the forces of demand and supply, is a major factor in determining prices. While government intervention can offer some relief, he insisted that it cannot fully control market forces. “I don’t agree with people about all increases in everything today,” he remarked, noting that high prices affect everyone, not just the less privileged, but the wealthy as well.

In contrast to suggestions that the government should regulate prices, particularly housing costs, Wike dismissed this as impractical. He stressed that price control is not feasible in a market-driven economy like Nigeria’s. Instead, he encouraged Nigerians to adapt to the realities of the market, which, according to him, naturally fluctuates over time.

The minister also contextualized Nigeria’s challenges within a broader global framework, noting that inflation and high living costs are worldwide issues. He called for a more nuanced understanding of how global market dynamics impact Nigeria, urging citizens to focus on adaptation rather than criticism of the economic system.

While Wike acknowledged that citizens are struggling, he emphasized that the solution lies in economic adjustment rather than dwelling on price hikes. His remarks, however, stand in contrast to President Tinubu’s earlier acknowledgment of the country’s economic difficulties, which has resonated with many Nigerians who feel the brunt of rising costs.