Construction cost escalation is common problem in the construction industry in which the continuous increases in the project’s cost raised serious problems on the efficacy of works contracts and it performance in building projects. The study aimed to explore the degree of severity, mitigating measures as well as the challenges of stakeholders in curtailing factors influencing construction cost in North-eastern, Nigeria. The study adopts descriptive and explanatory design approach. Sixty questionnaires administered to the professionals within the study area. Data analyses using percentages, severity index, relative important index and inferential statistics. The finding shows the top factors that severely affects construction cost as instability of market conditions (SI = 0.751), fluctuation in material and labor prices (SI = 0.735), funding Problems (SI = 0.672). Moreover, the top effective measures in mitigating factors influencing construction cost are; thorough crosschecking of estimates (RII = 0.670), use of correct estimation methods (RII = 0.645), elimination of design/specification error (RII = 0.636). Furthermore, the top challenges of stakeholders identified as government attitude towards lack of stabilizing market price, inadequate awareness on degree effects of escalation cost in construction. The study concludes that, there is no significant difference among the respondents toward severity factors and the respondents strongly acknowledged that more 70% of the mitigating measures are effective against factors influencing cost of construction. The study recommends that, government and stakeholders should ensure the stability of market condition as well as price control in building materials and its implementation in practice to curtail the issue at hands.