JUST IN: Good News as Tenants in Nigerian State to Start Paying Rents Monthly

Good News as Tenants in Nigerian State to Start Paying Rents Monthly

Good News as Tenants in State to Start Paying Rents Monthly

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The state has concluded plans to introduce and implement a monthly rental policy This, the government said, is part of efforts to help ease the current on residents of the stateThe government said that upon successful implementation, the policy will then be extended to the private sector

Henzodaily.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

The government has instilled optimism among home renters, pledging relief in the near future through the enforcement of a monthly rental policy conceived several years back.

Good news as tenants in Nigerian state to start paying monthly rents in 2025
Source: UGC

It is common knowledge that a lot of Nigerians struggle to save up for the ever-increasing yearly rental fees usually demanded by landlords.

The landlords and homeowners, on the other hand, have always indicated the rising cost of building materials like cement to be responsible for the high cost of rents and the need to collect on a yearly basis.

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Monthly rent collection to be implemented soon

Barakat Odunuga-Bakare, the Special Adviser to the Governor of Lagos State on Housing, has revealed that the implementation of the state's monthly rental scheme is slated to commence either by the conclusion of 2024 or in the early months of the following year.

According to The Punch, the announcement was made during a recent press briefing held by the Lagos State Real Regulatory Authority in Ikeja, Lagos.

Odunuga-Bakare said:

“We all see what is being done in other climes, rents are collected monthly. Hence, we are looking and hoping that before the end of the year, or by early next year, we will be able to implement the policy of monthly rental. Also, the rental would be charged according to tenants' earnings.”

She mentioned that the government plans to pilot the policy initially within the public sector, leveraging its ability to assess individuals' income levels accurately.

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Upon successful implementation and validation, the policy will then be extended to the private sector.

According to BusinessDay, Odunuga-Bakare emphasized that the allocated N5 billion for the monthly rental scheme remains reserved and untouched.

She further noted that the sluggish implementation of the scheme indicates the Lagos State Government's ongoing efforts to refine various aspects of the initiative.

Sanwo-Olu advocates rental policy

In connected developments, Governor Babajide Sanwo-Olu voiced support for a monthly rental system, emphasizing its affordability for low- and middle-income earners who challenges with yearly rental commitments.

He stated that Lagos is actively devising monthly rent arrangements to cater to residents who are not inclined towards the state's homeownership program.

Sanwo-Olu said:

“In Lagos, we operate a very robust rent-to-own programme of five per cent down payment and six per cent simple interest rate payable over 10 years. We are working on another product, which is a purely rental system, where residents will pay monthly.”

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He encouraged policymakers to heed the suggestion and commence the establishment of a regulatory framework aimed at facilitating the transition to the proposed new rental system.

Government goes after homeowners inflating rents

Meanwhile, Henzodaily.ng earlier reported that the Lagos State Government announced its intention to enforce penalties against homeowners discovered to be charging excessively high rents for their apartments.

Moruf Akinderu-Fatai, the Commissioner for Housing, issued a statement indicating the government's determination to act against individuals engaging in such exploitative practices.

The commissioner noted that numerous residents in state housing schemes had raised concerns about the steep rental fees imposed by certain homeowners.

Furthermore, he emphasized that the government would revoke allocations from those found guilty of such actions.

Source: Henzodaily.ng

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