The Lagos State Government has said plans are being finalised to introduce a monthly and quarterly rent payment system aimed at reducing the financial
burden of annual rent
on residents, especially low-income earners.
The Commissioner for
Housing, Moruf Akinderu-Fatai, disclosed this during the 2026 Ministerial Press
Briefing commemorating the third year of
Governor Babajide
Sanwo-Olu’s second term in office, held at the Bagauda Kaltho Press Centre,
Alausa, Ikeja.
Akinderu-Fatai said the
initiative was conceived following the success of the state’s rent-to-own
housing policy, which allows beneficiaries to make an
initial five per cent
payment and spread the balance over 10 years.
According to him,
“Lagos State Government introduced a rent-to-own scheme that allows tenants to
own their homes by paying an initial five per cent and
then spreading payments
over 10 years.”
The commissioner
explained that the government was looking beyond home ownership to ease rental
pressures on Lagos residents through a more flexible payment
structure.
“The success of this
initiative encouraged the need to promote the implementation of monthly and
quarterly rent to provide succour to rent seekers,” he
said.
He added, “This will
replace the burden of yearly rent payment, especially for low-income earners.”
Akinderu-Fatai,
however, noted that certain challenges were still delaying the rollout of the
policy.
“Factors impeding the
take-off of this initiative are being examined with the engagement of all
direct and indirect stakeholders in the real estate business,”
he said.
The commissioner
nevertheless assured Lagos residents that the government remained committed to
implementing the scheme.
“I want to use this
medium to reaffirm the state government’s commitment to this programme and that
plans are being perfected to effect the pilot phase
of this initiative,” he
stated.
The proposed rent
payment structure comes amid rising housing pressure in Lagos, which the
commissioner described as the epicentre of Nigeria’s housing
demand due to rapid
urban migration and population growth.
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