The Lagos State Government has revealed that plans are in the final stages to implement monthly and quarterly rent payment options to ease the financial pressure on residents, particularly those with low incomes.Commissioner for Housing, Mr Moruf Akinderu-Fatai, shared the update during the 2025 Ministerial Press Briefing marking Governor Babajide Sanwo-Olu’s second year in office on Tuesday. He explained that the move is part of a broader initiative to improve access to affordable housing for Lagosians.
Referencing the earlier rent-to-own scheme, which allows tenants to make an initial five per cent deposit and spread the remainder over 10 years, Akinderu-Fatai said the success of that programme inspired further innovations. “That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment,” he said.
He noted that annual rent payments have become a heavy burden for many, especially those on modest incomes. “We believe that monthly or quarterly payment options will give people more breathing space and reduce the stress associated with sourcing lump sums,” he added.
The commissioner stated that consultations are ongoing with landlords, developers, and other real estate stakeholders to identify potential challenges and refine the plan.“Of course, there are issues to resolve — things like landlord cooperation, payment tracking and enforcement. But discussions are ongoing and we are listening to all sides,” he said.
He also mentioned that a pilot phase is being prepared in specific locations within the state. “This is not just policy on paper. We are making real progress. We know what this means for many families, and we are determined to make it happen,” Akinderu-Fatai concluded.
Source : https://guardian.ng/
