This is indeed good news for residents of Lagos State, particularly those in low-income brackets, as State Government has announced plans to introduce monthly and quarterly rent payment options aimed at easing the financial burden them, reports thegqazellenews.com.
The state Commissioner for Housing, Moruf Akinderu-Fatai, made this disclosure on Tuesday, 13 May, 2025 at the 2025 Ministerial Press Briefing held to commemorate Governor Babajide Sanwo-Olu’s second year in office.
Akinderu-Fatai, who said the proposed rent model aligns with the state’s ongoing efforts to enhance housing affordability and accessibility, also referenced the government’s existing rent-to-own scheme, which enables beneficiaries to secure homes with a five percent initial deposit and pay the balance over a 10-year period.
“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment,” he said, adding that many residents find annual rent payments difficult and that the new system is expected to provide relief.
“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 explained that the government is actively engaging with landlords, developers, and other key stakeholders to address potential challenges surrounding enforcement and payment structures ahead of the initiative’s implementation.
“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, just as he also revealed that a pilot phase is being planned in selected areas of 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 said.
