Lagos State Government Pledge to Launch Monthly Rental Scheme

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The Lagos State Government, on Thursday, reiterated its commitment to launching the monthly rental scheme. At the Ministerial Briefing to celebrate the first year of Governor Babajide Sanwo-Olu’s second term in office, the Lagos state commissioner for housing, Mr Moruf Akinderu-Fatai disclosed this.

Acknowledging the delays, he made it clear that the government was still moving forward with the pilot phase. He highlighted the different obstacles hindering the implementation of the initiatives and reiterated that plans are in progress to guarantee the flawless execution of the initiatives.

In March, Mrs Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, disclosed that the state’s monthly rental scheme would be enforced before the end of the year or early 2025.

She disclosed her aim to shift the current system of paying rent annually to a monthly payment system during a news conference of the Lagos State Real Estate Regulatory Authority.

Recognizing that access to affordable financing has been a challenge, Akinderu-Fatai noted that it is particularly difficult for low-income households in Lagos State. He noted that the lack of proper housing has led to social and economic problems like poverty and poor health.

The Commissioner noted that this trend was not unique to Lagos, stating that housing prices and rents are rising globally. He described Lagos as the epicenter of Nigeria’s urbanization, stating that the state's ever-growing population is estimated to have an annual growth rate of 3.34 percent, with 90 people moving in every hour to reside in the state.

“This coupled with a limited land area of 3,577km2, a third being water, further limited housing development,” Akinderu-Fatai said.

Believing that affordable housing was achievable, he emphasized the need for bold and resilient strategies to address the challenges and urged parties involved in housing development to work together to find solutions.

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