The Lagos State Government has announced plans to phase out annual rent payments in favor of more flexible monthly and quarterly options. This initiative aims to ease the financial burden on residents, particularly low-income earners who struggle with large upfront rental costs…...CONTINUE READING
Commissioner for Housing, Moruf Akinderu-Fatai, revealed the initiative during the 2025 Ministerial Press Briefing, stating that the move builds on the state’s ongoing efforts to make housing more affordable and accessible. He cited the earlier rent-to-own scheme, which allows beneficiaries to pay a five percent deposit and spread the remaining balance over 10 years, as a successful foundation for this new policy.
The commissioner emphasized that the traditional annual rent model places an undue financial strain on many Lagosians. He noted that monthly or quarterly payment options would offer people more breathing room and reduce the stress of sourcing lump sums.
The government is engaging with landlords, property developers, and other stakeholders to address potential challenges, including enforcement and secure payment tracking. A pilot phase of the new rent structure is expected to roll out in select areas of the state..CONTINUE READING
