THE Lagos State Government said it was working to introduce monthly and quarterly rent payment systems as part of efforts to reduce the financial pressure on residents, especially low-income earners, who are made to pay yearly, despite the harsh economic situation in the country.
Commissioner for Housing, Moruf Akinderu-Fatai, who disclosed this on Tuesday, May 13, during this year’s Ministerial Press Briefing to mark Governor Babajide Sanwo-Olu’s second year in office, said the policy was a continuation of the drive to make housing more accessible and affordable in the state.
Akinderu-Fatai recalled that the state government’s earlier rent-to-own scheme, which allows beneficiaries to make a five per cent initial payment and spread the balance over 10 years, adding: “That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment.”
He stated that many residents find yearly rent payment difficult; hence the option of a new system that would provide a relief, saying: “We believe that monthly or quarterly payment options will give people more breathing space and reduce the stress associated with sourcing lump sums.”
The commissioner said the state government was currently consulting with landlords, property developers and other stakeholders to resolve potential challenges related to enforcement and payment systems before rolling out the initiative, adding: “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.
“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.”
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