The Lagos State Government is set to revolutionize the rental system by introducing monthly rent payments, announced Barakat Odunuga-Bakare, the Special Adviser on Housing to the Lagos State Governor, during a recent press briefing.
Expected to roll out by late 2024 or early 2025, this initiative aims to align Lagos with global norms in rent collection, as reported by Nigerian Tribune. Barakat highlighted that the move towards monthly payments is inspired by practices in other countries and will prioritize tenants’ income levels, ensuring fairness and flexibility. A phased approach will see the public sector trialing the system initially before expanding it to private rentals.
Addressing concerns, Barakat assured the public that the allocated N5 billion for the monthly rental plan remains intact. She attributed the slow implementation to the government’s commitment to refining the system, emphasizing ongoing progress despite challenges. The overarching objective is to drive positive transformations in Lagos’ housing sector.
Barakat affirmed, “The previous administration initiated the monthly leasing program but was unable to launch it. With the support of the new governor, we aim to roll out the program by year-end or early next year.”
