BREAKING: Lagos set to introduce monthly rent payments to ease financial burden on residents

Lagos set to introduce monthly rent payments to ease financial burden on residents

The Lagos State Government says it is finalising plans to introduce monthly and quarterly rent payment system aimed at easing financial burden on residents, especially low-income earners.

The Commissioner for Housing, Mr Moruf Akinderu-Fatai, disclosed at the 2025 Ministerial Press Briefing to commemorate Gov. Babajide Sanwo-Olu’s second year in office on Tuesday.

He said the initiative was part of broader efforts to make housing accessible and affordable for residents.

He recalled that the state had earlier launched a rent-to-own housing scheme which allows tenants to make an initial five per cent down payment and spread 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.

According to him, many tenants, particularly those with modest incomes, find it difficult to pay rent annually.

Akinderu-Fatai added that “we believe that monthly or quarterly payment options will give people more breathing space and reduce the stress associated with sourcing lump sums.”

He noted that the government was currently engaging landlords, property developers and other key players in the real estate sector to understand the challenges and fine-tune the policy before rolling it out.

He said “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.”

The commissioner added that the government was fully committed to the plan, working diligently to implement a pilot phase 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,” he stressed. (NAN)