Lagos State Government unveils plans to implement monthly rent policy for Lagos residents.
The Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare revealed this at a press conference at the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos.
Bakare revealed that the State will implement the monthly rent policy before the end of 2024 or early 2025. She said rent would be charged monthly according to the tenants' income. The State has allocated a sum of N5bn to test-run the policy within the public sector before pushing it out to the private sector.
She said, "We all see what is being done in other climes, rents are collected monthly. Hence, we are looking and hoping that before the end of the year, or by early next year, we will be able to implement the policy of monthly rent. Also, the rent would be charged according to tenants’ earnings.
The good part about it is that we would be test-running it first within the public sector since we can ascertain how much everybody is earning, and once we see that it works in the public sector, we can now push it out to the private sector.
The last administration that initiated the monthly rental scheme was coming to an end when the scheme was to be introduced. Now, we have a new administration and the governor wants the scheme to come into effect by the end of this year or early next year."
