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Lagos State vows to enforce monthly rental policy

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Lagos State vows to enforce monthly rental policy

The Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, has disclosed that before the end of 2024 or early next year 2025, the state’s monthly rental policy will be enforced.

At a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, Barakat Odunuga-Bakare said that the N5 billion allocated for the monthly rental policy was still intact.

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 rental. Also, the rental 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.”

She continued,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.”

TopNaija recalls that in 2021, the Governor of Lagos State, Babajide Sanwo-Olu, had said the current rental model, in which tenants pay yearly rent in advance to property owners, has become inadequate to address contemporary realities in the housing sector.

Fenton is a talented and experienced news and entertainment writer at TopNaija, passionate about sharing stories that matter. With a keen eye for detail and a talent for crafting engaging and compelling content, he has built a strong reputation as a reliable and insightful writer. Fenton is a dedicated and talented writer committed to producing high-quality content that is informative, entertaining, and engaging.

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