The Lagos State Government has announced its intentions to introduce monthly house rent payments by the end of 2024 or in the early months of the following year.
Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, revealed this development during a recent press briefing, expressing enthusiasm about the upcoming implementation of the monthly rental system.
According to Odunuga-Bakare, the initiative aims to revolutionize the rent collection process in Lagos, drawing inspiration from other countries where rent is collected on a regular monthly basis.
She emphasized that the new system of monthly leasing will be tailored to tenants’ income levels, ensuring greater flexibility and fairness. The initial phase will be piloted within the public sector to ensure smooth operations before extending it to private rentals.
Odunuga-Bakare assured the public that the allocated N5 billion for the monthly rental plan remains intact, underscoring the government’s commitment to refining the system despite its gradual rollout.
Despite encountering challenges, Odunuga-Bakare highlighted the steady progress of the initiative, which aims to bring positive transformations to Lagos’ housing sector.
“The previous administration that introduced the monthly leasing program was nearing its conclusion when the implementation was set to begin. With the new administration, the governor is keen on launching the program by the end of the year or early next year,” she stated.