* To ease financial burden on residents
The Lagos State Commissioner for Housing, Mr. Moruf Akinderu-Fatai, has disclosed plans by the government to introduce monthly and quarterly rent payment options to alleviate the financial pressure on residents, especially the low-income earners.
Akinderu-Fatai spoke during a press briefing marking the second year of Governor Babajide Sanwo-Olu in office.
He said the initiative is part of the State’s ongoing efforts to enhance housing accessibility and affordability for residents.
Akinderu-Fatai highlighted the success of the rent-to-own scheme, which allows beneficiaries to pay a five per percent initial deposit and spread the remaining balance over a decade.
“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment,” he said.
He said many residents struggle with annual rent payments, noting that the new system aims to provide relief to them by offering more manageable payment options.
The commissioner added that the government is engaging with landlords, developers, and other stakeholders to address potential challenges such as enforcement and payment systems before the initiative is rolled out.
“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,” he said.
He said a pilot phase is planned for selected areas of the state, adding that the government’s committed to turning the policy into a reality.
“This is not just a 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 said.