LASG restates commitment to launch monthly rental scheme

The Lagos State Government has reiterated its commitment to launching the monthly rental scheme.

The state’s Commissioner for Housing, Mr Moruf Akinderu-Fatai, restated this on Thursday at a Ministerial Briefing to commemorate the first year of Gov. Babajide Sanwo-Olu’s second term in office.

He acknowledged the delays but emphasised that the government was still moving forward with the pilot phase.

Akinderu-Fatai said, “Although there are several factors impeding the takeoff of this initiative; I want to use this medium to reaffirm that plans are being perfected to effect the pilot phase of this initiative.”

Recall that Mrs Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, had in March, disclosed that the state’s monthly rental scheme will be enforced before the end of the year or early 2025.

She made the disclosure at a news conference of the Lagos State Real Estate Regulatory Authority.

The aim of the scheme is to shift the current system of paying rent annually to a monthly payment system.

Akinderu-Fatai recognised that access to affordable financing had remained a hurdle, particularly for low income households in Lagos State.

He said the lack of proper housing had led to social and economic problems like poverty and poor health.

This trend, the Commissioner noted, was not unique to Lagos, saying housing prices and rents are rising globally.

Describing Lagos as the epicenter of Nigeria’s urbanisation, he said that the ever growing population in the state was put at an annual growth rate of 3.34 per cent with 90 people coming in every hour to live in the state.

“This coupled with a limited land area of 3,577km2, a third being water, further limiting housing development,” Akinderu-Fatai said.

He expressed the belief that affordable housing was achievable, but would require bold and resilient strategies to address the challenges.

He, therefore, called on parties involved in housing development to work together to find solutions.