The Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare, recently announced plans to enforce the state’s monthly rental scheme by the end of 2024 or early 2025.
Speaking at a press briefing of the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, she emphasized the need to align with international standards where rents are collected monthly.
Odunuga-Bakare highlighted that rental fees would be determined based on tenants’ incomes. The initial implementation will be within the public sector to gauge effectiveness before extending it to the private sector. She reassured me that the allocated N5bn for the monthly rental scheme remains untouched.
Addressing delays, Odunuga-Bakare explained that the transition faced hurdles due to administrative changes. With the new administration's commitment, efforts are underway to ensure the scheme's implementation soon.
Governor Babajide Sanwo-Olu had previously advocated for monthly rentals, citing their affordability and suitability for low- and middle-income earners. At the 10th National Council on Lands, Housing, and Urban Development meeting, he urged policymakers to consider regulatory frameworks for this transition. Sanwo-Olu highlighted existing homeownership schemes and proposed a purely rental system to accommodate diverse resident preferences.
Former Minister of Works and Housing, Babatunde Fashola, supported Sanwo-Olu's stance, emphasizing the inequality perpetuated by the yearly rental system, particularly affecting low-income earners.
