Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, has announced the imminent enforcement of a monthly rental scheme by the state government, expected to take effect before the end of 2024 or early in the following year.

Speaking at a recent press briefing organized by the Lagos State Real Estate Regulatory Authority in Ikeja, Lagos, Odunuga-Bakare highlighted the intention to align Lagos with global rental practices, where rents are collected on a monthly basis. She emphasized that the policy would also consider tenants’ income levels to ensure affordability.

“We are exploring the implementation of monthly rental payments, and we aim to roll out this policy either by the end of the year or early next year,” Odunuga-Bakare stated. She mentioned that the initial implementation would be tested within the public sector to gauge its effectiveness before extending it to the private sector.

Odunuga-Bakare reassured that the allocated N5 billion for the monthly rental scheme remains untouched, despite the slow progress in its execution, attributing the delay to the need for thorough preparation by the state government.

She explained, “The transition to a monthly rental system was initiated in the previous administration’s tenure, which overlapped with the transition to the current administration. However, Governor Sanwo-Olu is committed to implementing this scheme to address the evolving housing needs of Lagos residents.”

In 2021, Governor Babajide Sanwo-Olu had advocated for a monthly rental system to replace the traditional yearly advance payment model, citing its inadequacy in meeting the housing needs of low- and middle-income earners in Lagos.

Sanwo-Olu reiterated his stance on the importance of affordable housing during the 10th meeting of the National Council on Lands, Housing, and Urban Development held in Lagos. He urged policymakers to develop a regulatory framework to facilitate the transition to monthly rentals.

Former Minister of Works and Housing, Babatunde Fashola, supported Sanwo-Olu’s recommendation, emphasizing the need to address housing inequality and improve affordability for low-income earners through innovative rental models.

Author: Deborah Oyinloye

With an interest in media, Deborah aims to impart the lives of people positively.

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