By Chinasaokwu Helen Okoro
The Lagos State Government has unveiled plans to gradually eliminate annual rent payments, replacing them with more flexible monthly and quarterly options. This initiative is designed to reduce the financial burden on residents, particularly low-income earners who often struggle with large upfront rental payments.
Speaking at the 2025 Ministerial Press Briefing, Housing Commissioner Moruf Akinderu-Fatai explained that the move is part of broader efforts to improve housing affordability and accessibility in the state. He referenced the success of the rent-to-own scheme—which requires only a five percent deposit and allows payments to be spread over ten years—as a model that inspired the new policy.
“The positive reception of that scheme showed us the need to rethink traditional rent practices,” he said.
Akinderu-Fatai emphasized that the annual rent model puts unnecessary financial pressure on many Lagosians. “Offering monthly or quarterly payment options will give residents more flexibility and ease the burden of lump sum payments,” he noted.
The government is actively consulting with landlords, property developers, and other stakeholders to address potential implementation challenges, such as landlord compliance, payment tracking, and enforcement systems.
“There are still hurdles to overcome, but we’re in ongoing discussions and taking all viewpoints into account,” he added.
A pilot phase of the new rent model is expected to launch soon in selected areas of the state. “This is more than just a policy announcement—we’re taking concrete steps. We understand the impact this will have on families and are committed to making it a reality,” Akinderu-Fatai concluded.
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