The Lagos State Government has reiterated its dedication to launching the monthly rental scheme, aimed at revolutionizing the housing sector in the state.
Mr. Moruf Akinderu-Fatai, the Commissioner for Housing, reaffirmed this commitment on Thursday during a Ministerial Briefing to mark the first year of Governor Babajide Sanwo-Olu’s second term in office.
Despite acknowledged delays, Akinderu-Fatai emphasized that the government was pushing forward with the pilot phase of the initiative.
He stated, “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 disclosed in March that the state’s monthly rental scheme would be enforced before the end of the year or early 2025.
She made this announcement at a news conference of the Lagos State Real Estate Regulatory Authority.
The scheme aims to transition from the current annual rent payment system to a monthly payment system.
Akinderu-Fatai acknowledged that access to affordable financing remained a significant hurdle, particularly for low-income households in Lagos State.
He pointed out that the lack of adequate housing had resulted in social and economic challenges such as poverty and poor health.
The Commissioner noted that this trend was not unique to Lagos, citing rising housing prices and rents globally.
Describing Lagos as the epicenter of Nigeria’s urbanization, he highlighted the state’s ever-growing population, estimated to increase at an annual growth rate of 3.34 per cent, with 90 people moving into the state every hour.
He added, “This coupled with a limited land area of 3,577km2, a third being water, further limiting housing development.”
Akinderu-Fatai expressed confidence that affordable housing was attainable but would require bold and resilient strategies to address the challenges.
He called on all stakeholders involved in housing development to collaborate and find sustainable solutions.