The Lagos State Government has announced that it is working to introduce monthly and quarterly rent payment options to alleviate the financial pressure on residents, particularly low-income earners.
The state Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this on Tuesday during the 2025 Ministerial Press Briefing to mark Governor Babajide Sanwo-Olu’s second year in office.
Akinderu-Fatai said the planned policy continues the state’s drive to make housing more accessible and affordable.
He recalled the government’s earlier rent-to-own scheme, which allowed beneficiaries to make a five-per-cent initial payment and spread the balance over ten years.
“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment,” he said.
He pointed out that many residents struggle with annual rent payments and look forward to relief from the new system.
“We believe that monthly or quarterly payment options will give people more breathing space and reduce the stress associated with sourcing lump sums,” he added.
He added that the government is currently consulting landlords, developers, and other stakeholders to resolve potential challenges related to enforcement and payment systems before rolling out the initiative.
“Of course, there are issues to resolve, like landlord cooperation, payment tracking, and enforcement. But discussions are ongoing, and we are listening to all sides,” he said.
He disclosed that the state is planning a pilot phase in specific areas.
“This is not just policy on paper. We are making real progress. We know what this means for many families, and we are determined to make it happen,” he stated.
