Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.

The Lagos State Government has announced plans to implement monthly and quarterly rent payment options aimed at easing the financial burden on residents, particularly those with low incomes.

Moruf Akinderu-Fatai, the state's Commissioner for Housing, revealed this initiative on Tuesday during the 2025 Ministerial Press Briefing commemorating Governor Babajide Sanwo-Olu’s second anniversary in office.

Many Nigerians find it challenging to save enough money to meet the rising annual rent payments often required by landlords.

Conversely, landlords and property owners frequently point to the increasing prices of construction materials, such as cement, as justification for the high rents and the preference for annual payment schedules.

According to Akinderu-Fatai, this policy is part of ongoing efforts to enhance housing affordability and accessibility.

He highlighted that many residents struggle with paying rent annually, and the new payment structure is intended to offer them greater flexibility and financial relief.

He said:

“We believe that monthly or quarterly payment options will give people more breathing space and reduce the stress associated with sourcing lump sums.”

He also mentioned that the government is engaging with landlords, developers, and other key stakeholders to address possible issues concerning enforcement and payment mechanisms before the policy is launched.

According to Punch, he acknowledged that significant progress has been achieved and expressed the government's commitment to implementing the policy to benefit many families.

Furthermore, he disclosed that a pilot program is set to be conducted in specific areas within the state.

Responding to the government’s announcement, Shola Ademuyiwa, a Lagos resident, told Legit.ng that Lagosians would greatly appreciate the introduction of this policy.

He said:

"I remember the government has had plans for this policy since Babatunde Fashola’s tenure as governor, and many of us hoped it would be introduced before his administration ended.

If this current administration successfully implements it, it will be highly commendable, as collecting a large lump sum for annual rent can be very challenging for residents. This initiative would significantly ease the financial burden that tenants in Lagos often experience."

Ademuyiwa further suggested that the government should address the issue of exorbitant rent charges imposed by landlords on tenants.

Earlier, Legit.ng reported that the Lagos State Government plans to impose sanctions on homeowners who are found to be demanding unreasonably high rents for their properties.

Moruf Akinderu-Fatai affirmed the government’s commitment to tackling complaints from many residents in state housing estates concerning unfair rental practices by certain landlords.

He also stressed that allocations would be withdrawn from offenders caught engaging in these exploitative activities.

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Source: Legit.ng