Ex-Lagos state governor, Babatunde Fashola has advocated for the implementation of monthly payment of house rents in NigeriaFashola, along with some real estate experts said that if this is done, it would help control and possibly reduce inflationThey suggest that the state governments can intervene in the housing sector through the relevant legislation
Henzodaily.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology, Banking and the Economy.
Former Lagos State Governor, Babatunde Fashola, along with real estate professionals, has suggested that Nigerians should pay rent monthly instead of yearly.
They shared this idea at the Wemabod Real Estate Outlook 2025 event in Lagos, which focused on how real estate can help Nigeria’s economy recover.
Lagos state government said that upon successful implementation of a monthly rent payment in the public sector, the policy will then be extended to the private sector.
Photo credit – Ariyo Homes, LASG
Source: UGC
Fashola, who once served as Minister of Power, Works, and Housing, said that if rent payments align with monthly salaries, it could help control inflation and might even reduce it.
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Fashola stated:
“If rents can be paid monthly when salaries are gotten you would see a (positive) change in the economy.”
In a previous news, Fashola had suggested the collection of three-month rent by landlords and property owners as against the collection of three years rent.
He had urged states to intervene in the management of rent, reiterating that it is inappropriate to ask people earning monthly salaries to pay three years rent.
Similarly, the Group Managing Director of Odu’a Investment Company Limited, Abdulrahman Yinusa, supported the idea of paying rent monthly.
He explained that many workers struggle to match their income with their rent payments. To solve this, he suggested that employers could step in by assuring landlords that rent would be deducted directly from employees’ salaries when due.
Yinusa said:
“That way, the landlords would calm down and know that their money would always come.”
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Bashir Oladunni, the Managing Director and CEO of Wemabod Limited, also backed the idea of paying rent monthly. He said this system would make it easier for tenants to afford their housing costs.
Oladunni said:
“We are exploring this option as part of our strategic plan to expand our housing portfolio by 500 units over the next five years.”
In 2024, Barakat Odunuga-Bakare, the Special Adviser on Housing to the Lagos State Governor, announced that the state’s monthly rent scheme would take effect by late 2024 or early 2025.
She explained that the government would first test the system with public sector workers since their salaries are easy to track. If successful, it would then be extended to private sector employees.
Reacting to the government’s promise, Shola Ademuyiwa, a resident of Lagos state, told Henzodaily.ng that the implementation of such a policy would be very welcomed by Lagosians.
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He said:
“If this administration can implement it, it would be very commendable because gathering large sum of money to pay for rent every year can be very hectic for residents. It would actually lift off the burden that Lagos tenants are usually faced with.”
Government goes after homeowners inflating house rents
Meanwhile, Henzodaily.ng earlier reported that the Lagos State Government announced its intention to enforce penalties against homeowners discovered to be charging excessively high rents for their apartments.
Moruf Akinderu-Fatai, the Commissioner for Housing, issued a statement indicating the government’s determination to act against individuals engaging in such exploitative practices.
The commissioner noted that numerous residents in state housing schemes had raised concerns about the steep rental fees imposed by certain homeowners.
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Source: Henzodaily.ng