BREAKING: Lagos Set To End Yearly Rent – Govt Pushes Monthly Payment Revolution

The Lagos State Government has announced its efforts to introduce monthly and quarterly rent payment options to ease the financial burden on residents, particularly low-income earners. Moruf Akinderu-Fatai, the state’s Commissioner for Housing, shared this update on Tuesday during the 2025 Ministerial Press Briefing, marking Governor Babajide Sanwo-Olu’s second year in office.....KINDLY READ THE FULL STORY HERE▶

Akinderu-Fatai emphasized that this policy is part of the government’s commitment to making housing more accessible and affordable. He also highlighted the success of the earlier rent-to-own initiative, which allows beneficiaries to make an initial payment of 5% and spread the balance over 10 years.

He acknowledged that many residents struggle with annual rent payments and that the new system is aimed at providing relief. The commissioner further explained that the government is currently in discussions with landlords, developers, and other stakeholders to address potential challenges related to enforcement and payment systems.

“This initiative was well-received, and its success has motivated us to explore further ways to ease the pressure of yearly rent payments,” he said. “We believe that offering monthly or quarterly payment options will provide people with more flexibility and reduce the stress of gathering lump sums. While there are issues to address, such as landlord cooperation and payment tracking, we are making real progress. This is not just policy on paper – we are determined to make it a reality for many families.”