Lagos Announces Plan To Replace Annual Rent Payment With Monthly Or Quarterly Options

Lagos State Government has announced plans to replace the current yearly rent system with more flexible monthly or quarterly payment options.

Speaking during the 2025 Ministerial Press Briefing, Housing Commissioner Moruf Akinderu-Fatai said the plan is part of the government’s wider effort to make housing more affordable.

According to him, the goal is to ease the financial pressure on Lagos residents, especially those with low incomes who find it difficult to pay large lump sums for rent upfront.

He pointed to the earlier rent-to-own scheme—where people pay just a 5% deposit and spread the rest over 10 years—as a successful example that inspired this new direction.

“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payments,” he said.

He explained that many Lagos residents are under serious financial strain due to the traditional annual rent system.

“We believe monthly or quarterly payment options will offer people more breathing room and reduce the stress of sourcing lump sums,” he said.

The commissioner added that the state is already in talks with landlords, developers, and other key players to work through potential issues like enforcement and secure payment tracking.

“There are issues to resolve — landlord cooperation, payment monitoring, and enforcement mechanisms. But discussions are ongoing, and we are listening to all sides,” he said.

A trial run of the new rent model will begin in selected parts of Lagos.

“This is not just policy on paper. We are making real progress. We understand what this means for many families, and we are determined to make it happen,” Akinderu-Fatai said.

KanyiDaily recalls that Lagos Government recently demolished buildings in parts of Eti-Osa Local Government Area as part of efforts to tackle persistent flooding in the area.