Lagos unveils monthly rent scheme with N5bn allocation

The Lagos government says it has put in place N5 billion to kickstart the states monthly tenancy scheme in January 2022.

Rabiu Olowo, commissioner for finance, disclosed this on Wednesday during a panel discussion at the Lagos real estate marketplace conference and exhibition, held in Lagos.

The two-day event, organised by the Lagos State Real Estate Regulatory Authority (LASRERA), was tagged, Lagos: 21st Century Real Estate Investment Hub’.

According to the commissioner, the scheme was set up to support tenants and landlords regarding rent remittance. 

Olowo said the first set of beneficiaries will be drawn from the formal sector, the second set will be from the informal sector and others will follow accordingly. 

Following a survey, we have been able to create a model that will be launched and known as the Lagos monthly rental policy, the commissioner said. 

“The survey reveals that a large percentage of Lagos residents finds it difficult to pay their rent on yearly basis, hence the introduction of the initiative.

You (stakeholders) have nothing to fear. You will get a better deal by joining the scheme.

To start with, a N5 billion portfolio has been put in place to kick off the scheme. 

We welcome more support from more financial institutions to raise the bar of the portfolio for the masses to enjoy from this policy.

Toke Benson-Awoyinka, special adviser to the Lagos governor on housing, said the scheme is part of efforts to develop the real estate industry and to boost investors’ trust.

She said the scheme is synonymous with the rent-to-own scheme which is already in operation in Lagos. 

According to Benson-Awoyinka, the government can dictate to landlords how they should receive rent payment from tenants. 

Yes, there is a way we can dictate, because we have the tenancy law that has prescribes that you cannot collect more than one-year tenancy in some areas of Lagos state,” NAN quoted her as saying. 

We also know that because of the credit system in Nigeria, we cannot really enforce that monthly tenancy but to create enabling environment for people to also subscribe to the scheme.

We have put about five components together as a state government, midwifing the policy and making it seamless and easily accessible by the citizens of the state.

If pre-qualified, we know that the tenant can afford whatever rent she or he wants to pay. But if she or he is having difficulty putting big funds together, we refer them under this scheme to the financier.

The financier also does the needful in terms of pre-qualification and gets to know who the landlord is.

So, there are various components to this. We have the insurance, financier, the landlord, the tenant and the legal, apart from the administrative cost of the scheme.” 

She noted that there is a process for present tenants that would like to join the scheme.

The scheme goes ahead to pay that yearly rent to the landlord but gives such a tenant an option of paying that rent on monthly basis after pre-qualification, she added.

There are no comments at the moment, do you want to add one?

Visit Source  
Related Stories
Sanwo-Olu acquires two trains from U.S. for Lagos metro line
Lagos ‘completes purchase'' of two Talgo trains originally designed for US city
P''ID: EFCC quizzes Shasore, former Lagos attorney-general
FCT-IRS Denies Rivalry with Lagos over IGR Generation
Omicron is Predominant Virus in Lagos, Says Commissioner
Abayomi: Omicron Now Predominant Covid Variant in Lagos
Lagos to close Dopemu Road in Agege for three months
Lagos govt partially closes Marina Bridge for repairs
COVID-19: No data from Lagos as Nigeria records 267 fresh infections
ALERT: Lagos Policemen Now Abducting, Detaining Residents Illegally Without Knowledge Of Families, Judiciary
Mayorkun reveals Wizkids ‘Made in Lagos'' is among his top 5 best albums
Popular Lagos-based bleaching expert buys Lekki mansion worth N130 million
Lagos Tops as Foreign Capital Importation Increases to $1.73bn in Q3
Buhari Visits Shonekan''s Family in Lagos
Ex-Lagos Governor, Tinubu Reacts To Lifting Of Twitter Ban, Says Nigerians Sometimes Misuse Platform
FAAN Arrests 90 Touts at Lagos, Abuja Airports
Lagos nurses suspend warning strike
Global Shapers Lagos Hub Pledges Commitment to Nation Building
Sanwo-Olu Resolves Lagos Nurses'' Industrial Crisis
Lagos nurses to call off planned strike after meeting with Sanwo-Olu
Terms of Services    Privacy Policy    Cookie Policy    Advertise     Contact Us      Submit Your Website © Plucom Technology Ltd. , All right reserved.