More than three years after the Lagos State Government introduced its plan for a monthly rental scheme, the project has yet to begin. Even though N5 billion was set aside to fund it, the initiative remains inactive.
A Promise That Never Took Off
The idea was first announced in December 2021. It aimed to ease the burden of yearly rent payments on residents. Under the proposed system, landlords would still receive a full year’s rent upfront. Tenants, however, would pay the government back in monthly installments. The plan was presented as a win-win solution.
Despite the promise, there has been no visible progress. Officials have made repeated assurances that the scheme would launch “soon.” In 2022, the Commissioner for Information confirmed that all systems were in place. He explained that the project would operate as a revolving fund. The government would pay the landlords, and tenants would repay monthly. Still, there has been no rollout to date.
Nationwide Momentum Also Falters
In the same year, a federal bill was introduced to ban annual rent demands and enforce monthly payments. That bill has also stalled and remains in limbo, just like the Lagos initiative.
Mixed Reactions from Residents and Experts
Public opinion on the plan is divided. A recent poll showed that only 38.1% of respondents supported monthly payments. The majority still preferred to pay rent annually. Some worry that monthly leases could lead to unstable housing. Landlords might raise rent more frequently or end leases without much notice.
Others in the real estate industry have raised concerns. They argue that short-term leases increase costs. More tenant turnover means more time and money spent preparing units for new occupants. There’s also the issue of trust. Without a reliable credit system in Nigeria, landlords remain hesitant. Some fintech companies are now working to fix this gap.
Government’s Latest Promise
In March 2024, the government again promised action. A top aide announced that the scheme could begin by the end of the year or early 2025. The rollout will start with public sector workers. Their income is easier to verify. If successful, the program could expand to private sector employees.
Housing Crisis and Ongoing Efforts
The housing commissioner also commented on the issue. He said the current rent structure is driven by high demand and limited supply. This imbalance allows landlords to set tough terms. To fix this, the government is working with developers and banks. They want to boost access to affordable homes and move back to a monthly rent model. He also mentioned a new agreement with a major bank to support long-term, low-interest mortgages for low-income earners.
Still Just an Idea
Even with all these plans, the reality remains unchanged. The N5 billion meant to start the scheme has not been used. And for now, renters in Lagos continue to face the same struggles—waiting on a promise that’s still just an idea.
