The Lagos State Government has announced that plans are underway to introduce a new payment structure to combat rising housing costs.
The Commissioner for Housing in Lagos State, Moruf Akinderu-Fatai said this on Tuesday. This was during the 2025 Ministerial Press Briefing hosted to mark Governor Babajide Sanwo-Olu’s second year in office.
The commissioner noted that the new payment structure will allow residents to pay rents monthly and quarterly. He explained that it is part of the government’s efforts to reduce the financial strain on residents, particularly low-income earners.
Moreover, the initiative is a continuation of the state’s vision to make housing more affordable and available to Lagos residents. Akinderu-Fatai further stated that the success of the government’s earlier rent-to-own system has encouraged the administration to create more initiatives to ease the pressure of yearly rent payments.
The rent-to-own scheme allows individuals to purchase a home while paying towards its ownership as a fixed rent. After making an initial payment of 5%, beneficiaries, the balance is spread over 10 years.
The commissioner went on to explain that many residents find it difficult to pay rent annually; therefore, the government aims to provide relief with the new system.
In addition, he assured that efforts are in motion to bring this initiative to fruition. This includes a pilot phase that’s being scheduled in selected areas of the state.
Furthermore, Akinderu-Fatai noted that discussions are ongoing with landlords, developers and other relevant stakeholders. This is to settle potential challenges that could arise in enforcement and payment methods before launching the initiative.
