Barakat Odunuga-Bakare, the Special Adviser to Governor Babajide Sanwo-Olu on Housing, has disclosed plans for the enforcement of a monthly rental scheme in Lagos state by the end of 2024 or possibly in early 2025.
This revelation was made during a media briefing held by the Lagos State Real Estate Regulatory Authority in Ikeja.
Expressing her perspective, Odunuga-Bakare emphasized the necessity of aligning with international practices where rents are paid on a monthly basis. She expressed hope that the policy for monthly rental, with charges based on tenants’ income levels, could be effectively implemented within the timeframe specified.
Highlighting the strategy, she mentioned, “We intend to commence with a pilot phase within the public sector to assess income variables before extending the system to the private sector once its viability is established.”
Addressing concerns regarding the allocated N5bn reserved for the monthly rental initiative, Odunuga-Bakare confirmed that the funds remain intact and untouched.
She explained that the initial delays in the scheme’s rollout highlight the government’s commitment to thorough planning and execution processes.
Odunuga-Bakare pointed out, “The former administration, responsible for the scheme’s conception, was reaching the end of its tenure. The current administration under Governor Sanwo-Olu is eager to see the policy come to fruition by the specified timeline.”