Gabriel Enenche —
The Lagos State Government yesterday at the 2nd Lagos Real Estate Market Place Conference and Exhibition in Lagos, said that it had set aside N5 billion to kick start the state’s monthly tenancy scheme in January 2022.
Rabiu Olowo, Commissioner for Finance, disclosed this during a panel discussion.
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The two-day event, organised by the Lagos State Real Estate Regulatory Authority (LASRERA), was tagged; Lagos: 21st Century Real Estate Investment Hub.
Olowo while explaining that the scheme is aimed at alleviating difficulties experienced by tenants and fears of landlords in the event of rent payment, explained that the first set of beneficiaries would be drawn from the formal sector to minimize risks and access the workability.
“Following a survey, we have been able to create model that will be launched and known as the Lagos Monthly Rental Policy, Olowo 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,” he added.
