The Lagos State government has announced plans to build a digital rental platform to facilitate monthly rent payments for residents. This initiative was revealed in a document titled “EKO Revenue Plus Summit,” themed “Unlocking New Revenue Streams for Lagos State.” The state government aims to generate N2.5 billion annually from an estimated 100,000 subscriptions.
This initiative follows a recent statement by the Commissioner for Housing, Mr. Moruf Akindeli-Fatai, who reiterated the government’s commitment to launching a monthly rental scheme. He highlighted that access to affordable financing is a significant challenge, particularly for low-income households in Lagos State. Akindeli-Fatai emphasized that affordable housing is a global issue, exacerbated by rising prices and rents.
The digital platform, named the Lagos Rent Payment Platform, will be co-owned by the Lagos State government through agencies such as the Lagos State Ministry of Housing and other MDAs in the state serving as technical partners. The platform will charge a 5% transaction fee on the estimated 100,000 transactions monthly, projected to yield N2.5 billion per year.
The state government plans to invest around N300 million in the development, operations, marketing, and promotion of the digital platform over the next 4 to 6 months. This investment is aimed at ensuring the platform’s successful launch and widespread adoption among Lagos residents.
Akindeli-Fatai described Lagos as Nigeria’s urbanization epicenter, with a population growth rate of 3.34% per annum, adding approximately 90 new residents every hour. The rapid population increase, combined with the state’s limited land area of 3,577 km², a third of which is covered by water, further restricts housing development.
The Commissioner warned that homeowners charging exorbitant rents would face penalties, and the state government may withdraw allocations from those found culpable. Complaints from residents about high rental fees in various state housing schemes have prompted these stringent measures.
The Lagos Rent Payment Platform is expected to alleviate the financial burden on residents by allowing for monthly rent payments and making housing more affordable and accessible. This initiative represents a significant step towards addressing the housing crisis in Lagos State and supporting low-income households.
Stay well-informed and be the very first to receive all the most recent updates directly in your email! Tap here to join now for free!
