Lagos Tenants Will Pay Monthly From 2022

• Lagos state governor Babajide Sanwo-Olu has disclosed that his administration is set to impose monthly tenancy on properties from 2022

• If enforced, it means that Lagos tenants will be obligated to pay house rents monthly rather than yearly

• The governor disclosed that the aim of the initiative is to reduce the financial burdens ok tenants in the state

The governor of Lagos state, Babjide Sanwo-Olu, has disclosed that his administration will enforce monthly tenancy on property occupancy in Lagos from 2020.

The governor said this while speaking at the inauguration of 744 units Lagos Home Ownership Mortgage Scheme in Sangotedo area of the state on Tuesday, December 14.

The move means that Lagos tenants can choose to pay their house rents monthly rather than yearly as it has always been.

Sanwo-Olu revealed that the decision was triggered by a need to alleviate annual financial pressure on tenants.

A part of the governor’s statement reads:

“The state government is set for the enforcement of a monthly tenancy on property occupancy from 2022. It is confirmed that the percentage of residents depending on tenancy arrangements for housing in Lagos State is quite high.”

The governor added that while constructing homes for those who aim to purchase one, the state is also determined to cater to others who do not have plans to own houses.

“The monthly tenancy is a pro-people plan to reduce financial pressure of yearly rent on tenants. The goal of this policy is to equate rental arrangements with mode of earning which is by and large monthly.”

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The government also disclosed that the administration is also carrying out a legislative review to reduce the cost of house rents

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