The Lagos government has confirmed it has set aside N5billion to kickstart the state’s monthly tenancy scheme in January 2022.
The Commissioner for Finance, Rabiu Olowo, stated this on Wednesday during a panel discussion at the Lagos real estate market place conference and exhibition.
According to Olowo, the scheme was set up to support tenants and landlords regarding rent remittance.
Olowo said the first set of beneficiaries will be drawn from the formal sector, the second set will be from the informal sector and others will follow accordingly.
“Following a survey, we have been able to create a model that will be launched and known as the Lagos monthly rental policy,” the commissioner 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.”