For Babatunde Fashola, the Minister of Works and Housing, monthly rent collection is the most suitable for Nigerians when compared to advance payments of one year and more.
Arguing that the collection of two to three years’ rent in advance by landlords is detrimental to the country’s economy, Fashola called for the adoption of monthly rent because it encourages legitimacy.
According to the former Lagos State Governor, a monthly rent adoption is easier and very comfortable for both landlords and their tenants.
His words: “I concede that majority of the houses belong to the private sector and they expect legitimate income from rent for the properties.
“However, I hold a strong view that asking for two to three years rent in advance from working-class people (as distinct from corporate tenants who may prefer to pay in advance) does more harm than good to all concerned and to the economy.
“Interestingly, rent is a matter over which the Federal Government has no constitutional authority because it is a local matter and rightly so.
“But I use the platform of this meeting to challenge and provoke all state representatives to thoughts and action about how we can make the payment of rent easier and comfortable for both tenants and landlords.”
During his speech at the 2022 National Council Meeting on Lands, Housing and Urban Development, where he made this submission, Fashola expressed conviction that the adoption of monthly rent would be the most revolutionary intervention in the country, as he added that salary earners would be able to pay their rents immediately they get paid.
“This is possible if we try and this will give the fullest possible expression to the theme of this meeting which is, ‘Housing our people, by all of government and all our people,” he maintained.