Stop Landlords From Collecting Advance Payment
The Federal Government of Nigeria has announced efforts to make it easier for employed Nigerians to pay their rent.
Babatunde Fashola, the Minister of Works and Housing, gave the indication while speaking at a forum in Abuja on Monday, August 1 2022.
The Punch reports that he promised to find a solution that challenges the current status quo from landlords demanding yearly payment.
In his speech, the minister noted that in order to address housing delivery challenges in Nigeria, access to mortgage finance needs to be addressed.
He stressed that there is a need to find a way to help Nigerians pay their rents using their salaries.
He said,
“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.
“There must be something done to help people pay their rents via their salaries, especially the problem of two-three years rent payment demand by landlords in advance from tenants whose salaries come in arrears.
’’ Fashola wants solutions to housing challenges
Fashola strongly believes that to address housing delivery challenges in Nigeria, access to mortgage finance needs to be addressed.
The minister urged the Federal Mortgage Bank of Nigeria (FMBN) to work hand in hand with the Nigeria Deposit Insurance Corporation contributors’ fund like other commercial banks do.
He noted that it will really help in financing the mortgage of contributors since there was nowhere in the world that the government does 100% housing financing, the Vanguard reports.
He charged them to focus the retreat on better ways to serve the people saying that performance and repositioning were key to setting up the bank to provide housing services to the people.
-Legitng
