ABUJA — The Federal Government has urged landlords of private property to start charging their tenants monthly, quarterly, or half-year rents, instead of the current practice of charging one, two to three years of advance rents.
Works and Housing Minister Babatunde Fashola made the appeal at the opening ceremony of the 15th Abuja Housing Show, noted that in the post-COVID-19 era, most tenants are owing rents or facing eviction.
Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, said it was evident that most houses available for sale or rent belong mostly to individuals and private companies, compared to those the state or the Federal Government could provide.
“Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property due to the pandemic are dealing with private citizens or companies and less so with government agencies.”
“It is evident that most houses available for sale or rent belong mostly to individuals and private companies, compared to those the state or Federal Government have available.”
“For example, in cases where the rents of businesses or some individuals are due for renewal, the private landlords can give back by accepting monthly, quarterly, or half-yearly rents, instead of one, two, or three years rents in advance.”
“Consequently, my recommendation for improving access and affordability in the COVID-19 era and beyond, as presented at the Federal Executive Council (FEC) meeting and which is still apt for this gathering, is for private companies and individuals to give back some of what they control to citizens in the way that the Federal Government of Nigeria (FGN) has given back to citizens some of what it controls.”
“The risk of defaults can be secured by bank guarantees or insurance bonds provided by the tenants or the employer in exchange for a direct debit mandate from the employee for the deduction of his rent from his salary to pay the landlord.”
“Where rent has fallen into arrears, it is possible to emulate what the FGN did through the Central Bank of Nigeria (CBN) to reschedule payment on loans by rescheduling the payment for the tenant to more affordable terms, instead of adopting eviction,” he said.
- CP Engages Traditional, Religious Leaders, Critical Stakeholders On Cattle Rustling - April 25, 2024
- Rivers Commissioner State Finance Commissioner Resigns - April 25, 2024
- Pollution: Ogun State Government Clamp Down On Three Churches - April 24, 2024
