MEEVEET:
The best way to reduce house rent is government investing in real estate

Building massive estates renting it at cheaper rates simple

Monthly payments would in creating rent in the long wrong

People who pay 3 million today

Wot pay 500k monthly very soon

Government alone cannot meet the accommodation issues of every Nigerian.

And as long as we have private entities in the real estate business, prices will hardly come down.

The best way to reduce house rent is government investing in real estate

Building massive estates renting it at cheaper rates simple

Monthly payments would in creating rent in the long wrong

People who pay 3 million today

Wot pay 500k monthly very soon

The government should do something about the economy

It's a good policy but not for Lagos and Abuja Landlords. Things will only get worse. I don't know what regulations FG want to introduce in these 2 states that won't eventually fail. Adequate plans and regulations needs to be put in place before that bill should be passed into law. Just so you know, its a 7 days notice to quit for a monthly tenancy.

ChristCee:

Valid points raised. But don't you think they might make regulations to moderate pricing too?

Are you ok? After spending N14,500 per drilling pole for about 100 meters to sink a borehole, the govt will come and moderate pricing as you called it? Do you know the cost of mounting a 16ft overhead tank using channel iron?

well annual rent is far better than monthly rent. just imagine landlords disturbing u every month for payment of rent. Once u pay for the rent and u know u are good to go

People who have never molded a block in their entire lives but keep regulating other people’s businesses. What an irony

Pierocash:
This people don't realize what they are trying to do.

Should they introduce this madness , watch how rent of 30k a month will jump to 100k a month. Which is worse, the monthly or yearly.

Nigeria is one of the few countries where accomodations is affordable because of its yearly payment system. Just do mistake and introduce that monthly system and watch how landlord will gradually increase the rent by 5x before you realize it, the money that is usually used for yearly rent payment will become monthly.

This guys don't have sense

If it works in Lagos it can work any where

Tax unoccupied houses hugely. Rent will reduce drastically. An average Nigeria would still prefer the yearly rent or half. There are plenty unoccupied houses in the FCT. Especially in the estates.
House owners in Nigeria need to be regulated for real

We need it in Lagos.

How can Miniflat in gbagada be going for 1.5M per annum??

That's criminal now

nicason:

If it works in Lagos it can work any where

where in Lagos is it working?

I have stopped investing in residential properties, I prefer commercial properties. All this monthly rent will make landlords stop investing in residential property or convert it to commercial. This on the long run will make residential properties more expensive

Olodo full that house of rep sha

Maybe they should move a motion to cancel payment of house rent since they're the ones who gave the landlord money to build the house.

Stupid people.

tnerro1:
I have stopped investing in residential properties, I prefer commercial properties. All this monthly rent will make landlords stop investing in residential property or convert it to commercial. This on the long run will make residential properties more expensive

Olodo full that house of rep sha

Very foolish people actually.

Jokerman:
We need it in Lagos.

How can Miniflat in gbagada be going for 1.5M per annum??

That's criminal now

Okay so you prefer to pay 125000 monthly, instead of a one time payment of 1.5m yearly?

MEEVEET:
The best way to reduce house rent is government investing in real estate

Building massive estates renting it at cheaper rates simple

Monthly payments would in creating rent in the long wrong

People who pay 3 million today

Wot pay 500k monthly very soon

As simple as that.

LeopardX:

Okay so you prefer to pay 125000 monthly, instead of a one time payment of 1.5m yearly?

No... What I'm saying is that the rent is much, too exorbitant...

Also,many people will be able to pay monthly though...

They can only introduce monthly payments in a system that is working not a system where even the yearly payment people are still struggling to pay. Nigeria is currently in survival mode

mushroomFarm:
Fun fact. In Russia, federal school hostel
A room,
24/7 fast wifi,
washing machine and laundry equipments,
gym equipments,
24/7 electricity,
a kitchen with microwave, fridge and deep freezer (that we rarely use since temperature outside is about ten times colder than the freezer in winter😂)
Toilet and bath with 24/7 cold and boiling water tap (kitchen too)
24/7 central heating in the room

All these facilities mentioned for two students per apartment.
Guess how much we pay per month?
Well in my school it is 'expensive' and we only pay 1250 rubles a month. Approximately 15k naira.
Some federal schools in Moscow students pay $400 rubles a month about 5 to 6k depending on the rate of naira.

The way I stream movies, football, games and several medical videos, honestly I wonder if I can ever survive in Nigeria again .
Food is expensive in my city but a whole wild bird (tastes like old layers and duck, about the size of a prime layers) is 240 rubles. About 3.5k
.
Can 3.5k buy a complete chicken in Nigeria even if it is layers?
I pray God helps the current president to build up our economy and solve our infrastructure problems.
To make studying easier. All my African brothers work at the same place. It's like we got the contract to do the dishes at the restaurant. If you need money or you are broke, just tell the African brothers you want to wash today or maybe tomorrow cux you need money. Regardless everyone has a day in a week that they must go and work. 6pm to 4am. 2,400 rubles.
Which means the wage from a job of about 8 hours can buy 8 complete chicken/wild bird.
This is what a good economy is, I believe.
I am a United States fan (but not England and colonialists) but I believe if Russia had decided to colonize just one African country, that country would have been the number one most successful African country today.

Forget Baba Tinubu. The English people are the originator of our problems.

Russia has it influence in Afghanistan, Turkmenistan, kryzgistan etc... Are some African countries not better than thosr places? You try to pain Russia as a saintly country.. Go to Poland, Czech Republic and ask them about the rubbish u just capped.. Atleast the associated with Russia first hand... And while at it ask Ukraine too

Ojemedad:


Why comparing student life that is subsidized to the average working man. You should mention the average cost of ordinary studio rent in Russia, the average salary. I’m not a fan of Nigeria government but Russia is not it also, Russia is just one step ahead of Nigeria in terms of currency .
Try convert your 2400 rubles per day work to dollar or euro and then you will know you are in a stupid country

Colonial slave , everything mustn’t be compared to the $. Japan and South Korea are also stupid countries compared to Trinidad and Tobago with a strong currency? Standard of living is what matters. Countries like Sweden are richer than Americans per standard of living with a lower currency.

Pierocash:
This people don't realize what they are trying to do.

Should they introduce this madness , watch how rent of 30k a month will jump to 100k a month. Which is worse, the monthly or yearly.

Nigeria is one of the few countries where accomodations is affordable because of its yearly payment system. Just do mistake and introduce that monthly system and watch how landlord will gradually increase the rent by 5x before you realize it, the money that is usually used for yearly rent payment will become monthly.

This guys don't have sense

mumu talk

Emelcee:
𝗥𝗘𝗣. 𝗘𝗠𝗠𝗔𝗡𝗨𝗘𝗟 𝗨𝗞𝗣𝗢𝗡𝗚-𝗨𝗗𝗢 𝗜𝗡𝗧𝗥𝗢𝗗𝗨𝗖𝗘𝗦 𝗠𝗢𝗧𝗜𝗢𝗡 𝗧𝗢 𝗔𝗗𝗗𝗥𝗘𝗦𝗦 𝗛𝗢𝗨𝗦𝗜𝗡𝗚 𝗖𝗥𝗜𝗦𝗜𝗦 𝗜𝗡 𝗙𝗖𝗧

•••𝑺𝒆𝒆𝒌𝒔 𝒕𝒉𝒆 𝑰𝒎𝒑𝒍𝒆𝒎𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝑴𝒐𝒏𝒕𝒉𝒍𝒚 𝑹𝒆𝒏𝒕 𝑺𝒚𝒔𝒕𝒆𝒎 𝒕𝒐 𝑬𝒂𝒔𝒆 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑩𝒖𝒓𝒅𝒆𝒏 𝒐𝒏 𝑻𝒆𝒏𝒂𝒏𝒕𝒔

In response to the escalating housing crisis in Nigeria’s Federal Capital Territory (FCT), Abuja, a member of the House of Representatives, Rt. Hon. Emmanuel Ukpong-Udo (PhD), representing Ikono-Ini Federal Constituency in Akwa Ibom State, has introduced a motion aimed at transforming the rental landscape in the nation’s capital. Titled "Implementation of Monthly Rent to Encourage Inclusive Rental System and Curb Arbitrarily Increase in House Rent in the Federal Capital Territory," the motion seeks, among other things, the Implementation of a monthly rent system to alleviate the financial strain on tenants.

Rep. Ukpong-Udo highlighted several critical issues affecting tenants in the FCT. Among the primary concerns is the common practice of landlords demanding at least one year’s rent upfront, with some requiring as much as two years’ payment in advance. This system imposes a significant financial burden on tenants, especially those with limited incomes. The cost of renting properties in the FCT is alarmingly high, with one-bedroom apartments costing between 1 to 1.5 million naira per year, two-bedroom apartments ranging from 2 to 3 million naira per year, and three-bedroom apartments well over N3.5 million per year. In addition to these steep rents, tenants face exorbitant additional charges, including legal fees (up to 20% of the rent), agency fees (5-10%), service/maintenance fees (N150,000 and above), and caution fees (ranging from N150,000 to N400,000).

Rep. Ukpong-Udo emphasised that civil servants and artisans are already dealing with numerous economic challenges, following the removal of fuel subsidies, rising foreign exchange rates, increased electricity tariffs, and higher taxes and levies. These factors exacerbate the difficulty of managing high rental costs, making it imperative to address the housing issue urgently.
To tackle these pressing issues, the motion proposes the implementation of an inclusive rental system that allows for affordable monthly rental payments. This approach aims to provide tenants with greater flexibility, improve cash flow management, offer reasonable move-out options, and ensure a stable income stream for landlords.

Furthermore, the motion calls for government intervention to formulate policies that regulate house rents and landlord activities in Abuja. It also advocates for the construction of affordable low-cost houses and estates specifically for civil servants, helping to reduce the financial strain on those who serve the community. The motion urged the Federal Ministries of Housing and Habitat and Works to prioritize the construction of affordable housing for civil servants. It also mandates the Committee on Housing and Habitat and Works to ensure compliance with these objectives. By implementing these measures, the motion aims to create a more equitable and manageable rental market in the FCT, ultimately improving the quality of life for hardworking civil servants and artisans.


https://www.premiumtimesng.com/news/top-news/694767-reps-move-to-end-annual-rent-payment-in-abuja.html#:~:text=The%20House%20of%20Representatives%20has,it%20with%20a%20monthly%20system.

Annual rent is hard to pay, you dey talk monthly. When salaries are not paid promptly each month, how do people meet deadline rent payment monthly?

pquaver:


Russia has it influence in Afghanistan, Turkmenistan, kryzgistan etc... Are some African countries not better than thosr places? You try to pain Russia as a saintly country.. Go to Poland, Czech Republic and ask them about the rubbish u just capped.. Atleast the associated with Russia first hand... And while at it ask Ukraine too

That’s how the whole world made us believe Belarus is the poorest country in Europe because they align with Russia , in reality it’s Ukraine which has alliance With west .
Turks enjoy free gas from Russia these countries are still better than Ukraine.

Ukraine is the poorest in Europe with their standard. you’ve nothing on Russia . Russia is socialist state , WEST don’t like a prosperous socialist countries they don’t benefit from that’s why they killed Ghadaffi.

mushroomFarm:
Fun fact. In Russia, federal school hostel
A room,
24/7 fast wifi,
washing machine and laundry equipments,
gym equipments,
24/7 electricity,
a kitchen with microwave, fridge and deep freezer (that we rarely use since temperature outside is about ten times colder than the freezer in winter😂)
Toilet and bath with 24/7 cold and boiling water tap (kitchen too)
24/7 central heating in the room

All these facilities mentioned for two students per apartment.
Guess how much we pay per month?
Well in my school it is 'expensive' and we only pay 1250 rubles a month. Approximately 15k naira.
Some federal schools in Moscow students pay $400 rubles a month about 5 to 6k depending on the rate of naira.

The way I stream movies, football, games and several medical videos, honestly I wonder if I can ever survive in Nigeria again .
Food is expensive in my city but a whole wild bird (tastes like old layers and duck, about the size of a prime layers) is 240 rubles. About 3.5k
.
Can 3.5k buy a complete chicken in Nigeria even if it is layers?
I pray God helps the current president to build up our economy and solve our infrastructure problems.
To make studying easier. All my African brothers work at the same place. It's like we got the contract to do the dishes at the restaurant. If you need money or you are broke, just tell the African brothers you want to wash today or maybe tomorrow cux you need money. Regardless everyone has a day in a week that they must go and work. 6pm to 4am. 2,400 rubles.
Which means the wage from a job of about 8 hours can buy 8 complete chicken/wild bird.
This is what a good economy is, I believe.
I am a United States fan (but not England and colonialists) but I believe if Russia had decided to colonize just one African country, that country would have been the number one most successful African country today.

Forget Baba Tinubu. The English people are the originator of our problems.

Lol English people are the worst breed of Caucasians alive. They are white devils. I dislike them with a passion

What will workers who are owed multiple month salaries do

Monthly tension for landlords.

People would be slacking and giving excuses.

Parkinson's Law

Ojemedad:


Why comparing student life that is subsidized to the average working man. You should mention the average cost of ordinary studio rent in Russia, the average salary. I’m not a fan of Nigeria government but Russia is not it also, Russia is just one step ahead of Nigeria in terms of currency .
Try convert your 2400 rubles per day work to dollar or euro and then you will know you are in a stupid country

you're calling a country far better than your country stuppid. then what will you call yours . Mumu, you said russia is just one step ahead of Nigeria? lol. if you can list just 5 things Nigeria measures up to stupid russia, i'll send you 50k, apologize to you and delete my comment be fast. no lies or propaganda allowed, ill catch you. i'm very good researcher..

Paraman:
Annual rent payment is cheaper than paying per month

….very true,and who can afford and agree to be paying monthly payment in this type of economy we faced presently when everything is not stable.income and expenditure not stable.I bet with you no one can survive it.

Cmanforall:
Is that Reps duty?

Maybe because they rent houses in Abuka for themselves and friends.

Let it be optional, monthly or yearly.
What if the tenant can't pay next month, considering the Nigerian situation?

…then it’s Anthony Joshua and fury chapter.

Ekpekus:

Annual rent is hard to pay, you dey talk monthly. When salaries are not paid promptly each month, how do people meet deadline rent payment monthly?

Nigerians are not all that disciplined when it comes to money. Landlord should be passive income and not monthly fight, that means they would need managers or agents and it is the tenants that would cover the cost of hiring an agent or manager.

Anyway, let the pass the law or not, we would sort ourselves. This is only good for nomadic individuals.

ChristCee:

.
Nah just regulations to prevent them from making it twice of what it is supposed to be if it were to remain on annual billing.

Who determines what it is SUPPOSED to be

Are those people not aware of what a bag of rice is SUPPOSED to be


They do not have powers to fix prices and even if they do how do they enforce it?
They are not even elected from Abuja

Why don't they enforce that in their own states

/
If they mean well, they should regulate those tag on fees. There is no reason agent's fee should be more than 5%. Lawyer's fee should be a fixed price (eg N100k) to draft the rental agreement and should never be a percentage of anything.

It doesn't make sense for rent to be N2m/yr and added fees alone will be close to or sometimes equal or even more than the rent in some areas. Monthly rent is not possible.

/