Agbo Dennis
FG urged landlords to charge Rents Monthly. 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.
Babatunde Fashola, the Minister for Works and Housing 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.
The minister, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, said: it was clear that most of the houses available for sale or rent were owned by individuals and private companies, compared to what the State or Federal Government could provide.
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“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.
“For example, in cases where the rents of businesses or some individuals are due for renewal, FG urged landlords to charge rents monthly, quarterly, or half-yearly rents, instead of one, two, or three years rents in advance.” As the Federal Government pleads with the private landlord.
“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.
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“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 the 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.
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