Former Minister of Power, Works, and Housing, Mr. Babatunde Fashola, has urged for a comprehensive review of tenancy laws to mandate monthly rent payments.
Addressing attendees at the launch of his book in Lagos, Fashola emphasized the detrimental impact of multi-year rent advances on tenants, often resulting in unoccupied properties.
Fashola underscored the need to alleviate the financial burden on renters by aligning rent payments with monthly income cycles. He argued that such a measure would mitigate the strain on tenants and promote greater affordability in the housing market.
”That is not the only reason, but if you do not understand how dramatic and painful that three, four or five years rent has become to our nation, we have not consciously done anything to it.
”Can we bring it down from three years to one year? Can we hopefully bring it down to six months? Can we let it coincide with when people get paid? At the end of the month instead of in advance?,” he said.
Fashola described data as the most important currency in the world, which no central bank could print.
He, therefore, called for the utilisation of accurate data for better planning in the country.
”So, accurate data will help us determine how many we are, what amount of water we need, what quantity of food, data makes this very important, accurate data therefore will be beneficial for us.
”Life without shortage of basic needs, like food, like water, like shelter and energy will be a good life, and data is critical to this objective,” he said.