Survey shows that Lagos residents prefer paying rent yearly over monthly payments, FG reviews 20 major road projects under Tax Credit Scheme, and more…
Survey shows that Lagos residents prefer paying rent yearly over monthly payments
A recent survey on Lagos's real estate market reveals that residents prefer annual rent payments over monthly installments. The "Residential Occupier Report" by BuyLetLive for the first half of 2024 found that 63% of respondents favor paying rent yearly.
This preference contrasts with the Lagos State government's initiative to introduce monthly online rent payments, as outlined in the "EKO Revenue Plus Summit." The plan aims to generate N2.5 billion annually from around 100,000 subscriptions, with the digital platform co-owned by the state government and supported by agencies like the Lagos State Ministry of Housing.
The survey also highlighted that 36.4% of respondents plan to move within the next 6 to 12 months, reflecting a significant demand for affordable housing in Lagos. Most residents prefer annual rent payments between N1 million and N3 million, with 34.5% of respondents choosing this range. A smaller percentage (7.3%) can afford rents between N5 million and N10 million.
Regarding apartment preferences, 38.2% of respondents favor 2-bedroom units, while 35.5% prefer 3-bedroom apartments. Only 16.4% and 9.2% of respondents opt for 4-bedroom and 1-bedroom apartments, respectively.
The report predicts continued resilience in Lagos's real estate market, despite recent economic challenges such as inflation and exchange rate fluctuations, which have led investors to adopt a cautious approach. However, the sector is expected to grow due to ongoing population growth and urbanization, even as price increases may slow in the latter half of the year.
FG reviews 20 major road projects under Tax Credit Scheme
The Federal Government has identified 20 major road projects nationwide that are being funded through the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
These projects, which aim to improve infrastructure, enhance connectivity, and stimulate economic growth, are supported by leading private sector companies such as Dangote Group, BUA Group, Mainstream Energy Solutions, and MTN. In a statement from the Ministry of Works, Minister David Umahi outlined the projects and their locations, following discussions with these companies to accelerate project completion.
The breakdown of the projects funded under the tax credit scheme includes:
Dangote Group:
35 km Apapa-Oworonshoki Expressway – Lagos State
38 km section of Abuja-Kaduna-Kano Road Dualization
49.577 km Dikwa-Gamboru-Ngala Road – Borno State
Nnamdi Azikiwe Road (Western Bypass) – Kaduna State
49.153 km Bama-Banki Road – Borno State
105 km Obelle-Ilaro-Papalanto-Shagamu Road Dualization
54.239 km Deep Seaport Road – Lagos State
65.5 km Afikpo-Okigwe Road – Ebonyi and Imo States
53.7 km Side Lanes for the Lekki Deep Seaport – Lagos State
BUA Group:
20 km of roads in each of the three sections of the Lokoja-Benin Highway
17.6 km section of Abuja-Kaduna-Kano Road (plus an additional 3 km at the Kano axis)
132.5 km Kano-Kongollam Road – Kano, Jigawa, and Katsina States
130 km Bode Sadu-Kaiama Road
42 km Eyenkorin-Offa Road
73 km Lafiaji-Bacita Road
37 km Okuta-Kenu Road – Kwara State
Mainstream Energy Solutions:
76.586 km Malando-Ngasike-Wara Road – Kebbi State
45.13 km Sabon Gari-Yuni-Auna Road – Magami LGA of Niger State
Asphalt overlay of Mokwa-Nasarawa Road – Niger State
MTN:
Dualization of 107 km Enugu-Onitsha Road
The government also plans to enforce stricter timelines and durability standards for these projects. During a performance review meeting with representatives from Dangote Group, BUA Group, and Mainstream Energy Solutions, Minister Umahi emphasized the need for contractors to accelerate their work to meet the nation's economic demands.
He stressed that moving forward, all ongoing projects under the scheme will be subject to strict timelines and milestone completion agreements to ensure value for money and to address the suffering of Nigerians due to delayed road projects. The Minister underscored President Bola Ahmed Tinubu's commitment to improving the road sector and called for accountability from all involved parties.
FG issues initial housing allocations to upfront National Housing Program subscribers.
The Federal Ministry of Housing and Urban Development has initiated the allocation of the first batch of housing units to subscribers who have made upfront payments under the National Housing Programme (NHP).
These subscribers, known as “outright subscribers,” have either fully paid or made substantial deposits for their homes, giving them priority in the allocation process.
This milestone was announced by the Permanent Secretary of the Ministry, Dr. Marcus Ogunbiyi, during a briefing in Abuja, as detailed in a statement on the Ministry’s website. He explained that the allocations, which started in April 2024, followed a thorough review of the conditions and procedures for the sale of houses under the NHP.
The review, which was formalized in a circular issued on December 29, 2023 (Ref no. DPBH/645/1/43), was aimed at ensuring transparency and fairness in the allocation process.
Earlier, Nairametrics reported that the April 2024 housing allocation under the National Housing Programme, managed by the Ministry of Housing, specifically targeted NPF subscribers using mortgage, rent-to-own, and installment payment options.
According to the Ministry's statement, “The Federal Ministry of Housing and Urban Development commenced the issuance of the 1st batch Offer of Provisional Allocation to the Outright Subscribers of Houses under the National Housing Programme (NHP).”
It further stated, “The issuance of the 1st batch offer of provisional allocation, which began in April 2024, followed the review of the conditions and procedures for the sale of houses under the NHP, as conveyed on December 29, 2023, via circular Ref no. DPBH/645/1/43.”
Housing Ministry Extends Payment Deadline by 8 Weeks
The statement also mentioned that Dr. Ogunbiyi acknowledged that while many subscribers have completed their payments, a significant number have only made partial payments and still need to fulfill the full amount.
In response, the Ministry reminded all first-batch subscribers of the original 90-day payment deadline. To accommodate those facing financial challenges, the Ministry has extended the deadline by an additional eight weeks.
Dr. Ogunbiyi emphasized that this extension offers subscribers a final opportunity to complete their payments and secure their housing allocations. He urged subscribers to take advantage of this grace period, warning that failure to meet the new deadline would result in the forfeiture of their offers.
He stressed that the Ministry’s decision to extend the payment period reflects its commitment to the success of the National Housing Programme and its support for subscribers in fulfilling their financial obligations. This move is crucial for promoting homeownership and improving access to affordable housing across the country.