With the latest resolution between the federal and state governments, Nigerians may pay property rent on a monthly basis.
It was gathered that clients in the housing sector clamoured for this change and it was resolved at the recently concluded sixth meeting of the National Council on Lands, Housing and Urban Development.
The council is the highest gathering of senior officials from the federal and state governments, as well as stakeholders and experts in the built industry.
At the meeting of permanent secretaries during the council, senior government officials from the 36 states and Federal Capital Territory, as well as those from the Federal Ministry of Power, Works and Housing (Works/Housing sector) agreed to enact a law that would allow monthly rental payments across the country.
The Minister of Power, Works and Housing, Babatunde Fashola, also charged property developers to reduce their rents and the value of properties in consideration of the economic hardship across the country.