Good News: State Govt Moves To Regulate House Rents
- The Kaduna State House of Assembly is reviewing a bill sponsored by Speaker Yusuf Dahiru Liman to regulate residential rent charges
- The bill seeks to protect tenants from excessive rent charges while also guarding the interests of landlords and property developers
- The Assembly has opened a public hearing to gather views from tenants, landlords, estate professionals and civil society groups
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The Kaduna State House of Assembly is considering legislation that would regulate how much landlords can charge for residential accommodation across the state, as the cost of housing continues to weigh heavily on household incomes.
Speaker Yusuf Dahiru Liman is sponsoring the bill, which aims to create a structured framework for setting residential rents. The proposed law is currently before a relevant committee of the Assembly for review.
Source: Getty Images
Why the Bill Is Being Introduced
Lawmakers say the move is driven by growing concern over housing affordability in Kaduna, particularly for low-income earners, workers, students and young families struggling to keep up with rising rent demands.
The bill, if enacted, would introduce greater predictability into landlord-tenant relationships and give authorities a mechanism to address what legislators describe as excessive or exploitative rent charges, BusinessDay reports.
To gather input before the bill advances, the Assembly is holding a public hearing, inviting tenants, landlords, property owners, estate professionals, developers and civil society organisations to submit their views.
The consultation is meant to ensure that any regulation introduced is both practical and enforceable.
Balancing Tenant and Landlord Interests
The bill faces the challenge of protecting tenants without discouraging investment in the housing sector.
Property owners and developers may argue that strict rent controls could reduce the financial incentive to build or maintain residential accommodation, which could worsen the supply problem in the long run.
The public hearing process is expected to surface these concerns and help shape how the final legislation is written.
Source: Getty Images
The initiative is part of Governor Uba Sani's administration's broader effort to ease economic hardship and improve the welfare of Kaduna residents.
Punch reports that the Assembly said stakeholder consultations would continue throughout the legislative process before the bill is finalised and brought forward for a decision.
If passed, the law would mark a significant shift in how residential rents are determined and managed across Kaduna State.
Nigerians to apply for N50m to buy, build their homes
Earlier, Legit.ng reported that the Federal Mortgage Bank of Nigeria (FMBN) has set out the requirements and process for Nigerians who want to access housing finance under the National Housing Fund (NHF) Mortgage Loan scheme, covering purchases, construction, home improvement, and renovation.
The scheme allows eligible NHF contributors to borrow up to N50 million at an interest rate capped at 6% per annum.
FMBN provides the funds to accredited Primary Mortgage Banks (PMBs) at 4%, and the PMBs then lend to contributors at the 6% rate. Borrowers can repay over as long as 30 years.
Source: Legit.ng
