Lawmakers move to Impose 20% cap on rent hikes nationwide
The House of Representatives has asked the ministry of housing and urban development to collaborate with state governments to enforce rent control measures, capping rent increases at no more than 20 percent of the existing rent.
This followed the adoption of a motion by Rep. Jeremiah Akiba, who said the measure was needed to stop “wanton exploitation” by property owners after public infrastructure is constructed.
Akiba, in his motion, said there is often a “sudden surge in rent” in areas after public projects such as roads or markets are completed.
He said rent in some places in the Federal Capital Territory (FCT) with newly constructed roads has skyrocketed from N800,000 to N2.5 million per annum, placing an unbearable financial burden on tenants.
The lawmaker said this exploitation undermines the government’s intention to improve citizens’ welfare and drives Nigerians into hardship, forcing some to resort to crime.
He argued there is an urgent need to balance the rights of property owners with the welfare of tenants to ensure fairness and stability in the housing sector.
The House also urged the federal government to prioritise investing in affordable housing initiatives to reduce pressure on the rental market.
The green chamber mandated its committee on housing and habitat to ensure compliance with the resolutions and report back within four weeks for further legislative action.
In July, stakeholders in Nigeria’s real estate sector raised the alarm over high land costs, describing it as a major contributor to the country’s worsening housing deficit and calling for government intervention.
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