Economy

Why President Tinubu Must Address Rising Cost Of Rent, Properties In Nigeria

Published

1 month ago

October 22, 2025

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Why President Tinubu Must Address Rising Cost Of Rent, Properties In Nigeria

Why President Tinubu must address rising cost of rent, properties in Nigeria. With the highest respect for your person and office, and in recognition of your commitment to building a fair and prosperous Nigeria, I write as a concerned professional citizen to express my deep concern over the persistent and unregulated rise in the cost of rent and property sales across our country.

Every day, millions of hardworking Nigerians — civil servants, traders, artisans, young graduates, and families — struggle to secure or maintain decent shelter. The dream of home ownership has become increasingly distant, while many tenants face sudden rent hikes that far exceed their means. This situation has placed countless households under emotional and financial strain.

This is not merely an economic challenge; it is a humanitarian one. Shelter is a fundamental necessity of life and a key measure of social welfare. When people cannot afford a roof over their heads, it erodes family stability, productivity, and hope — the very fabric of our nation.

While the relative stability of the foreign exchange market under your administration has helped to steady the cost of building materials, the continuous increase in rent and property prices suggests that deeper issues are at play.

It has become necessary for the government to investigate the true causes of these persistent hikes — whether they stem from speculative pricing, market manipulation, weak regulatory enforcement, or limited housing supply — and to take decisive action to address them.

Lagos: A Stark Example of the Housing Crisis

Your Excellency, nowhere is this crisis more visible than in Lagos, our nation’s economic capital and commercial nerve centre.

In just a few years, rent in several parts of Lagos has risen by over 400 percent. A three-bedroom apartment that once cost N2.5 million now goes for between N8 million and N12 million, while serviced apartments in high-demand areas such as Ikoyi, Victoria Island, and Lekki have jumped from N6 million to as high as N30–N35 million per annum.

Even middle-income neighbourhoods like Yaba, Surulere, and Gbagada have not been spared, where modest two-bedroom flats that once rented for N600,000 now exceed N2 million.

This unprecedented increase is forcing residents to relocate farther from their workplaces, pushing workers into lengthy commutes and overburdening public infrastructure. It is also widening inequality — creating a city that caters to the wealthy but squeezes out the middle and working class.

If Lagos — the model city of commerce and progress — is becoming unaffordable to the people who drive its economy, then it is a warning sign for the rest of the country.

The Broader Impact
Beyond the hardship faced by individuals and families, this situation is also having serious economic consequences. Many small and medium-sized businesses can no longer afford the unreasonable rent increases on commercial spaces.

As a result, numerous shops, offices, and workshops are closing down — leading to loss of livelihoods, increased unemployment, and reduced productivity. This knock-on effect is shrinking the middle class, discouraging entrepreneurship, and slowing down local economic growth.

If left unchecked, the housing and rent crisis could undermine your administration’s efforts to create jobs, stabilise prices, and promote inclusive economic recovery.

Recommendations for Urgent Action
In light of this, I humbly appeal that your administration kindly consider the following measures:

Why President Tinubu Must Address Rising Cost Of Rent

Initiate a National Housing and Rent Control Framework — in collaboration with state governments, to ensure fair and stable rent practices across urban centres.

Strengthen the Federal Ministry of Housing and Urban Development to effectively regulate property development and pricing nationwide.

Expand affordable housing schemes for low- and middle-income earners through public-private partnerships and cooperative models.

Support mortgage reforms to make home loans more accessible, especially to civil servants and young Nigerians.

Introduce tax incentives for landlords and developers who provide affordable housing options.

Investigate the root causes of high rent and property prices and establish transparent guidelines that protect both landlords and tenants from exploitation.

Encourage state governments to implement rent regulation mechanisms tailored to their local realities.

Support small and medium-sized businesses through rent relief or subsidy schemes where unreasonable rent hikes threaten employment and stability.

A Call for Compassionate Leadership
Your Excellency, I write this letter in the spirit of faith and hope — faith in your Renewed Hope Agenda, and hope that every Nigerian will one day have the dignity of living and working in a stable and affordable environment.

A nation’s greatness is not measured by the wealth of a few, but by the well-being and productivity of the many. Lagos stands as both a warning and an opportunity — to reform the housing system, restore affordability, and rekindle the belief that Nigeria can truly work for everyone.

May Almighty God grant you continued wisdom, health, and strength as you lead our country through these transformative times.
With my highest regard and sincere respect.
Anirejuoritse Ojuyah is an urban policy analyst

Related Topics:development economy security Tinubu

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Economy

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

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1 day ago

November 29, 2025

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ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

ADC is Nigeria’s only reliable political party, others brought insecurity, hunger, says Atiku. Former Vice-President Atiku Abubukar says the African Democratic Congress (ADC) is the only reliable political party in the country, noting that others have brought insecurity, hunger, poverty and unemployment.
Speaking in Jalingo, the capital of Taraba state, during the official opening of the ADC state secretariat, Abubakar said the party is ready for a 2027 victory but urged Nigerians to unite to rescue the nation.

He also asked Taraba residents to take part in the ongoing continuous voter registration exercise, adding that their participation is crucial to reversing Nigeria’s worsening hardship.
“I am in Taraba to inaugurate our new party office of the ADC, and I want you to hold the party with integrity,” Channels Television quoted Atiku as saying.

“Do not allow anybody to deceive you with any other party, because we have tasted other political parties, and they brought nothing but insecurity, hunger, poverty and unemployment. “The youths and women should know that we are doing this for them to have a better future, and I am holding on to their promise. “ADC will win Taraba state and win Nigeria as the only reliable political party.”

ADC Is Nigeria’s Only Reliable Political Party

Abubakar, who formally joined the ADC on Monday—17 months before the 2027 general election—said his experience across political platforms convinced him that the All Progressives Congress (APC), the Peoples Democratic Party (PDP) and other parties lack the capacity to rescue the country.

He resigned from the PDP on July 16, citing “irreconcilable differences” within the opposition party as his reason for leaving.

Akwa Ibom

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

Published

1 day ago

November 29, 2025

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Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

Akwa Ibom governor pledges commitment to tourism, blue economy development… commends Editi Effiong for projecting State’s tourism potentials

As part of his effort to encourage tourism and enhance the State’s blue economy, Akwa Ibom State Governor, Pastor Umo Eno, has reiterated his administration’s commitment to encourage and reward young professionals who are willing to collaborate with his administration in promoting the positive image of the State through the ARISE Agenda.

The Governor made this known while fielding questions from Government House correspondents shortly after embarking on inspection of a locale of a movie, “The Black Book 2” (Old Scores), at Ishiet Beach/Market in Uruan Local Government Area.

He commended the movie Producer and Director, Mr. Editi Effiong, for his talent, vision, inspiration, and creative ability to project the tourism potentials and boost the economy of the State.

Governor Eno charged young Akwa Ibomites to shun divisive tendencies, be inspired, and emulate the creative effort of successful Akwa Ibom sons and daughters by joining hands to develop the tourism and blue economy of the State.

“The impression is amazing, seeing that we have one of our own trying to pull the world down here.

“I would love to thank and encourage him, and to let our young people see that Akwa Ibom has what it takes to drag the world’s attention.

“It depends on what you see. Someone can see this place and write one story about a swamp that has been abandoned and make all the noise. Another person sees this place and makes a great movie out of it that will market this place to the world and is able to attract the attention because of the work he has done here,” he said.

The State Chief Executive pledged his encouragement, support, and collaboration with Editi and other young Akwa Ibomites to enable them rise to the zenith of their calling.

“We are going to work with him. Editi is a young man I have known very well. This is one thing I say to our people in the diaspora, let’s partner. Come back home, whatever you see out there, bring it back here, and let’s work together.

“I think that is the story, and I am really impressed. If you know the number of people that have visited this State in the course of this film, the talents, and the caliber of artists that have been here, then this young man deserves an award and our support,” he added.

Ibom Deep SeaPort

On his part, the movie Producer and Director, Effiong, appreciated Governor Eno for his visionary leadership and passion for tourism development.

He expressed gratitude to the Governor for creating a hospitable and tourism friendly ecosystem to enhance talent exploration through the provision of good road network and quality modern facilities which distinguished the State as one of the most treasured locations in the country.

Crime

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

Published

1 day ago

November 29, 2025

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EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.

The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.

Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.

“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”