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The Digest:

The House of Representatives has taken a decisive step to curb exploitative rent hikes across Nigeria. The move, sparked by a motion highlighting the severe financial burden on tenants, aims to balance property rights with citizen welfare.

Key Points:
  • The House passed a resolution urging federal and state collaboration on rent control.
  • The motion cited how new public infrastructure leads to sudden, drastic rent surges.
  • In some FCT areas, annual rent reportedly jumped from N800,000 to N2.5 million.
  • The proposal seeks to cap rent increases at a maximum of 20% nationwide.
  • This cap would apply irrespective of new infrastructure or other market factors.
  • The House also called for more investment in affordable housing initiatives.
  • The Committee on Housing was mandated to ensure compliance within four weeks.
This legislative effort seeks to anchor housing affordability in a turbulent economic climate, addressing a core concern for millions of Nigerians. Rooted in the Storm.

Sources: The Cable