The Take-It-Back Movement (TIB), a civil society group, is expressing concern about the high rents affecting households’ incomes nationwide. In a peaceful protest in Lagos, particularly focusing on Lagos Island, the group criticized the unaffordable housing costs for the general population.
Due to high inflation, the prices of essential building materials have risen significantly, particularly impacting the cost of constructing new houses. Unfortunately, landlords and property owners are exploiting this situation to the detriment of prospective renters.
In Lagos, rent has surged by more than 200% in the past year. Previously, a three-bedroom flat, which used to range from N500,000 to N800,000, now demands N1.5 million. This is not inclusive of additional fees such as caution fees, agent charges, legal fees, and form fees. Two-bedroom apartments are now priced at N1 million to N1.2 million, while a self-contained unit can reach as high as N600,000 or even N1 million in upscale locations.
The Lagos Island chapter of TIB released a statement emphasizing the need for government intervention to address the issue. They asserted that housing is a basic human right, and the government should ensure it is accessible to all citizens. The group pointed out the nationwide housing deficit of 28 million homes, requiring an estimated N21 trillion to bridge the gap.
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Commending the Sokoto state government’s initiative in constructing a 500-unit housing estate, TIB urged other states to follow suit. They believe such actions are necessary to alleviate the housing crisis and ensure affordable housing for the public.
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