Take-It-Back Movement Protests Soaring Rents, Urges Government Intervention

Taiwo Ajayi
2 Min Read

A civil society group, Take-It-Back Movement (TIB), has raised concerns about the escalating impact of high rents on households’ income nationwide, urging government intervention to address the issue.

As inflation continues to drive up the costs of major building materials, landlords and property owners are exploiting the situation, leading to exorbitant rents.

In Lagos, rent prices have surged by over 200% in the past year, with a three-bedroom flat that previously ranged between N500,000 to N800,000 now demanding N1.5 million, excluding additional charges such as caution fees, agent fees, legal fees, and form fees. Two-bedroom flats are priced at N1 million to N1.2 million, while self-contained units can reach N600,000 to N1 million in high-end locations.

READ ALSO: Leading estate developer calls for secure investment environment for real estate business in lagos

The Lagos Island chapter of TIB organized a peaceful protest against the exorbitant cost of housing, particularly in areas like Lagos Island, deeming it unaffordable for the masses. The group emphasized that housing is a fundamental human right, and the government has a responsibility to make it accessible to all citizens.

Expressing concern over Nigeria’s housing deficit of around 28 million and an estimated N21 trillion needed to bridge the gap, TIB urged states to emulate Sokoto state’s commendable initiative in constructing a 500-unit housing estate. The group sees this as a positive step and encourages other state governments to follow suit.

Source: Guardian NG

Share this Article
Leave a comment