Senator Munir Ned Nwoko, representing Delta North under the PDP, has taken a significant step by initiating a bill titled, “One-Month Rent Limitation and Landlord Registry Act.” The proposed legislation aims to alleviate the financial burden on tenants by allowing them to pay their rents on a monthly basis, fostering better relationships between landlords and tenants.
Scheduled to present the bill before his colleagues when the Senate resumes plenary on January 30, Senator Nwoko recognizes the challenges faced by Nigerians who are required to pay one to three years’ rent in advance when their incomes are on a monthly basis.
The proposed bill not only advocates for monthly rent payments but also calls for the establishment of a rent control body to effectively monitor and implement the law at every state and local government level across the country.
One key aspect of the proposed bill mandates that every tenancy agreement must be in a written form, with both the landlord and tenant filing a copy at the rent control agency. The agreement must be completed two weeks before the commencement of the tenancy.
A notable feature of the bill is the imposition of a strong penalty for defaulting parties, with a fine equivalent to 10 percent of the total rent sum.
Speaking on the essence of the bill in an interview in Abuja, Senator Nwoko emphasized the need for understanding the challenges faced by tenants. He stated, “Rent control is for both rich and poor,” highlighting the unfairness of requiring tenants to make substantial advance payments for rents.
Senator Nwoko stressed the importance of a rent control body to oversee the implementation of the law at the grassroots level, emphasizing that such a mechanism is crucial for both tenants and landlords. He clarified that low-cost housing is distinct from the proposed rent control, as it caters to the low-income and vulnerable segments of society and is not subject to regular rent payments.
In outlining long-term plans and solutions, Senator Nwoko underscored the necessity for people to earn well and for banks to provide affordable mortgages at rates not exceeding three percent. This, he believes, will empower individuals to become homeowners over time, offering sustainable solutions to housing challenges.
