Lagos Deputy Governor Urges Young Workers on Housing

On Thursday, Lagos State Deputy Governor Obafemi Hamzat advised young workers facing rising rents to consider living with their parents, relatives, or sharing accommodation instead of renting apartments they cannot afford. During a session with Nigeria Info FM, he addressed concerns about a 22-year-old earning N100,000 monthly and the challenge of affording a self-contained apartment costing about N1 million annually.

Hamzat stressed that young people should choose housing based on their financial capacity, particularly at the beginning of their careers. He recommended that rent should not exceed 40% of one's income to allow for other essential expenses.

Furthermore, Hamzat discussed the state's housing strategy focused on mortgage financing to facilitate home ownership, stating that buying homes outright is unrealistic for many Nigerians. He mentioned the Lagos State Residents Registration Agency (LASRRA) number as a tool to verify residents' identities and repayment capabilities.

Using a N7 million property in Bisedi as an example, he explained that a 10% initial payment could be made, with the balance payable over ten years.