Lagos State Deputy Governor, Obafemi Hamzat, has advised young workers to avoid putting themselves under financial pressure by renting expensive apartments, urging them to consider living with their parents, relatives or in shared accommodation while building their finances.
Hamzat gave the advice during a question-and-answer session on Nigeria Info FM on Thursday while responding to concerns about the rising cost of accommodation in Lagos. He was asked how a 22-year-old earning N100,000 monthly could afford a self-contained apartment or mini-flat costing about N1 million annually.
The deputy governor said young people should choose accommodation based on their financial capacity rather than feeling compelled to immediately live independently. According to him, many young people traditionally live with their parents or relatives, while shared living arrangements are also common in other parts of the world.
He stressed that workers should not spend more than 40 per cent of their income on rent, noting that they also needed money for food, clothing, transportation and other basic expenses.
Hamzat also urged young people to develop a savings culture, saying they could begin with modest accommodation and gradually improve their living conditions as their income and savings increased. He said a young person could start with a one-bedroom apartment or self-contained accommodation before eventually moving towards home ownership.
The deputy governor said Lagos State was promoting mortgage financing as a more sustainable way for residents to purchase homes, arguing that many Nigerians could not afford to make one-off payments for properties.
He explained that the state’s mortgage system, supported by the Lagos State Mortgage Board, was designed to assess applicants’ identities, addresses, workplaces and ability to repay housing loans. He said residents could make monthly payments based on their income and financial capacity.
Hamzat added that the Lagos State Residents Registration Agency number was being used as part of efforts to properly identify residents and support assessments for housing finance.
He acknowledged that housing affordability was closely tied to the wider economy and stressed the need to improve incomes and stabilise the cost of goods and services. According to him, stronger economic conditions would make prices more predictable and enable residents to plan their finances better.
The Lagos State Government has continued to promote mortgage-based housing initiatives, including LagosHOMS and rent-to-own schemes, as part of efforts to make home ownership more accessible to residents through flexible and long-term payment arrangements.
𝐋𝐢𝐯𝐞 𝐰𝐢𝐭𝐡 𝐩𝐚𝐫𝐞𝐧𝐭𝐬 𝐨𝐫 𝐬𝐡𝐚𝐫𝐞 𝐫𝐞𝐧𝐭, 𝐋𝐚𝐠𝐨𝐬 𝐝𝐞𝐩𝐮𝐭𝐲 𝐠𝐨𝐯 𝐚𝐝𝐯𝐢𝐬𝐞𝐬 𝐲𝐨𝐮𝐧𝐠 𝐰𝐨𝐫𝐤𝐞𝐫𝐬
Credit: X NigeriainfoFM
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