The Lagos State Government has allocated N101.6 billion for Housing and Community Amenities in the 2025 budget, marking an 81.69% increase from N55.92 billion in 2024.
This allocation accounts for 3% of the state’s total N3.366 trillion budget for 2025, reflecting Lagos’ commitment to addressing housing deficits and urban development.
The details, sourced from the Lagos Economic Development Update (LEDU) 2025 report, emphasize the need for improved infrastructure amid rapid urbanization and migration.
The increased funding will support affordable housing projects, expand public-private partnerships in real estate, and upgrade urban infrastructure across the state.
In 2024, the government funded projects like 444 housing units at Sangotedo Phase II, 420 units in Badagry, and 136 units at Ibeshe Phase II.
For 2025, Lagos plans to expand affordable housing, complete ongoing projects, and enhance urban amenities to accommodate the growing population.
Public-private partnerships remain crucial, including the Odonla-Odogunyan Housing Estate Project with Access Bank Plc, which will deliver 704 housing units.
The state also runs the Rent-To-Own Program and Lagos Home Ownership Mortgage Scheme (Lagos HOMS) to improve homeownership access for residents.
Under Rent-To-Own, first-time buyers pay a 5% deposit, move in immediately, and complete payments over 10 years as rent.
Lagos HOMS offers mortgage financing where applicants contribute 30% equity, with the balance repaid over a decade, capped at 30% of income.
