The Lagos State Government allocated N101.6 billion for Housing and Community Amenities in the 2025 budget, reflecting an 81.69% increase compared to the N55.92 billion allocation in 2024.
This represents 3% of the state’s total N3.366 trillion budget for 2025.
This information was obtained from the Lagos Economic Development Update (LEDU) 2025 report, recently released by the Economic Intelligence Department of the Lagos State Ministry of Economic Planning and Budget.
Although the 2025 budget was passed in January, details of the allocation were only made available in the report.
The report highlighted that the increased funding reinforces the state’s commitment to addressing its housing deficit and improving community infrastructure, particularly as Lagos continues to experience rapid urbanization and internal migration.
“The budget allocation for Housing and Community Amenities saw a noteworthy increase, with its share rising to 3% (N101.60 billion) from 2.5% (N55.92 billion) in 2024, reflecting a growth rate of 81.69%. This increased funding is critical for addressing the state’s housing deficit and enhancing community infrastructure, particularly as Lagos continues to face significant pressures from rapid urbanisation and internal migration,” the report read in part.
The rise in funding is expected to support key initiatives, including the development of affordable housing, expansion of public-private partnerships in real estate, and upgrades to urban infrastructure. As Lagos remains the most populous state in Nigeria, the demand for housing and improved community amenities continues to grow.
More insight
The 81.69% increase in the 2025 housing budget builds on key projects from 2024, which focused on affordable housing, urban renewal, and public-private partnerships.
- According to the Lagos Economic Development Update (LEDU) 2025 report, the previous year’s N2.268 trillion budget allocated N55.92 billion (2.5%) to housing, funding developments across Lagos.
- Notable 2024 projects included 444 housing units at Sangotedo Phase II, 420 units in Badagry, and 136 ongoing units at Ibeshe Phase II. The state also unveiled 270 two-bedroom flats at Egan-Igando, 60 modern apartments at Rising Lagos, and a 144-unit mixed development at Greater Lagos LBIC/WGC Apartments in Amuwo Odofin.
With N101.6 billion allocated for 2025, the Lagos State Government aims to expand affordable housing, complete ongoing projects, and enhance urban infrastructure.
Public-private partnerships remain central, including the Odonla-Odogunyan Housing Estate Project, developed with Access Bank Plc, which will deliver 704 housing units across 44 blocks.
What you should know
The Lagos State Government has introduced the Rent-To-Own Program and Lagos Home Ownership Mortgage Scheme (Lagos HOMS) to provide affordable housing options for residents.
The Rent-To-Own Program allows first-time buyers to make a 5% down payment, take immediate possession, and pay the balance as rent over 10 years. Applicants must be Lagos residents, be tax-compliant, and earn enough to ensure monthly payments don’t exceed 33% of their income.
The Lagos HOMS, managed by the Lagos Mortgage Board, offers mortgage financing with applicants contributing up to 30% equity, while the balance is repaid over 10 years, capped at 30% of income. The scheme prioritizes equitable homeownership, prohibits subletting, and ensures transparency through a pre-qualification and draw process.
