₦airaland Forum

Live with parents or share rent, Lagos deputy gov advises young workers


By Fawzi Kehinde

Lagos State Deputy Governor, Obafemi Hamzat, has advised young workers not to feel pressured to immediately rent 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 with Nigeria Info FM on Thursday while responding to concerns about how young workers earning low incomes could cope with rising rents 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 N1m annually.

Hamzat said young people should consider accommodation that reflects their income rather than trying to start from the top.

“Don’t let us misunderstand ourselves as a people. We are cultural people. Do you understand? So, if I start work as a young person and I’m not married, a lot of us live with our parents. A lot of us live with our cousins,” Hamzat said.

“You know, go to Turkey, for example, and see how young people also live.”

He said young workers should not feel compelled to immediately move into self-contained apartments if their incomes could not support such accommodation.

“So, if you don’t start from the top self-contained, you don’t start from the top. You start from the average depending on,” the deputy governor said.

Hamzat also said residents should not spend more than 40 per cent of their income on rent, noting that workers had other expenses to meet.

“In fact, if you spend more than 40 per cent of your income on rent, it is too high because you must eat, you must buy clothes, you must do transportation,” he said.

The deputy governor said the state’s housing strategy also involved making home ownership possible through mortgage financing, arguing that Nigerians could not continue to buy houses through one-off payments.

He said Lagos had a mortgage board to facilitate the system and that residents needed to be properly identified and assessed to determine their ability to repay.

“But, you know, the challenge is we cannot continue to buy houses the way we buy rice and yam. Do you understand? So, we must buy properties using a mortgage, and that’s why we have a mortgage board in Lagos,” Hamzat said.

He said the state was using the Lagos State Residents Registration Agency number to establish residents’ identity, address and place of work as part of the process of assessing their ability to obtain housing finance.

“So, that’s why we said people must have LASRRA number, so we can know that, okay, you live in Lagos. This is where you live. This is your address. This is where you work. So that there is a credit bill that checks everything that says, okay, you can pay,” he said.

Hamzat gave an example of a property costing N7m, saying a buyer could make a 10 per cent initial payment and spread the balance over 10 years.

“So, if a flat in Bisedi, which is seven million naira, you pay 10 per cent with 700,000, and over 10 years, you are able to pay monthly,” he said.

He added that monthly repayments could vary according to the buyer’s income.

“Some people pay 25,000 monthly or 35,000, whatever it is, depending on your income,” Hamzat said.

He said the mortgage model was necessary because many residents could not afford to pay the full cost of a property at once.

“That is the way to go because we know that a lot of people will not be able to afford to pay a one-shot deal,” he said.

The deputy governor said young people could therefore begin with smaller properties and gradually move towards home ownership as their incomes and savings improved.

“But the bottom line is, like I said, the culture of ability to save, so that if people see that you can save money, then I can give you a property.

“It doesn’t have to be, if you are a young person, you can start with one bedroom or even a self-contained, like you explained,” he said.

Hamzat, however, acknowledged that housing affordability was also dependent on the wider economy, saying residents needed better incomes to cope with the cost of living.

“What is important is we must also build our economy in such a way that people earn better, you understand, so that everybody can be uplifted, and that is the bottom line,” he said.

He said economic stability would make prices more predictable and help residents plan their finances.

“The cost of buying things is what we need to fix first, and then when we fix that, which is what the Federal Government is doing now, then we’ll be able to talk a lot more about other pillars that stop on top of that,” Hamzat said.

Lagos has previously promoted mortgage-based housing schemes, including LagosHOMS, which allows subscribers to own homes through rent-to-own arrangements, with payments spread over several years.

The state government has also identified mortgage financing and innovative financing mechanisms as part of efforts to make home ownership more accessible to residents.

𝐋𝐢𝐯𝐞 𝐰𝐢𝐭𝐡 𝐩𝐚𝐫𝐞𝐧𝐭𝐬 𝐨𝐫 𝐬𝐡𝐚𝐫𝐞 𝐫𝐞𝐧𝐭, 𝐋𝐚𝐠𝐨𝐬 𝐝𝐞𝐩𝐮𝐭𝐲 𝐠𝐨𝐯 𝐚𝐝𝐯𝐢𝐬𝐞𝐬 𝐲𝐨𝐮𝐧𝐠 𝐰𝐨𝐫𝐤𝐞𝐫𝐬

Credit: X NigeriainfoFM
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Racoon:
Lack of retrospective thinking will not allow this man to understand that it is the results of the stagnating economic policies of their govt @the centre that have predisposed young people to these unbearable hardships.

The average youth in civilized countries get govt cushioning to be dependent at this stage of life

Amotolongbo:
This is a very good advice for the young people just starting life.
I would advise the young ladies to live with their parents so those puzzy poachers won’t devour them cos of the vulnerability living alone or sharing accommodation

Splashme:
The first civilian governor of Lagos State, Alhaji Lateef Jakande, on Tuesday, said that the cancellation of the Lagos metroline project in 1985 was a major mistake and disservice to many Nigerians.

Jakande spoke in Lagos during the launch of a book which chronicled his life in politics and journalism.

The book, entitled, ‘Jakande: Leadership in Action’ is written by Dr. Bola Olaosebikan, who told the audience at the event that the All Progressives Congress presidential candidate, Maj. Gen. Muhammadu Buhari (retd.), was not responsible for the cancellation of the project.

Jakande said, “Reflecting on the metroline project, I think it is a major disservice to many Nigerians. Imagine how many people would have benefitted. It would have made life easier and changed the face of transport in Lagos. Whoever cancelled it or gave the advice towards its cancellation didn’t do right.”

The former governor asked Nigerians not to vote for unserious leaders in the coming polls, saying the elections presented Nigerians with a good opportunity that should not be squandered.

Expressing the hope that Nigeria would soon overcome its developmental challenges, Jakande said hope would be actualised faster if credible people emerged as leaders in the next dispensation.

He said, “This book comes at a very auspicious time in Nigeria’s history as we need leaders who can act. We need leaders who would not compromise the standards of good governance. God has blessed this nation the most in Africa, although we have not reached where we should be; with the right leaders, Nigeria would overcome its challenges.”


http://www.punchng.com/news/cancelling-metroline-a-major-mistake-jakande/

eluquenson:
REVISITING SOME OF THE LATEEF JAKANDE'S GOVERNMENT ACHIEVEMENTS FROM OCTOBER 1979 TO DECEMBER 1983 (FOUR YEARS AND 3 MONTHS) IN LAGOS STATE

* His government built the current Lagos State Secretariat which houses all the state ministries as well as the popular round house hitherto occupied by all subsequent governors of the state.

* His government built the Lagos State House of Assembly complex.

* His government built the Lagos State Television

* His government built the Lagos Radio

* His government built Lagos State University

* His government established General Hospital in zones all over the state with assurance of free health care.

* His government established Teacher Training College and the College of Education.

* His government built low cost houses in Ijaiye, Dolphin, Oke-Afa, Ije, Abesan, Iponri, Ipaja, Abule Nla, Epe, Amuwo-Odofin, Anikantamo, Surulere, Iba, Ikorodu, Badagry, Isheri/Olowu, Orisigun etc.

* His government established the Water Management Board and Waste Disposal Board on the 18th of August, 1980.

* His government constructed the Adiyan Water Works to increase water supply in the state to 18.16 million litres per day.

* His government modernized and expanded the Iju Water Works which was first commissioned in 1915. This increased daily capacity from 159 million to 204 million litres per day.

* His government purchased and commissioned the giant car crusher equipment. The equipment was designed specifically to crush derelict vehicles in Lagos State. It had the capacity to crush 45 vehicles per day.

* His government constructed, rehabilitated and resurfaced Epe/Ijebu-Ode Road, Oba Akran Avenue, Toyin Street, Town Planning Way, Alimosho-Idimu-Egbe Road, Idimu-Iba-LASU Road, the new secretariat road and several others.

* His government constructed Victoria Island/Epe Road and thereby creating an ‘oil rig’ for Lagos State.

* His government established Asphalt Plant for the Department of Public Works.

* His government established Electricity Board for Rural Electrification with provision of street lights.

* His government modernized, expanded and commissioned Onikan Stadium in 1982.

* His government established a singular school system and ensured genuine free education in Lagos State and the beneficiaries of this policy are in different positions of eminence in the country and around the world.

* His government raised the primary schools in Lagos State to 812 with 533,001 pupils (against 605 primary schools with 434,545 pupils he met in 1979) and secondary schools to 223 with 167,629 students (against 105 schools with 107,835 students in 1979).

* His government constructed 11, 729 classrooms with the maximum of 40 children per class between March and August 1980, by 1983, he had constructed over 22,000 classrooms.

* In July 1983, two commercial passenger boats christened "Baba Kekere and Itafaji" to run the Mile 2 - Marina (CMS) route via the lagoons were inaugurated by his government to mark the official launch of the Lagos State ferry services.

* His government took over the ownership and financing of Lagos State Printing Corporation in July 1980

* His government established the first State Traffic Management Authority (Road Marshals).

* His government established small scale Industries Credit Scheme which preceded the EKO bank.

*His government established LASACO Insurance.

*His government expanded existing market and built new ones.

*His government established Traditional Medicine Board.

WHO SAYS 4 YEARS IN OFFICE IS NOT ENOUGH FOR MEANINGFUL ACHIEVEMENTS?

IT'S A FACT THAT 90% OF GOVERNORS IN NIGERIA SINCE 1999 WITH REVENUES AT THEIR DISPOSAL CANNOT BOAST OF A QUARTER OF THESE ACHIEVEMENTS EVEN WITHIN THEIR EIGHT YEARS IN OFFICE.

FreeStuffsNG:
smh.

Econonic hadrship is the reason for internet fraud too , abi

bobonla:
Instead of them to look how they will control the unnecessary increment in house rent by evil land lords. They're advising grown up men and women to continue living with their parents. Is that how life is been done abroad?

Leboska:
I talk am say this man no get sense, infact I know he will beat the record to be the worst apc governor, can anything good come out of apc? impossible!

richidinho:
From one of the beneficiaries of Jakande low-cost estates

bobonla:
Instead of them to look how they will control the unnecessary increment in house rent by evil land lords. They're advising grown up men and women to continue living with their parents. Is that how life is been done abroad?

Landlords in Lagos must pay annual property levies and income taxes on their rental earnings. The primary obligations include the state-administered Land Use Charge (LUC), Personal Income Tax (PIT) on rental profits through the Lagos State Internal Revenue Service (LIRS), and a 10% Withholding Tax if renting to corporate entities

Amotolongbo:
This is a very good advice for the young people just starting life.
I would advise the young ladies to live with their parents so those puzzy poachers won’t devour them cos of the vulnerability living alone or sharing accommodation

Racoon:
Lack of retrospective thinking will not allow this man to understand that it is the results of the stagnating economic policies of their govt @the centre that have predisposed young people to these unbearable hardships.

The average youth in civilized countries get govt cushioning to be dependent at this stage of life

Europe’s youth face an unprecedented housing affordability crisis, driven by soaring property prices, skyrocketing rents, and stagnant wages. Roughly 30% of young adults aged 25–34 in the EU still live with their parents, while millions more struggle with overcrowding, high housing cost burdens, and delayed independence

The youth housing crisis in the U.S. is driven by severe affordability gaps, high mortgage rates, and a shortage of low-income units. Roughly 4.2 million young people experience homelessness annually, and about one in three young adults aged 18 to 34 live with their parents due to high housing costs

Young Australians face a severe housing crisis marked by skyrocketing rents, record-low vacancy rates, and locked-out homeownership. Youth are forced into extreme competition for rentals, couch-surfing, or hidden homelessness as specialist support services stay heavily inundated

Canada's youth housing crisis forces 58% to rent, doubles parental co-residence rates compared to past generations (16.3% of 25-to-39-year-olds live with parents vs. 8.2% historically), and drives down life satisfaction. High costs force 53% of young adults to alter monthly budgets, sacrificing food and savings