Lagos State Prioritizes Housing with ₦101.6 Billion Budget Allocation for 2025
LAGOS, NIGERIA.
In a bold move to address the city’s persistent housing deficit, the Lagos State Government has
announced a substantial budgetary allocation of ₦101.6 billion to the Ministry of Housing and
Community Development for the 2025 fiscal year.
This represents an impressive 81.7%
increase from the previous year’s ₦55.92 billion, signaling Governor Babajide Sanwo-Olu’s
renewed focus on affordable housing and urban renewal initiatives.
The allocation, which accounts for 3% of the total ₦3.366 trillion 2025 state budget, is intended
to finance several low-cost housing estates across locations like Ikorodu, Ibeju-Lekki, Epe, and
Badagry. These projects aim to provide sustainable housing options to middle- and
lower-income Lagosian, a move welcomed by stakeholders who have long clamored for
solutions to the city’s overwhelming housing demand.
In his presentation to the Lagos State House of Assembly, Commissioner for Housing, Hon.
Moruf Akinderu-Fatai, highlighted the state’s commitment to completing ongoing housing
projects, including the Sangotedo Phase 2 Housing Scheme and Egan-Igando Mixed Housing
Estate. He emphasized the importance of public-private partnerships (PPPs) in speeding up
delivery timelines and ensuring quality standards.
Lagos currently faces an estimated housing deficit of over 2.5 million units, driven by rapid
population growth, urban migration, and escalating construction costs. Experts in the real estate
sector believe this fresh funding will not only help alleviate the deficit but also stimulate job
creation, drive down rental prices, and open up investment opportunities for developers.
Real estate consultant Bimbo Olawale noted, “If this funding is properly managed, Lagos could
become a benchmark for affordable urban housing solutions in West Africa. Transparency and
execution will be key.”
Construction is expected to commence on newly proposed housing sites by Q3 2025, with
delivery targets set for 2026.
