By Sodiq Adelakun
The Lagos State Government has announced plans to complete over 14,000 new housing units by 2026 as part of efforts to reduce the housing deficit in the state.
Governor Babajide Sanwo-Olu made this known through the Commissioner for Housing, Moruf Akinderu-Fatai, during the 75th World Congress of the International Real Estate Federation (FIABCI) held at Eko Hotels and Suites in Lagos.
Sanwo-Olu stated that the state government had delivered nearly 10,000 housing units over the last six years.
He said the administration is intensifying efforts to increase the housing supply, particularly for low- and middle-income earners.
The governor said the state is implementing a mix of strategies to ensure affordability and access to decent housing.
He explained that part of the strategy involves special budget allocations and enabling policies to attract private sector investment through public-private partnerships.
Sanwo-Olu emphasised that housing provision in Lagos is part of a broader vision to promote inclusive development, social stability, and economic growth.
He disclosed that the state allocated ₦101.6 billion to Housing and Community Amenities in the 2025 budget, representing an 81.7% increase from the ₦55.92 billion allocated in 2024.
The 2025 housing budget accounts for roughly 3% of the state’s total ₦3.366 trillion budget.
The Lagos State Government has introduced programs such as the Rent-To-Own Scheme and the Lagos Home Ownership Mortgage Scheme (Lagos HOMS) to enhance housing accessibility.
Under the Rent-To-Own Scheme, beneficiaries pay a 5% down payment and take immediate possession, with repayment spread over 10 years as monthly rent.
Applicants for the scheme must be Lagos residents, possess a valid tax identification, and ensure monthly repayments do not exceed 33% of their income.
The Lagos HOMS program requires up to 30% equity contribution from applicants, with the remainder financed through structured monthly payments over 10 years.
The state government prohibits subletting of homes acquired under Lagos HOMS, and allocations are carried out through a transparent draw process.
In December 2024, the state signed an agreement with Access Bank to build the Odonla-Odugunyan Housing Estate in Ikorodu.
The estate, covering 9.98 hectares, will consist of 704 two-bedroom apartments across 44 blocks.
The Sanwo-Olu administration reiterated its commitment to making Lagos a livable city through sustainable urban housing development.