Hamzat gave the advice during a question-and-answer session with Nigeria Info FM on Thursday while responding to concerns about the rising cost of accommodation in Lagos.
He was asked how a 22-year-old earning ₦100,000 monthly could afford a self-contained apartment or mini-flat with an annual rent of about ₦1 million.
In response, the deputy governor said young people should choose accommodation based on their income rather than feeling pressured to immediately live independently.
“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.
He added that young workers should not see living with relatives or sharing accommodation as something to be ashamed of while trying to establish themselves financially.
“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,” he said.
Hamzat also advised residents to ensure that their rent does not take up too much of their income, noting that workers still have other essential expenses.
“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 further highlighted mortgage financing as a way of helping Lagos residents achieve home ownership without having to pay the full cost of a property upfront.
He said the state’s mortgage system was designed to assess residents’ ability to repay and allow them to spread payments over several years.
“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.
According to him, the Lagos State Residents Registration Agency (LASRRA) number would also help the government establish residents’ identities, addresses and places of work as part of the assessment process.
“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.
Giving an example, Hamzat said a property valued at ₦7 million could be purchased with an initial 10 per cent payment of ₦700,000, while the remaining balance could be spread over 10 years.
He said monthly repayments would depend on the buyer’s income, adding that some people could pay ₦25,000 or ₦35,000 monthly.
“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.
Hamzat encouraged young workers to start with modest accommodation or smaller properties and gradually work towards home ownership as their earnings and savings increase.
He, however, acknowledged that affordable housing was also tied to the broader economy, stressing the need for better incomes and lower living costs.
“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 added that improving economic stability would make it easier for residents to plan their finances and cope with housing costs.
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