Cost Of Living For a Student in Lagos 2025

Student cost of living chart - average monthly expenditure in Lagos

Average Monthly Expenditure

Currency: NGN
36,000 240,000 2.7M
MINIMUM AVERAGE MAXIMUM
$23 $150 $1,700

Average monthly spending for students in Lagos

How much money does a student need in a month to survive in Lagos?

Students in Lagos spend around 240,000 NGN per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 36,000 NGN or as high as 2.7M NGN. Location is a very important factor and has a huge influence on expenditure and budget.

Distribution of monthly cost of living expenses of a student in Lagos

How do students spend their money in Lagos?

We asked thousands of students about their spending habits and expenditure break down.

Housing and accomodation expenditure for students

Accomodation Cost17%

17% of total expenses on average (12% to 23%)

LOW$5.6   8,600 NGN
AVERAGE$37   58,000 NGN
HIGH$410   640,000 NGN
Per Month

Students in Lagos typically spend from 12% to 23% of their total monthly expenditure on housing with 17% being the average. The average monthly spend on housing is 58,000 NGN with expenditure ranging from 8,600 NGN to 640,000 NGN. This cost mainly goes for rent but it also includes other accommodation-related expenses.

Electricity, utilities, energy, water, internet, and mobile expenditure for students

Cost of utilities7%

7% of total expenses on average (5% to 11%)

LOW$0.82   1,300 NGN
AVERAGE$5.5   8,500 NGN
HIGH$61   95,000 NGN
Per Month

Utility expenditure like electricity, water, and gas in Lagos ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 8,500 NGN with 1,300 NGN and 95,000 NGN being the upper and lower limits for a student of four.

Transport, fuel, and commute expenditure for students

Cost of transport and fuel4%

4% of total expenses on average (4% to 10%)

LOW$1.5   2,400 NGN
AVERAGE$10   16,000 NGN
HIGH$110   180,000 NGN
Per Month

Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 2,400 NGN to 180,000 NGN in a month on commuting with 16,000 NGN being the norm for most students. This means that money spent on transport constitutes about 4% of total spending on average but can go as low as 4% or as high as 10%.

Food, groceries, and basic shopping expenditure for students

Food and Groceries Cost23%

23% of total expenses on average (17% to 27%)

LOW$4.3   6,700 NGN
AVERAGE$29   45,000 NGN
HIGH$320   500,000 NGN
Per Month

The average outlay on groceries and basic houshold items for a typical student in a month in Lagos is 45,000 NGN. The cost of groceries can range between 6,700 NGN to 500,000 NGN. Students spend on average about 23% on food and groceries with upper and lower bounds of 17% and 27% respectively.

Healthcare and medical services expenditure for students

Cost of healthcare9%

9% of total expenses on average (6% to 12%)

LOW$1.1   1,800 NGN
AVERAGE$7.7   12,000 NGN
HIGH$85   130,000 NGN
Per Month

Students in Lagos allocate 6% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 9%. The range of medical expenses range from 1,800 NGN to 130,000 NGN with 12,000 NGN being the norm for most students.

Leisure and shopping expenditure for students

Cost of leisure and shopping2%

2% of total expenses on average (2% to 6%)

LOW$1.1   1,700 NGN
AVERAGE$7.2   11,000 NGN
HIGH$80   120,000 NGN
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 1,700 NGN to 120,000 NGN with 11,000 NGN being the average. Speaking of percentages, that equates to 2% to 6% of total expenses with an average of 2% for most students.

Education and schooling expenditure for students

Cost of education and schooling18%

18% of total expenses on average (11% to 23%)

LOW$4.1   6,300 NGN
AVERAGE$27   42,000 NGN
HIGH$300   470,000 NGN
Per Month

Spending on education can vary drastically between different students. On average, education constitutes 18% of the monthly expenditure of students with 11% and 23% being the lower and upper bounds respectively. The average reported education cost is 42,000 NGN per month with 6,300 NGN being the minimum spent amount and 470,000 NGN being the maximum.

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$3.4   5,200 NGN
AVERAGE$23   35,000 NGN
HIGH$250   390,000 NGN
Per Month
Financial literacy and difficulty in budgeting and financial planning for students in Lagos

Financial Literacy in

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy37%


We asked student guardians and parents in Lagos whether they acquired any adequate personal financial training in their lives. Approximately 63% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 37% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether students of have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 62% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 38% said that they have everything under control.

Struggles with finance62%

Easily manages finances38%

Prices and cost of goods and services in Lagos

Chart showing the prices and cost of grocery, food, restaurant meals, market, and beverages in Lagos

Dining, food, and beverages costs


Fast food combo meal

400 NGN 800 NGN 1,300 NGN
MINIMUM AVERAGE MAXIMUM
$0.26 $0.51 $0.86

Restaurant meal for one

1,400 NGN 2,100 NGN 4,200 NGN
MINIMUM AVERAGE MAXIMUM
$0.90 $1.3 $2.7

Fine dining meal for one

2,700 NGN 4,000 NGN 16,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.7 $2.6 $10

Cappuccino or latte

340 NGN 550 NGN 820 NGN
MINIMUM AVERAGE MAXIMUM
$0.22 $0.35 $0.53

Grocery and market costs


Milk large bottle

280 NGN 330 NGN 420 NGN
MINIMUM AVERAGE MAXIMUM
$0.18 $0.21 $0.27

12 eggs

200 NGN 260 NGN 400 NGN
MINIMUM AVERAGE MAXIMUM
$0.13 $0.17 $0.26

Fresh whole chicken

470 NGN 610 NGN 870 NGN
MINIMUM AVERAGE MAXIMUM
$0.31 $0.40 $0.56

Pack of beef

580 NGN 860 NGN 1,700 NGN
MINIMUM AVERAGE MAXIMUM
$0.37 $0.56 $1.1

Medium bag of rice

210 NGN 290 NGN 410 NGN
MINIMUM AVERAGE MAXIMUM
$0.14 $0.19 $0.26

Bag of tomatos

80 NGN 110 NGN 200 NGN
MINIMUM AVERAGE MAXIMUM
$0.05 $0.07 $0.13

Bag of apples

150 NGN 190 NGN 310 NGN
MINIMUM AVERAGE MAXIMUM
$0.09 $0.12 $0.20
Chart showing the prices and cost of commute, travel, and transportation in Lagos

Commute, travel, and transportation costs


20 minutes taxi ride

350 NGN 420 NGN 840 NGN
MINIMUM AVERAGE MAXIMUM
$0.22 $0.27 $0.54

Average car full tank

2,000 NGN 2,700 NGN 5,300 NGN
MINIMUM AVERAGE MAXIMUM
$1.3 $1.7 $3.4

Average car 1-day rental

1,900 NGN 2,500 NGN 3,700 NGN
MINIMUM AVERAGE MAXIMUM
$1.2 $1.6 $2.4

Average car price

950,000 NGN 1.9M NGN 2.5M NGN
MINIMUM AVERAGE MAXIMUM
$620 $1,200 $1,600

Bus ticket one way

63 NGN 95 NGN 190 NGN
MINIMUM AVERAGE MAXIMUM
$0.04 $0.06 $0.12

Car Service

2,600 NGN 3,900 NGN 7,800 NGN
MINIMUM AVERAGE MAXIMUM
$1.7 $2.5 $5
Chart showing the prices and cost of utility, energy, water, and gas for a student in Lagos

Utility cost (monthly)


Utility Bill - Student

1,300 NGN 8,500 NGN 95,000 NGN
MINIMUM AVERAGE MAXIMUM
$0.82 $5.5 $61

Internet and cable

2,100 NGN 4,200 NGN 5,600 NGN
MINIMUM AVERAGE MAXIMUM
$1.3 $2.7 $3.6

Mobile phone charges

1,400 NGN 2,300 NGN 6,800 NGN
MINIMUM AVERAGE MAXIMUM
$0.88 $1.5 $4.4

Leisure and activities costs


Movie ticket

890 NGN 1,200 NGN 1,800 NGN
MINIMUM AVERAGE MAXIMUM
$0.57 $0.77 $1.1

One month gym membership

3,300 NGN 4,100 NGN 8,200 NGN
MINIMUM AVERAGE MAXIMUM
$2.1 $2.6 $5.3
Chart showing the prices and cost of clothing and accessories in Lagos

Cloths and accessories costs


Pair of jeans or pants

2,500 NGN 3,500 NGN 5,200 NGN
MINIMUM AVERAGE MAXIMUM
$1.6 $2.2 $3.4

Woman dress

2,400 NGN 3,300 NGN 11,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.5 $2.1 $6.9

Woman shoes

2,100 NGN 2,800 NGN 6,600 NGN
MINIMUM AVERAGE MAXIMUM
$1.4 $1.8 $4.3

Men's shoes

1,900 NGN 2,300 NGN 4,500 NGN
MINIMUM AVERAGE MAXIMUM
$1.2 $1.5 $2.9

Men suit

2,100 NGN 2,600 NGN 14,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.3 $1.7 $9

Regular t-shirt

1,100 NGN 1,400 NGN 4,300 NGN
MINIMUM AVERAGE MAXIMUM
$0.69 $0.92 $2.8
Chart showing the prices and cost of housing, accommodation, and rent in Lagos

Housing costs / monthly rent


Studio apartment

38,000 NGN 57,000 NGN 150,000 NGN
MINIMUM AVERAGE MAXIMUM
$25 $37 $99

1-bedroom apartment

59,000 NGN 94,000 NGN 240,000 NGN
MINIMUM AVERAGE MAXIMUM
$38 $61 $150

2-bedroom apartment

80,000 NGN 120,000 NGN 320,000 NGN
MINIMUM AVERAGE MAXIMUM
$52 $78 $210

Housing costs / Buying


Studio apartment

8M NGN 12M NGN 24M NGN
MINIMUM AVERAGE MAXIMUM
$5,200 $7,800 $16,000

1-bedroom apartment

9.9M NGN 16M NGN 62M NGN
MINIMUM AVERAGE MAXIMUM
$6,400 $11,000 $40,000

2-bedroom apartment

15M NGN 46M NGN 92M NGN
MINIMUM AVERAGE MAXIMUM
$9,900 $30,000 $59,000
Chart showing the prices and cost of furniture in Lagos

Furniture Costs


King Size Bed

39,000 NGN 49,000 NGN 66,000 NGN
MINIMUM AVERAGE MAXIMUM
$26 $32 $43

Double Bed

27,000 NGN 40,000 NGN 51,000 NGN
MINIMUM AVERAGE MAXIMUM
$17 $26 $33

Single Bed

24,000 NGN 32,000 NGN 41,000 NGN
MINIMUM AVERAGE MAXIMUM
$16 $21 $27

Living Room

47,000 NGN 61,000 NGN 210,000 NGN
MINIMUM AVERAGE MAXIMUM
$30 $39 $140

Dining Table

20,000 NGN 26,000 NGN 49,000 NGN
MINIMUM AVERAGE MAXIMUM
$13 $17 $32

Sofa or Couch

27,000 NGN 37,000 NGN 81,000 NGN
MINIMUM AVERAGE MAXIMUM
$17 $24 $52
Chart showing the prices and cost of electronic devices and appliances in Lagos

Electronics and House Appliance Costs


TV Set

27,000 NGN 41,000 NGN 81,000 NGN
MINIMUM AVERAGE MAXIMUM
$17 $26 $52

Fridge or Freezer

24,000 NGN 38,000 NGN 52,000 NGN
MINIMUM AVERAGE MAXIMUM
$16 $24 $34

Washing Machine

30,000 NGN 43,000 NGN 77,000 NGN
MINIMUM AVERAGE MAXIMUM
$19 $28 $50

Stove or Cooker

28,000 NGN 36,000 NGN 50,000 NGN
MINIMUM AVERAGE MAXIMUM
$18 $23 $32

Mobile Phone

34,000 NGN 41,000 NGN 58,000 NGN
MINIMUM AVERAGE MAXIMUM
$22 $26 $37

Laptop or Computer

38,000 NGN 46,000 NGN 83,000 NGN
MINIMUM AVERAGE MAXIMUM
$24 $30 $54

Food Prices, Dining Expenses, and Grocery Costs in Lagos

Grocery / Food expenditure and prices can vary drastically between different areas and locations.


Prices and cost of goods and services in Lagos

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

400 NGN 800 NGN 1,300 NGN
MINIMUM AVERAGE MAXIMUM
$0.26 $0.51 $0.86

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Lagos is approximatly 800 NGN with meal cost ranging from 400 NGN to 1,300 NGN. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

1,400 NGN 2,100 NGN 4,200 NGN
MINIMUM AVERAGE MAXIMUM
$0.90 $1.3 $2.7

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,400 NGN and 4,200 NGN with 2,100 NGN being the average price of a plate for one person at a regular restaurant in Lagos.

Fine dining meal for one price

2,700 NGN 4,000 NGN 16,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.7 $2.6 $10

The price range of a meal at fine-dining restaurant is 2,700 NGN to 16,000 NGN with the average cost being 4,000 NGN for one person. This is what you would expect to pay a top-tier diner in Lagos.

Beverage prices, cappuccino, latte etc..

340 NGN 550 NGN 820 NGN
MINIMUM AVERAGE MAXIMUM
$0.22 $0.35 $0.53

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Lagos is around 550 NGN. Price ranges between 340 NGN and 820 NGN depending on the type of beverage, the size, and optional add-ons.



Grocery and market costs

Large bottle of milk price

280 NGN 330 NGN 420 NGN
MINIMUM AVERAGE MAXIMUM
$0.18 $0.21 $0.27

The average price of a large bottle of milk in Lagos is 330 NGN. The maximum what you would pay for milk is 420 NGN and the minimum being 280 NGN depending on the brand of milk and other properties.

12 eggs price

200 NGN 260 NGN 400 NGN
MINIMUM AVERAGE MAXIMUM
$0.13 $0.17 $0.26

A dozen eggs costs around 260 NGN on average with 200 NGN and 400 NGN being the lower and upper limits respectively.

Fresh whole chicken price

470 NGN 610 NGN 870 NGN
MINIMUM AVERAGE MAXIMUM
$0.31 $0.40 $0.56

The price range of a fresh whole chicken in Lagos is between 470 NGN and 870 NGN depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 610 NGN.

Pack of beef price

580 NGN 860 NGN 1,700 NGN
MINIMUM AVERAGE MAXIMUM
$0.37 $0.56 $1.1

The price of a regular pack of beef or meat is around 860 NGN. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

210 NGN 290 NGN 410 NGN
MINIMUM AVERAGE MAXIMUM
$0.14 $0.19 $0.26

A bag of rice in Lagos costs around 290 NGN on average with prices rangeing between 210 NGN and 410 NGN depending on the brand and quality.

Bag of tomatos price

80 NGN 110 NGN 200 NGN
MINIMUM AVERAGE MAXIMUM
$0.05 $0.07 $0.13

A bag of tomatoes costs anywhere from 80 NGN to 200 NGN. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

150 NGN 190 NGN 310 NGN
MINIMUM AVERAGE MAXIMUM
$0.09 $0.12 $0.20

A bag of apples costs 190 NGN on average. A bag of apples denotes 1Kg or 1lb depending on location.


Expenditure on food and grocery for students

Students' spending on grocery ranges from 6,700 NGN to 500,000 NGN with the location, income, and size of the student being the most determinite factors.

Income and cost of living compatibility. Is it affordable or economical for students to live in Lagos

Affordable living in Lagos

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Lagos?


Yes
42%
No
58%

Around 42% of surveyed students think that living in Lagos is affordable with proper budgeting while 58% reported that it is just too expensive and not affordable even with frugality and thriftness.

Housing and accommodation affordability, property price to income ratio, rent to income ratio, and housing affordability index chart in Lagos

Housing costs, accommodation, and housing affordability in Lagos

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Lagos

Monthly Rent Prices

Studio apartment monthly rent cost

38,000 NGN 57,000 NGN 150,000 NGN
MINIMUM AVERAGE MAXIMUM
$25 $37 $99

1-bedroom apartment monthly rent cost

59,000 NGN 94,000 NGN 240,000 NGN
MINIMUM AVERAGE MAXIMUM
$38 $61 $150

2-bedroom apartment monthly rent cost

80,000 NGN 120,000 NGN 320,000 NGN
MINIMUM AVERAGE MAXIMUM
$52 $78 $210

3-bedroom apartment monthly rent cost

99,000 NGN 160,000 NGN 450,000 NGN
MINIMUM AVERAGE MAXIMUM
$64 $110 $290

Furnished apartment monthly rent cost

190,000 NGN 470,000 NGN 940,000 NGN
MINIMUM AVERAGE MAXIMUM
$120 $300 $610

Townhouse monthly rent cost

150,000 NGN 230,000 NGN 660,000 NGN
MINIMUM AVERAGE MAXIMUM
$99 $150 $430

House monthly rent cost

190,000 NGN 470,000 NGN 950,000 NGN
MINIMUM AVERAGE MAXIMUM
$120 $310 $610

Villa monthly rent cost

230,000 NGN 570,000 NGN 920,000 NGN
MINIMUM AVERAGE MAXIMUM
$150 $370 $590

The monthly rental cost of a studio apartment in Lagos ranges between 38,000 NGN and 150,000 NGN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 59,000 NGN to 240,000 NGN. Two-bedroom rentals rate ranges between 80,000 NGN and 320,000 NGN per month. The monthly rental for a three-bedroom apartment ranges from 99,000 NGN to 450,000 NGN. The average rent of a townhouse in Lagos is around 230,000 NGN while house rental costs can be as high as 470,000 NGN per month. Finally, if you want to rent a villa, expect to pay anywhere from 230,000 NGN to 920,000 NGN per month.



Apartment and house prices in Lagos

Cost of buying a property

Studio apartment price

8M NGN 12M NGN 24M NGN
MINIMUM AVERAGE MAXIMUM
$5,200 $7,800 $16,000

1-bedroom apartment price

9.9M NGN 16M NGN 62M NGN
MINIMUM AVERAGE MAXIMUM
$6,400 $11,000 $40,000

2-bedroom apartment price

15M NGN 46M NGN 92M NGN
MINIMUM AVERAGE MAXIMUM
$9,900 $30,000 $59,000

3-bedroom apartment price

52M NGN 78M NGN 240M NGN
MINIMUM AVERAGE MAXIMUM
$34,000 $51,000 $150,000

Townhouse price

69M NGN 160M NGN 610M NGN
MINIMUM AVERAGE MAXIMUM
$45,000 $100,000 $390,000

House price

83M NGN 500M NGN 710M NGN
MINIMUM AVERAGE MAXIMUM
$53,000 $320,000 $460,000

Villa price

99M NGN 550M NGN 820M NGN
MINIMUM AVERAGE MAXIMUM
$64,000 $350,000 $530,000

The average price of a studio apartment in Lagos can range from 8M NGN to 24M NGN depending on location. One bedroom cost can be anywhere from 9.9M NGN to 62M NGN. A villa can cost you 550M NGN on average with prices ranging from 99M NGN to 820M NGN.


If you're leasing or purchasing, housing costs in Lagos will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


39 x107 monthly income 255
MINIMUM AVERAGE MAXIMUM

Property prices in Lagos can be x107 to x255 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x107 multiples of the average monthly salary in Lagos.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


22% 34% of income 46%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Lagos is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 22% to 46% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
26%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
1.8%
AVERAGE
2.8%
TO
3.8%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


720 NGN 7,200 NGN 110,000 NGN
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

How easily is cost-cutting for students. Are there plenty of low-cost options in Lagos

Low-cost alternatives in Lagos

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked students how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options52%

Few low-cost options48%


Based on the survey, 52% of the students living in Lagos have no problem finding low-cost alternatives to support a frugal lifestyle while 48% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

A typical and healthy budgeting structure. The 50-30-20 rule

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Emergency Funds For Students

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked students whether they have an emergency fund and the answers were as follows.

Yes39%

No61%


Based on the survey, 61% of the students living in Lagos said that they don't have an emergency fund while 39% said that they do.

Monthly costs and expenses of energy and basic utilities in Lagos

Utilities expenditure can vary slightly between different areas and locations.


Energy, electricity, water, gas, internet, and mobile cost in Lagos

Utility Bill Cost / Electricity + Water + Gas / Student

1,300 NGN 8,500 NGN 95,000 NGN
MINIMUM AVERAGE MAXIMUM
$0.82 $5.5 $61

Internet and cable cost

2,100 NGN 4,200 NGN 5,600 NGN
MINIMUM AVERAGE MAXIMUM
$1.3 $2.7 $3.6

Mobile phone bill and charges

1,400 NGN 2,300 NGN 6,800 NGN
MINIMUM AVERAGE MAXIMUM
$0.88 $1.5 $4.4

Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.


The average monthly energy and water consumption of students is around 8,500 NGN. The cost of internet and WiFi ranges from 2,100 NGN to 5,600 NGN with 4,200 NGN being the average internet bill. Finally, the average monthly mobile charges is around 2,300 NGN but can range between 1,400 NGN and 6,800 NGN depending on consumption. Mobile charges include both calling minutes as well as data packages.


Energy / Utility expense to income ratio


( monthly utility expenses / monthly income ) x 100


4.7% 8.2% of income 13%
MINIMUM AVERAGE MAXIMUM

The average utility-to-income ratio in Lagos is around 8.2%. This means that people pay 8.2% of their income for energy, water, internet, and mobile charges. Those figures can range from 4.7% to 13% depending on salary and location.

Published: June 14, 2024   Last Update: May 13, 2025



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