N15m Abuja studio apartments out of reach on N70,000 minimum wage, affordability review finds
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The studio apartments commissioned by the Abuja Property Development Company at Hilltop Residence cost N15 million, with a 10 per cent deposit equal to more than 21 months of gross earnings for a minimum-wage worker.
The affordability of homeownership in the Federal Capital Territory is under fresh scrutiny after the Abuja Property Development Company (APDC) commissioned studio apartments priced at N15 million, measured against Nigeria’s N70,000 monthly minimum wage.
The units were commissioned at Hilltop Residence, Usman, and presented by FCT Minister Nyesom Wike as part of efforts to widen access to housing for young people, school leavers and low- and middle-income earners. Wike was represented at the ceremony by the Group Managing Director of Abuja Investments Company Limited, Ambassador Maureen Tamuno.
Under the payment arrangement outlined by APDC acting managing director Akeem Aderogbe, buyers can make an initial deposit of about 10 per cent and finance the balance through housing finance institutions, subject to eligibility. At N15 million, that deposit comes to N1.5 million — more than 21 months of gross earnings for a worker on N70,000 a month.
The arithmetic tightens further on savings and repayments. A worker setting aside 20 per cent of that salary, or N14,000, would need roughly nine years to raise the deposit, assuming the price is unchanged and excluding inflation and purchase costs. Financing the remaining N13.5 million at an illustrative 6 per cent over 30 years would cost about N80,900 a month — more than the entire minimum wage before deductions and household spending.
The Independent’s assessment is illustrative and does not represent an APDC mortgage offer; actual repayments would depend on the lender, approved loan amount, interest rate, tenure, fees and borrower eligibility. The National Housing Fund, administered by the Federal Mortgage Bank of Nigeria, remains a potential route for contributors, though access to a scheme does not guarantee that an applicant qualifies for a loan.
The question, the report argues, is therefore less about whether the apartments exist than whether the intended beneficiaries can raise the deposit and sustain the repayments needed to own them.