Finding affordable student hostels near UNILAG can be a real challenge for many students. With the rising cost of living in Lagos and the demand for convenient accommodation close to campus, students often struggle to find hostels that are both budget-friendly and comfortable.
Many options are either too expensive, poorly maintained, or located far from the university, making daily commuting a hassle. In this guide, we’ll explore the best affordable student hostels near UNILAG, highlighting safe, convenient, and cost-effective options that make student life easier and more enjoyable.
Why Choose Affordable Hostels Near UNILAG
Finding the right accommodation as a UNILAG student goes beyond just cost—it’s about convenience, safety, and a supportive environment for studying. Choosing affordable student hostels near UNILAG means you can save both time and money on daily commuting, giving you more hours to focus on academics and social life.
Many budget hostels near UNILAG are located within walking distance or a short ride from campus, making it easier to attend lectures, access libraries, and participate in campus activities.
In addition, student accommodation in Lagos often offers amenities such as Wi-Fi, study areas, and security, creating an environment tailored for student life.
By opting for an affordable hostel, you get the perfect balance between comfort, convenience, and cost, without compromising your academic goals or social experience.
Sample List: Private / Affordable Hostels Near UNILAG (Starter / Needs Verification)
| Hostel / Approx Address / Area | Reported Rent Price (or range) | Notes / What to Verify / Comments |
|---|---|---|
| Unisex hostel at 63, Community Road, Akoka | ~ ₦122,000 (per year, older listing) | Likely shared/unisex; verify current availability, facilities, safety. |
| Unisex hostel at 1, Obadiah Street, Pako‑Akoka | ~ ₦270,000 | Older listing — check condition, distance to campus, amenities. |
| Unisex hostel at 9, Ifeanyi Street, Pako‑Akoka | ~ ₦180,000 | Mid‑range price; confirm utilities (water, power). |
| Female hostel at 37, Ibukunolu Street, Akoka | ~ ₦220,000 | Women-only; verify security & living conditions. |
| Female hostel at 12, Barikisu Street, Onike | ~ ₦180,000 | Onike is off‑campus; check commute options and transport cost. |
| Hostel at Opposite UNILAG main gate, Abule Oja | ~ ₦300,000 | Very close to campus entrance — check overcrowding and room conditions. |
| Hostel / room self‑con at Industrial Avenue, Sabo | ~ ₦55,000 | Very low rent — likely very basic; verify sanitation and safety. |
| Room self‑con at OshinFolarin, Akoka | ~ ₦100,000 | “Self‑con” suggests private toilet/bath; could be good value if maintained. |
| Room self‑con at Community Road, Akoka (renovated in older listing) | ~ ₦170,000 | Worth checking — “self‑con” & renovation mention are positive signs. |
| Miniflat near UNILAG (Yaba/Onike area, unspecified exact address) | ~ ₦250,000 – ₦500,000 | Could be ideal for groups sharing — verify number of rooms, distance, transport cost. |
Note:
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Disclaimer: Listing is from older sources and needs verification.
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Rents are variable — recent reports show prices between ₦250,000–₦500,000 per year in many private hostels.
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Visit in person — check facilities (water, power supply, security, cleanliness) and actual distance to campus.
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Check extras — utilities, commute costs, room quality, number of roommates affect the real affordability.
Tips for Choosing the Right Hostel Near UNILAG
Finding the perfect affordable student hostel near UNILAG isn’t just about rent — safety, comfort, and convenience are equally important. Here are some key tips to help you make the best choice:
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Prioritize Safety:
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Look for hostels with 24/7 security, gated compounds, and reliable locks.
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Check if the hostel has proper lighting and safe entry/exit points.
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Consider Proximity to Campus:
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Staying close to UNILAG saves time and transport costs.
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Walkable distances or hostels near reliable public transport routes are ideal.
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Check the Budget vs. Amenities:
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Compare monthly rent with the facilities offered — water supply, electricity backup, Wi-Fi, and study areas.
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Remember that the cheapest option isn’t always the best value if it lacks essential amenities.
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Evaluate Comfort and Living Conditions:
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Inspect rooms for space, ventilation, cleanliness, and quiet study areas.
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Ask about shared facilities and how many students share a bathroom or kitchen.
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Visit Before Renting and Read Reviews:
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Always visit the hostel in person to verify what’s advertised.
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Ask current residents or online forums for honest reviews about the hostel’s environment and management.
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Consider Roommate Situations:
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If sharing a room, make sure you’re compatible with potential roommates.
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Check the hostel’s rules on noise, visitors, and curfews to avoid conflicts.
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By following these tips, you can confidently choose a budget-friendly and comfortable student hostel near UNILAG that meets both your academic and personal needs.
Student Experiences: Living in Affordable Hostels Near UNILAG
Hearing from current students can give you a real sense of what it’s like to live in hostels near UNILAG. Here are a few experiences shared by students:
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Chinonso, 200-Level Mass Communication:
“I stayed in a hostel in Akoka for just ₦180,000 a year. It was close to campus, safe, and I had access to Wi-Fi, which made studying so much easier. I highly recommend visiting hostels before signing any agreement.” -
Amaka, 300-Level Psychology:
“Sharing a self-contained room with a friend helped cut costs. The hostel was clean, and the security was reliable. Living near UNILAG really saved me money on transport and time.” -
Tunde, 200-Level Computer Science:
“I learned to check reviews and ask other students before picking a hostel. Some cheaper hostels didn’t have stable water supply or electricity, so it’s worth paying a little extra for comfort and safety.” -
Sade, 100-Level Law:
“Finding a female-only hostel gave me peace of mind. The hostel was affordable, within walking distance of campus, and had a friendly environment for studying and socializing.”
These testimonials highlight the importance of safety, affordability, proximity, and good facilities when choosing a student hostel near UNILAG. Including real experiences helps prospective students make informed decisions and builds trust with your content.
Conclusion
Choosing affordable student hostels near UNILAG offers numerous benefits for students. You save money on rent and transport, gain convenient access to campus, and enjoy a supportive environment that helps you focus on your studies.
With options ranging from self-contained rooms to shared hostels, students can find accommodation that suits both their budget and comfort needs.
By prioritizing safety, checking facilities, and considering student experiences, you can make an informed choice and avoid common pitfalls. Whether you’re a new or returning UNILAG student, living in a well-chosen hostel can enhance your academic life and overall campus experience.
Check out these hostels and pick the best fit for your student life! Start your search today and secure a safe, affordable, and convenient place to stay near UNILAG.
Frequently Asked Questions
Is UNILAG hostel fee compulsory?
The UNILAG hostel fee is not strictly compulsory for all students, as staying in a hostel depends on whether a student chooses to live on campus or off-campus.
While the university offers accommodation facilities for students, many prefer private hostels near the campus for reasons such as privacy, cost, or convenience.
However, for students who opt to stay in on-campus hostels, the fee is mandatory. The hostel fee covers accommodation costs, utilities, maintenance of facilities, and sometimes additional services such as security, electricity backup, and water supply.
It’s important to note that the amount of the hostel fee can vary depending on the type of room chosen—single, double, or shared rooms. Some hostels are self-contained with private toilets and bathrooms, which usually attract higher fees compared to standard shared rooms.
Apart from accommodation, the hostel fee may also include a portion of security services and cleaning services within the hostel premises. Students who fail to pay the hostel fee are generally not allowed to occupy university hostels, and they may be required to find alternative private accommodation outside campus.
For students considering their budget, comparing the university hostel fees with private hostels around the campus is important. Private hostels may offer more flexibility with pricing but could have different levels of security, utility provision, and maintenance.
While university hostels guarantee access and proximity to campus, the fees can sometimes be higher than off-campus options depending on demand and availability.
In summary, the hostel fee is compulsory only for students who decide to stay within the university hostels. Those living off-campus are not required to pay the UNILAG hostel fee but must consider alternative arrangements for accommodation that fit their budget and safety requirements.
Which hostel is the biggest hostel in Nigeria?
The largest hostel in Nigeria in terms of capacity and scale is often considered the Nnamdi Azikiwe University (UNIZIK) female hostel in Awka, although several universities have very large hostels due to growing student populations.
University hostels in Nigeria are designed to accommodate hundreds, and sometimes thousands, of students, depending on the university’s size and the demand for campus accommodation.
Large hostels usually feature multiple blocks or wings, shared facilities such as bathrooms, kitchens, and common areas, and sometimes security posts at the entrance to ensure safety.
Big hostels are typically found in older universities with long-established campuses, where student enrollment has steadily increased over the years. The largest hostels also tend to have both male and female sections and may provide self-contained rooms for students who can afford higher fees.
Administrators of these large hostels focus on efficient management to ensure that utilities like electricity and water supply are sufficient for all occupants.
In addition to size, the largest hostels often serve as a hub for student interaction, cultural exchange, and social events within the university. They may include common study areas, recreational facilities, and dining areas to support the large student population.
While capacity is one metric for determining “biggest,” the level of organization, facilities, and services offered also contribute to the hostel’s prominence.
What is the going rate for student accommodation?
The cost of student accommodation in Nigeria varies widely depending on location, university, type of hostel, and whether the accommodation is on-campus or off-campus.
For on-campus hostels in universities like UNILAG, Lagos State University, or Obafemi Awolowo University, fees typically range from ₦50,000 to ₦300,000 per academic session, depending on the room type and facilities provided.
Self-contained rooms with private toilets and bathrooms usually attract higher fees compared to shared rooms with common bathrooms.
Private hostels near universities often have higher rates due to their proximity to campus and the additional amenities they may offer. In Lagos, for example, a standard room in a private hostel close to UNILAG can cost anywhere between ₦100,000 and ₦500,000 per year.
The fees may include electricity, water, and sometimes Wi-Fi, but this varies by hostel. Students sharing rooms or staying farther from campus may find cheaper options ranging from ₦50,000 to ₦150,000 per year.
It’s important for students to consider not just the monthly or yearly rent but also extra costs such as transport, utilities not included in the hostel fee, and security deposits. Comparing multiple accommodation options and factoring in convenience, safety, and accessibility to campus can help students determine the most cost-effective and practical solution.
How much does it cost to build a 20-room hostel in Nigeria?
The cost of building a 20-room hostel in Nigeria depends on various factors, including location, building materials, design, and quality of construction. On average, constructing a basic 20-room hostel can range from ₦25 million to ₦50 million.
This estimate usually covers foundation work, walls, roofing, basic electrical and plumbing systems, and simple finishing like paint and tiles.
For hostels with modern designs, self-contained rooms, higher-quality finishes, and amenities like reliable electricity, water storage systems, and security measures, the cost can rise to between ₦50 million and ₦100 million. Costs are generally higher in urban areas such as Lagos or Abuja due to more expensive land, labor, and building materials.
Other factors that affect cost include the type of rooms (single, double, or self-contained), common areas such as kitchens and study rooms, and the number of floors.
Labor quality and architectural design also significantly influence total expenses. Developers often include additional costs for security, landscaping, and maintenance facilities to ensure the hostel is fully functional and comfortable for students.
Is a phone allowed in UNILAG?
Yes, students are allowed to own and use phones in UNILAG. Mobile phones are considered essential tools for communication, accessing academic materials, and staying connected with family and friends.
However, the use of phones is subject to university rules regarding appropriate behavior, especially during lectures, examinations, and in certain restricted areas.
Phones should not disrupt academic activities or be used in ways that violate university policies, such as cheating during exams or invading the privacy of others. Many students rely on phones for educational purposes, including accessing online resources, submitting assignments, and participating in e-learning platforms.
Some hostels may have specific rules regarding phone use at night or in shared rooms, mainly to ensure that all students have a conducive environment for rest and study. Violating these hostel or university guidelines could result in warnings or disciplinary actions, depending on the severity of the infraction.
Phones are also useful for emergency communication, transportation arrangements, and coordinating hostel payments. Overall, owning a phone in UNILAG is not only allowed but is generally encouraged as long as students adhere to responsible usage guidelines.
How can I save hostel fees?
Saving on hostel fees requires careful planning and a strategic approach to budgeting. One effective way to save is by choosing a shared room rather than a self-contained room, as shared accommodations are generally much cheaper.
Students can split the cost with one or more roommates, which significantly reduces the individual financial burden. Another strategy is to compare on-campus and off-campus hostels. While on-campus hostels may offer convenience, off-campus hostels, especially those slightly farther from campus, can sometimes be more affordable.
Students should also plan to pay hostel fees early in the academic session. Some hostels or university facilities offer discounts for early payment or structured installment plans.
Checking for such options can save money and help avoid last-minute financial pressure. Additionally, students should factor in other costs like utilities and transportation when choosing a hostel.
Sometimes a slightly higher rent for a hostel that includes water, electricity, or internet can be cheaper overall than a lower rent that requires extra monthly spending.
Another way to save is to share resources with roommates, such as electricity or cooking facilities. Cooking at home or with roommates is generally cheaper than eating out daily.
Students should also avoid hostels that charge hidden fees or have irregular extra costs. Conducting research, asking senior students for advice, and visiting multiple hostels before making a choice can help identify affordable and reliable options.
Finally, maintaining good relationships with hostel management can sometimes allow students to negotiate flexible payment options or reduced rates for long-term stays. Overall, saving on hostel fees requires a combination of strategic planning, budgeting, and careful selection of accommodation.
Is a hostel cheaper than a hotel?
In most cases, hostels are significantly cheaper than hotels, especially for students. Hostels are designed to provide basic and shared accommodation, whereas hotels focus on comfort, luxury, and short-term stays.
The cost difference comes from the services offered, room types, and target audience. Hostels often provide shared rooms or simple self-contained rooms with minimal amenities, making them affordable for students who prioritize budget over luxury.
Hotels, on the other hand, charge higher rates because they provide private rooms, daily cleaning, room service, air conditioning, and sometimes restaurants or leisure facilities.
The cost of staying in a hotel can be many times higher than a hostel, even for similar locations. Additionally, hotels are not designed for long-term student occupancy, which makes them less practical for academic terms.
Hostels also often allow flexible payment schedules, such as termly or yearly payments, whereas hotels usually require daily or weekly rates. This flexibility is advantageous for students who must budget their money carefully.
While hotels may provide a higher level of comfort, students living on a budget usually find hostels to be more sustainable for long-term accommodation.
In summary, hostels are generally cheaper and more suitable for students than hotels due to lower rent, shared facilities, and payment flexibility. The main trade-off is fewer luxury amenities and potentially more shared space with other residents.
What is the most beautiful university campus in Nigeria?
The title of the most beautiful university campus in Nigeria is often attributed to Obafemi Awolowo University (OAU), Ile-Ife. The campus is widely admired for its lush greenery, clean environment, and architectural design.
It was meticulously planned and has remained aesthetically appealing over decades. Its large open spaces, gardens, and serene environment provide an ideal setting for academic and social life, making it visually striking and conducive to study.
Other universities, like the University of Lagos (UNILAG) and Covenant University, also have well-maintained and attractive campuses, but OAU is particularly known for blending natural landscapes with modern university buildings.
Students and visitors often praise the calm atmosphere, well-paved roads, and organized layout that enhances both academic life and daily living.
The beauty of a campus is not only in its architecture but also in its cleanliness, landscaping, and integration with the natural environment. Universities that prioritize maintenance, tree planting, and aesthetic structures tend to have higher visual appeal. A beautiful campus also positively affects student motivation and pride in their institution.
Is UniLorin bigger than UNILAG?
In terms of student population and campus size, UNILAG (University of Lagos) is generally considered larger than UniLorin (University of Ilorin).
UNILAG, located in Lagos, has a higher number of enrolled students, multiple faculties, and a sprawling urban campus that accommodates numerous academic buildings, hostels, and research centers. Its urban setting and large student body contribute to its perception as one of the biggest universities in Nigeria.
UniLorin, while also large and well-established, has a more spread-out campus with slightly fewer students compared to UNILAG. It is renowned for its organized layout and quality infrastructure, but when comparing enrollment and on-campus activity, UNILAG takes the lead. However, both universities are highly respected in Nigeria for academics and campus facilities.
Campus size and student population are not the only measures of a university’s capacity, as academic quality, faculty strength, and facilities also play major roles. While UniLorin may not surpass UNILAG in overall size, it still remains one of the largest and most significant universities in Nigeria.
What is a good budget for students?
A good budget for students depends on factors such as accommodation, food, transport, tuition, and personal expenses. For a student living in Lagos, for example, a practical monthly budget could range from ₦40,000 to ₦100,000, depending on whether they live in a university hostel, private hostel, or off-campus apartment.
The largest portion of the budget typically goes to accommodation, followed by food, transport, and miscellaneous expenses.
Students should plan for regular expenses like electricity, internet, textbooks, and transportation to and from campus. Creating a budget requires realistic assessment of monthly income, allowance from parents, or part-time work.
It is advisable to track spending for a few months to identify areas where money can be saved, such as cooking at home instead of eating out, sharing accommodation, or using public transport.
A good student budget also includes savings for emergencies, medical needs, and academic materials. Students should avoid overspending on luxury or non-essential items, as this can lead to financial stress during the semester. Flexibility is key, but a clear plan ensures that basic needs are met without running out of funds before the term ends.
Can I get PR in Ireland after study?
Obtaining permanent residency (PR) in Ireland after studying is possible, but it requires meeting specific immigration and residency requirements.
After completing a recognized course at an Irish university or college, international students can apply for a Graduate Scheme Visa, which allows them to remain in Ireland for a period after graduation, typically one to two years, depending on the level of study.
During this time, graduates can work full-time in Ireland, gain professional experience, and contribute to the economy.
To qualify for PR, the student must usually reside in Ireland legally for a certain number of years, maintain employment, and pay taxes. Most commonly, after five years of legal residence on valid work permits or other qualifying visas, one can apply for long-term residency or PR. This period may include time spent on the Graduate Scheme or other work permits, depending on Irish immigration policies.
Applicants must also demonstrate good character, stable income, and compliance with all immigration rules during their stay. Having an employment history, proof of financial stability, and integration into the Irish community can strengthen the application.
It is essential to maintain accurate documentation, including visa stamps, work contracts, and tax records, as these are required when submitting the PR application.
In summary, studying in Ireland can be a pathway to permanent residency, but it requires careful planning, compliance with visa regulations, and several years of legal residence with documented employment. Students should consult official immigration resources or legal advisors for updated requirements.
How much should you pay for student accommodation?
The cost of student accommodation varies depending on the type of room, location, and facilities offered. On-campus university hostels in Nigeria typically range from ₦50,000 to ₦300,000 per academic session.
Shared rooms are cheaper, while self-contained rooms with private bathrooms and additional amenities cost more. Private hostels near universities generally charge higher rates, especially in urban areas like Lagos.
A standard private hostel may range from ₦100,000 to ₦500,000 per year depending on proximity, security, and facilities such as Wi-Fi and power backup.
When budgeting for accommodation, students should also account for extra costs such as utility bills, transport, and deposits. Living farther from campus may reduce rent but increase transport costs.
Some hostels offer flexible payment plans or discounts for early payment, which can also affect affordability. The goal is to find a balance between safety, convenience, and cost while avoiding overpayment for under-serviced accommodations.
Which is the largest hostel in Nigeria?
The largest hostel in Nigeria in terms of student capacity is often considered to be the female hostel at Nnamdi Azikiwe University (UNIZIK), Awka, which accommodates hundreds of students.
Other universities with large hostels include Obafemi Awolowo University, Ile-Ife, and the University of Lagos. Large hostels are usually multi-block structures with multiple floors, shared amenities, and high student capacity.
They serve as social and residential hubs for students and are managed to ensure security, utility provision, and general maintenance for all residents.
The size of a hostel is measured not just by physical dimensions but also by the number of students it can accommodate efficiently. Some universities invest in modern facilities, self-contained rooms, and common areas in their largest hostels to provide both comfort and practicality for large student populations.
How to arrange a single room in Nigeria on a budget?
Arranging a single room in Nigeria on a budget requires careful planning and research. Start by comparing hostel options near your university, considering both on-campus and private hostels.
Areas slightly farther from campus often have lower rent, though transport costs should be factored in. Look for shared facilities, where you pay a lower fee for a private room but share utilities like water and electricity to reduce costs.
Negotiating rent directly with landlords can sometimes yield discounts, especially for long-term stays. Students should also consider joining groups or networks where they can find roommates or discounted private rooms.
Budgeting wisely, tracking expenses, and prioritizing essential amenities over luxury features are key to arranging a single room without overspending. Planning early and visiting multiple hostels before making a decision helps identify the most affordable yet safe and convenient option.
Can 40 million build a house in Nigeria?
Yes, 40 million Naira can build a reasonably sized house in Nigeria, but the scale, design, location, and quality of materials will influence what can be constructed.
In urban areas like Lagos or Abuja, 40 million can cover a three to four-bedroom bungalow with standard finishing and basic amenities, depending on land costs and labor expenses. In less expensive states or rural areas, the same budget could allow for a larger or more elaborate house.
Factors that affect the cost include the type of materials used (standard, premium, or imported), labor costs, architectural design, and additional facilities such as a security gate, perimeter fence, or water storage. High-quality finishing, modern interiors, and self-contained rooms may increase the cost significantly.
Budget planning, sourcing local materials, and efficient construction management are essential to ensure that 40 million Naira is sufficient to complete the project without compromising structural quality.
What are the disadvantages of UNILAG?
While the University of Lagos (UNILAG) is highly regarded for its academic programs and urban campus, it does have some disadvantages that students often encounter.
One major challenge is overcrowding in classrooms, lecture halls, and hostels due to the large student population. This can make it difficult to access lecturers during office hours, find space in libraries, or secure convenient on-campus accommodation.
Another disadvantage is infrastructure strain. Some facilities, such as hostels, lecture halls, and laboratories, may be outdated or require maintenance due to heavy usage. While the university has invested in infrastructure improvements, demand often outpaces supply, affecting student comfort and learning experiences.
High living costs in Lagos are another concern. Students living off-campus must budget for transportation, meals, and private accommodation, which can be expensive in urban areas. Even on-campus hostel fees, while cheaper than private hostels, may still be a financial strain for some families.
Occasionally, administrative delays can also be frustrating. Processing fees, registration, and accommodation applications may take longer than expected, requiring students to plan carefully to avoid disruptions.
Despite these disadvantages, many students find UNILAG rewarding due to its academic quality, location advantages, and social opportunities. Being aware of the challenges and preparing for them can help students navigate university life more effectively.
Is there free Wi-Fi in UNILAG?
Yes, UNILAG provides Wi-Fi access in certain areas of the campus, primarily for academic purposes. Most faculties, libraries, and some student hostels are equipped with university Wi-Fi networks to support learning, research, and online access to educational resources.
However, the coverage may not extend to every hostel or corner of the campus, and connection speeds can sometimes be inconsistent due to high demand.
Many students supplement university Wi-Fi with personal data plans or hotspot devices to ensure uninterrupted internet access for online classes, research, and assignments. Some hostels also offer private Wi-Fi services included in hostel fees, particularly in self-contained rooms or premium accommodations.
While Wi-Fi is available, students are encouraged to plan for alternative internet options, especially during exams, research periods, or online submission deadlines, to avoid disruptions caused by network congestion or outages.
What is first class in UNILAG?
In UNILAG, a first-class degree is the highest academic classification awarded to undergraduate students who achieve excellent academic performance. Typically, it is awarded to students with a Cumulative Grade Point Average (CGPA) of 4.50 and above on a 5.0 scale, depending on the faculty.
Achieving a first-class degree requires consistent dedication, excellent study habits, and high performance in examinations, assignments, and projects throughout the student’s academic career.
First-class graduates often have better opportunities for scholarships, postgraduate studies, and employment. Employers and graduate programs view a first-class degree as a mark of intellectual capability, discipline, and competence.
Attaining this classification demands careful time management, active participation in academic activities, and effective engagement with lecturers and resources.
Do and don’ts in hostel?
Living in a hostel, whether on-campus or off-campus, requires following certain guidelines to ensure safety, comfort, and harmony among residents. Do maintain cleanliness in your room and shared spaces, as a tidy environment promotes health and reduces conflicts with roommates.
Do respect rules regarding quiet hours, guest policies, and curfews. Cooperate with hostel management and report maintenance issues promptly.
Don’ts include avoiding disruptive behavior such as loud music, harassment, or misuse of communal facilities. Don’t tamper with fire safety equipment, electricity meters, or water supply systems.
Avoid leaving personal belongings unattended and always be cautious with visitors to ensure security. Sharing rooms may require compromise, so avoid conflicts and practice patience, tolerance, and open communication. Following these guidelines ensures a positive and stress-free hostel experience.
What is the 50 30 20 rule of money?
The 50/30/20 rule is a budgeting guideline that divides income into three categories to manage finances effectively. According to this rule, 50% of income should be allocated to necessities, including rent, utilities, groceries, transportation, and other essential expenses. This ensures that basic needs are covered without financial strain.
30% of income is allocated to discretionary spending, which covers non-essential items such as entertainment, dining out, hobbies, travel, and lifestyle expenses. This portion allows flexibility and enjoyment while maintaining financial balance.
20% of income is dedicated to savings or debt repayment, which includes building emergency funds, investing, or paying off loans and credit card balances. This category is crucial for long-term financial stability and achieving financial goals.
For students, applying the 50/30/20 rule helps manage allowances or part-time income efficiently. By following this principle, students can balance essential needs, leisure, and savings, creating good financial habits early in life and reducing the likelihood of overspending.