Lagos Govt To Reverse Land Use Charge To Pre-2018 Rate

Cat:

Related stories

[VIDEO] Pomp and Pegeantry As Uzodinma Holds Stunning Wedding Anniversary Event

By Abiola Olawale The Governor of Imo State, Hope Uzodinma,...

First Bank Vs GHL: Legal Dispute Escalates As Crude Oil Cargo Owned By General Hydrocarbons Limited is Detained

By Abiola Olawale The legal disputes between Nigeria's oldest financial...

Economic Reforms: Your Statements Are Biased, Partisan – FG Replies Emir Sanusi

By Kolawole Ojebisi The Federal Government has described as "amusing"...

El-Rufai Vs Uba Sani: Tension As ICPC Drags El- Rufai’s Ally, Jimi Lawal To Court For Alleged Fraud

By Abiola Olawale The Independent Corrupt Practices and Other Related...

CBN Raises Concern: How Nigerians Blew N3.7bn On Medical Tourism In 9Months

By Kolawole Ojebisi A report from the Central Bank of...

The Lagos State Government will soon unveil a reform that will include the reversal of the Land Use Charge to the pre-2018 rate, the Commissioner for Finance, Dr. Rabiu Olowo, has said.

The Commissioner disclosed this on Wednesday during the 2020 Ministerial Press Briefing to mark the first year in office of Governor Babajide Sanwo-Olu.

Olowo said the state government had to review the increase in Land Use Charge assessment to accommodate the agitations of residents and to reduce the financial pressure on citizens.

He said: “As we are aware in 2018, there was an increase in LUC rate and at the same time a revaluation of properties.

“This twin-shock had a sporadic increase in LUC assessment.

“The soon to be revealed reform will among other things reverse the rate to pre-2018 rate.”

The Commissioner said the intention of the state government was to keep economic activities of the state going.

He said this was without necessarily causing any untold hardship that would further aggravate the present financial hardship confronting all sectors of the state’s economy.

According to him, the pre-2018 charges, which will soon come into effect, will reflect current realities to reduce burden on citizens.

“The reform also considered a flexible Land Use Charge payment and efficient customer service management to ensure prompt issue resolution,” he said.

On procurement process, Olowo said the review was simplified to reduce the bureaucracy in the state procurement process and accommodate small businesses in accordance with the Procurement Law and Guidelines.

He said among initiatives put in place in the last one year in the area of revenue optimisation were the deployment of e-tax platform for tax operations.

Olowo noted that there was also administration matters, automation of operations of Lagos Lottery Board and FORCE (Focus On Revenue Creation Everywhere), among others.

The Commissioner said the state achieved 106 per cent performance in first quarter of the year revenue as against budget.

He said the twin shock of COVID-19 pandemic and dwindling oil price, which had affected the state revenue, necessitated the review of the year’s budget.

He said: “The direct impact of the pandemic is a drop in the state’s IGR and Federal Allocation, which also results in decline of Foreign Direct Investment and increased pressure on income and purchasing power of Lagosians.”

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

Latest News
First Bank Vs GHL: Legal Dispute Escalates As Crude Oil Cargo Owned By General Hydrocarbons Limited is DetainedEconomic Reforms: Your Statements Are Biased, Partisan - FG Replies Emir SanusiEl-Rufai Vs Uba Sani: Tension As ICPC Drags El- Rufai’s Ally, Jimi Lawal To Court For Alleged FraudCBN Raises Concern: How Nigerians Blew N3.7bn On Medical Tourism In 9MonthsMinister Makes Shocking Revelations, says FG, Telecos Working On 30% to 60% Tariff IncrementMoney Laundering: El-Rufai's Camp In Turmoil As ICPC Charges Jimi Lawal, Ex-Gov's Aide To Court[VIDEO] Drama As FG, Emir Sanusi Engage In War of Words Over Economic Reforms"You Are Global Stars," Tinubu Lauds Six Nigerian Scientists, Engineers Honoured by BidenTribunal Gunshots: We Won't Be Distracted From Reclaiming Our Mandate -- IghodaloTelecomms Tariff Hike: Anxieties Mount As Minister Assures Increase Won't Exceed 60%All Joy As Omo-Agege Meets Old Classmates In Delta StateHow BRICS Stacks Up Against the G7 EconomiesConcerns Mount As Report Ranks Nigeria Amongst Countries With Least Global Living Quality IndexThailand eases visa rules for professionals, wealthy foreignersWhy Okunbor Can't Be Witness In Edo Election Tribunal, EFCC Faults Ighodalo's Claim
X whatsapp