The Commissioner for Finance, Dr Rabiu Olowo, said this on Wednesday in a statement titled ‘Speech delivered by the honourable commissioner for finance at a press briefing on the 2020 new land use charge law.’
He also said it was waiving the penal fees for 2017, 2018 and 2019, which translated to N5.75bn.
Olowo recalled that in 2018, there was an increase in land use charge rate as well as the method of valuation of properties, which increased the charge payable by property owners.
“In addition to this, there is also a 48 per cent reduction in the annual charge rates,” he said.
Explaining further, he said owner-occupied residential property was reduced from 0.076 per cent to 0.0394 per cent; industrial premises of manufacturing concerns, from 0.256 per cent to 0.132 per cent; and residential property/private school (owner and third party, from 0.256 per cent to 0.132 per cent.
The commissioner said commercial property (used by the occupier for business purposes) was reduced from 0.76 per cent to 0.394 per cent; and vacant properties and open empty land, from 0.076 per cent to 0.0394 per cent.
The annual charge rate for agricultural land was reduced by 87 per cent from 0.076 per cent to 0.01 per cent, he said.
Punch
11 comments:
That is good news for logosians.
That's a good oneπ
Nice moveππ
Great news.
Good news. At least, let the price, fee, rate or money of something come down in Nigeria in a long time. Lagos keeps setting the pace. From laws in DV, rape, abuse, molestation, kidnapping to setting the pace in almost every ministry in the country.
Long overdue. Make Lagos State provide portable water for it's citizens has become a herculean task. Shame!
Good n3ws
Right step in the right direction
Hey Lady S Haaa that water part dey affect you? My sister since Fashola left, I dunno what water cooperation is doing..Lagos is surrounded by water yet no portable water..I went to Sanwolu's IG page that he should please call the head of that cooperation to order!
Nice one,Lagos is working always setting the pace for othersππππΎπ
Stellakoko, there's also toll free line for Lagos state call centre now...
It's really a welcome relief....
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