The Lagos State Government has said it will reduce its land use charges and other penal fees by reversing the rate of land use charge to pre-2018, while upholding the 2018 method of valuation.
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.’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.Explaining further, he said owner-occupied residential property was reduced from 0.076 per cent to 0.
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.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lagos state reduces Land Use Charge by 48%, waives N5.8bn penaltiesThe Lagos State Government, on Wednesday, announced the reduction of the Land Use Charge (LUC) to the pre-2018 charges, hence, indicating a reduction of 48 per cent. The Commissioner for Finance, D…
Read more »
Buhari govt raises penalty for hate speech from N500,000 to N5 million - Daily Post NigeriaThe Minister of Information and Culture, Alhaji Lai Mohammed, on Tuesday, reviewed the penalty for hate speech in Nigeria. Mohammed disclosed that the
Read more »
FG raises hate speech fine to N5 millionThe new fine is stipulated in the Reviewed Broadcasting Code.
Read more »
Lagos artistes accuse police of extortion, sexual harassment|p style=
Read more »
One dead, four injured in Lagos gas explosion|p style=
Read more »