Real estate consultants have observed that tax exemption is necessary for the Real Estate Investment Trust (REIT) to succeed. REIT is an investment initiative that buys, develops and sells income-producing real estate assets on behalf of shareholders who own common shares, which may be publicly quoted or privately held.The consultants said on Monday in Lagos that the tax laws did not have a place for REIT to even take off.They, however, added that the case had been made and it was expected that the National Tax Reform Bill would make provisions to exempt REIT from taxation.
Mr Bode Adediji, Managing Director, Bode Adediji and Associates, said that the law now would not allow for the successful take off and entrenchment of REIT in the nationâ€™â€™s real estate sector.I just hope that the National Tax Reform Bill now before the National Assembly will accommodate it.â€œReal estate stakeholders should watch out and endeavour to attend all the public hearings before the bill becomes law,â€ he said.
NACRDB disburses N24m loan to rice farmers
The Nigerian Agricultural Cooperative and Rural Development Bank (NARCDB) has disbursed more than N24 million loan to rice farmers in Bauchi State. The Dass Branch Manager of the Bank, Malam Shehu Mukaila, told newsmen on Monday in Bauchi that the facility was aimed at encouraging food and livestock production. He said more than 350 applications received from farmer groups in the area were still pending, adding that the facility had promoted more participation in food production in the area.
Mukaila said the bank had also introduced various facilities aimed at enhancing the funding of agricultural activities, empower farmers and accelerate socio-economic development of rural communities.
He said the bank had so far recovered more than N97 million of loans granted to farmers in the 2008 farming season. Most of benefitting farmers, he added, had fulfilled their loan and contractual obligations.â€œWe have recovered more than N97 million, representing about 80 per centof the total loans disbursed to farmers. We urge the defaulting farmers to repay their loans to enable others to benefit from the scheme,â€ he said.