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Lagos generates N2bn on land use charge

By Olasunkanmi Akoni & Monsur Olowoopejo
The Lagos State government, Tuesday said a total of N2 billion was generated on land use charge in the last one year.

This was disclosed by the State Commissioner for Finance, Mr Rotimi Oyekan, at the on going ministerial briefing in Alausa, adding that this was against the over N3 billion target given to the land records company.

He said enumeration and assessment of properties in catchment areas yet to be covered were on-going with a view to bringing all areas of the local governments on a common platform of uniform property taxation devoid of inconsistencies and complaints.

Oyekan said the state Internally Generated Revenue, IGR, had been on the increase on a yearly basis and that an average of N15 billion per month was currently being generated.

He said a financing strategy to support the process of infrastructure development and renewal was developed to ensure that the economic growth of the state was not constrained by IGR, capital receipts and statutory or excess crude allocations.

According to him, “the financing strategy of the state is hinged on three broad platforms: the debt issuance programme, multilateral financing and public private partnerships.”

The commissioner said government would continue to adopt any or a combination of these financing options to meet the challenges of transforming Lagos into Africa model megacity.

He also acknowledged the efforts of other key revenue generation agencies of government for contributing immensely towards the growth of the state revenue.


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