Lagos generates N3bn from property tax in 2010

The Lagos State Government generated N3.02 billion through property taxation  in 2010 under the Land Use Charge.

Commissioner for Finance, Mr. Rotimi Oyekan, who stated this while reviewing the activities of his ministry in the last one year, said that the amount was an improvement on N2 billion and N500 million generated in 2009 and 2008 respectively.

“The Land Use Charge came into being as a result of government desire to harmonise four different previously existing land charges into one charge_ The Land Use Charge. The old charges included tenement rate, developmental Charges, ground rent and neighborhood improvement charges,” he stated.

The commissioner said that the ministry had almost completed its assessment of all properties in the state. “The implication is that all properties in Lagos State will get their Land Use Charge notices by the end of the year and by the end of each year.”

He also disclosed that the state had been paying the monthly salaries of its employees promptly, adding that with the implementation of the new minimum wage, the wage bill of the state currently stands at N5.4 billion, while N251 million goes for pension bills. “Let me also add that the state government share and the workers’ contribution to the contributory pension scheme has been consistent and up to date with no arrears whatsoever,” he said.

Oyekan added that the state had also paid N1.3 billion to retirement savings account of 322 retirees of the state in order to ensure that the retirees accessed their terminal benefits in record time.