Following extensive deliberations with stakeholders on the new rates payable by property owners under the Lagos State Land Use Charge (LUC) Law, the State Government on Thursday announced a major reduction in the rates and as well waived the penalty for late payments across board.
The State’s Commissioner for Finance, Mr Akinyemi Ashade, who disclosed this while addressing a press briefing at the Bagauda Kaltho Press Centre in Alausa on the outcome of dialogue with stakeholders, said the rates payable on commercial properties have been reduced by 50 per cent in response to the demands of the people.
He said the government has also reduced the charges for Owner-occupier with third party including industries and manufacturing concerns by 25 per cent, while tax credits has been given for LUC charges already paid in addition to introduction of instalment payment system.
Ashade, who addressed the briefing alongside dozens of Executive Council members and top government functionaries, said the decision to reduce the rates was taken at the weekly Council Meeting held on Wednesday and Chaired by the State Governor, Mr Akinwunmi Ambode.
He said: “The Lagos State Government, in its desire to build world class infrastructure and improve the well-being of its citizens reviewed the Land Use Charges payable by all property owners. This exercise was received with mixed feelings by various interest groups who expressed serious concerns.
“In line with this administration’s tradition of inclusive governance and civic engagement, and as a Government that is committed to the welfare of its citizens and understands the importance of continuously engaging the populace, we undertook extensive dialogue with various stakeholders on the Land Use Charge (“LUC”) revised Law and its implementation.
“Consequently, we received a wide range of responses from our dialogue with various stakeholders on the amended LUC Law 2018. The stakeholders included the Organised Private Sector, Nigeria Bar Association, Real estate investors & developers, Landlord & Resident Associations, Community Development Associations, Civil Society Organisations, Lagos Chamber of Commerce and Industries (LCCI), Nigeria Institute of Estate Surveyors &Valuers and several other professional groups.”
Giving a breakdown of the reduction, Ashade said for commercial property owners who were mostly affected by the amended law, a property valued at N20million for instance which was earlier billed N91,200 will now pay N45,600 per annum as a result of the 50 per cent discount, while property occupied by owner, third party and property used for industrial and manufacturing purposes will now pay N23,040 per annum on a property valued at N20million as against the earlier N30,720 based on the 25 per cent discount.
On owner-occupied property, the Commissioner explained that for a property valued at N20million, only N7,752 will now be paid per annum as against N9,120 earlier demanded based on 15 per cent discount.
He added: “Other rates and reliefs, apart from the ones stated above, will remain unchanged and will be implemented as stipulated by the Law. These include 40% general relief, 10% for 70 years and above, 10% for properties owned by persons living with disability and 10% for properties that are 25 years old and so on and so forth. Owners of Property across all categories will now be allowed to make payments by instalments. This will help to reduce the burden of taxation on our citizens.
“We appreciate and commend property owners of all categories who have performed their civic duties faithfully by paying the LUC. Consequently, as a result of these new measures, those who have paid the original amount will be awarded tax credits to the extent of the excess amount paid and carried forward to next year,” Ashade said.
He added that in a bid to create a framework to empower property owners with self-assessment, the executive would forward a regulation to the House of Assembly for review of applicable rates and regime of reliefs on categories of properties pursuant to LUC Law.
While appreciating stakeholders for trusting the current administration with the responsibility of investing the revenue from LUC in infrastructure renewal and overall development of the State, Ashade urged them to endeavor to participate effectively in the legislative proceedings going forward.
Besides, the Commissioner said the reduction would be implemented immediately as there were provisions within the LUC law which empowered the government to carry out necessary adjustment to cushion the effect of implementation.
Also, Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem said under the amended law, there is provision for establishment of five tribunals out of which one has been created in Ikeja and now operational, while the remaining four would be established in other administrative divisions of the State in Epe, Badagry, Ikorodu and Lagos Island.
He said the law also makes provision for aggrieved tax payers to ventilate their grievances within forty-five days through a mediation process, adding that so far over 80 cases have been resolved through mediation.
Imota rice mill to produce 650 bags of rice per hour – LASG
The Lagos State government has said that the Imota rice mill, when completed, will produce 650 bags of 50kg rice per hour.
The Special Adviser to the Governor on Agriculture, Ms Abisola Olusanya, said this while on a tour the site of the mill, to assess the progress of work.
Olusanya, in a statement issued on Thursday in Lagos, expressed satisfaction with the progress of work at the 32 metric-tonnes-per-hour capacity rice mill.
She said that when completed, the mill would be the world’s fourth largest and the biggest in Africa.
The special adviser said that agriculture and food security were important components of the T.H.E.M.E.S Development Agenda of the state government for making Lagos a 21st-century economy.
She expressed government’s commitment to completing the mill, in order to meet the rice demand of the state and indeed, the nation.
”The mill is situated on a landmass of 8.5 hectares of land and each of the two production lines has a capacity of 16 metric tonnes and will produce 650 bags of 50kg rice per hour,” Olusanya said.
She added that the mill was designed, constructed and its equipment installed by local contractors, which underscored the state government’s confidence in the capacity of indigenous engineers.
The governor’s aide said that over 250,000 direct and indirect jobs would be created from the mill when completed, while increased economic activity was also expected at Imota, Ikorodu and the state in general.
Governor Sanwo-Olu presents N1.168 trillion budget for 2020
Lagos State Governor, Babajide Sanwo-Olu on Friday, November 8th presented a budget of N1.168 trillion to the Lagos State House of Assembly for approval for the 2020 fiscal year.
The proposed budget is to be funded by a projected Total Revenue of N1.071 trillion and a deficit amounting to N97.53 billion. The budget size is higher than the 2019 budget by 34%. Capital Expenditure amounts to N723.75 billion while the Recurrent Expenditure is N444.81 billion, giving a 62:38 capital to recurrent ratio.
According to Sanwo-Olu, “This, in our view, is strong for development. We have placed an increased focus on wealth creation where we will take deliberate steps in courting a partnership between our people and various development institutions.
“In line with this, we have provided N11.8bn as counterpart funds in preparation for various social impact schemes. In addition, we have made provisions for N7.1bn this year, to provide for industrial hubs, parks, graduate internship programs and virtual markets for artisans. This is in support for Micro, Small and Medium enterprises which are the engines for both economic and employment growth.
“It is equally proposed that a total of N167.81 billion of the Recurrent Expenditure shall be applied towards personnel costs and other staff-related expenses. This represents 22.02% of the proposed Total Revenue, which is within the acceptable wage policy of 25% of Total Revenue, and includes a provision for the new minimum wage.
“The budget deficit of N97.53 billion will be financed by both internal and external loans. Since revenue generation is the spine of any budget, this budget supports investment in our revenue generating agencies. This budget seeks to aggressively invest in and develop our education, health and other physical infrastructure sectors. Although our capital spent on works and infrastructure was just N31 billion as at September 2019, as against the 2019 budget proposal of N78 billion, it is our intention to spend N115 billion in 2020,” he said.
The governor said Education would see a significantly increased capital budgetary allocation of N48 billion, an increase of 60% over the 2019 provision of N30 billion, adding that “we must improve the standard and relevance of our education outcomes to our industries. We will work together with our Local governments to strengthen early child education and teachers training/administration, leveraging technology.
“Similarly, in healthcare, we have provided for a capital expenditure of N33 billion, compared to the 2019 budget proposal of N21 billion. We will ensure that our primary health care institutions remain active and attractive to the primary health care needs of our people. Lagos belongs to us all; we will continue therefore to drive partnerships with the private sector in promoting health services within our institutions.
“Given the perennial challenges of flooding in the metropolis, we have tripled the capital budget provision to tackle this from N3 billion in 2019 to N9 billion in 2020,” he added.
Sanwo-Olu stated that wider consultation was made in the three senatorial districts, in addition to taking memoranda and feedback from stakeholders’ meetings organized by members of the House within their constituencies, which were also attended by Cabinet members, adding that the 2020 Budget would be supported by a Performance Management System that would ensure that, by December 2020,” we shall achieve an optimal budget implementation when compared with previous years. This is in line with our commitment to transparency and accountability in the management of public finances.”
Oniru Throne: Abisogun Family Members At War Over Succession!
Less than 40 days after the death of a first class monarch in Lagos State, the Oniru of Iruland. His Royal Majesty, Oba Idowu Abiodun Oniru, serious war has reportedly broken out in Abisogun Ruling House over his successor.
It will be recalled that the respected and powerful monarch died in late September, 2019 at the age of 82 after a brief illness.Under the reign of the monarch, Iru land, the host of the highbrow Oniru and Victoria Island, became a mega location with investments and buildings worth hundreds of billions of naira.
We were reliably informed that a tussle has broken down over the throne with many candidates showing interest in the coveted seat.Some of those said to have shown interest in the obaship seat included Wasiu Ogunbambi, Jamiu Adelakun and Saliu Abisogun.Others included Hakeem Ajasa, Fabayi clan, Giwa Otto clan amongst several others.
Reliable sources informed us that lobby has started in high places as some of the candidates were said to have circulated their curriculum vitae among the kingmakers and have started talking to top officials of the Lagos State Government in-charge of chieftaincy affairs in the state.It was gathered that the matter has torn the family apart as none of the candidates was willing to step down for another.Our sources added that what baffled watchers of events in the area is the fact that the crisis broke out just few weeks after the death of the Oba of the town.
“It was only on Friday November 1, 2019 that we did the final burial of Oba Idowu Abiodun Oniru in Eko Hotel. So it is surprising that the candidates for the throne could not even wait for some time before they start fighting over the stool.”Were they waiting for the Oba to die? We all know that the throne is lucrative, but that does not mean that they should start fighting immediately. It is uncalled for,” said a source.
It was however, gathered the kingmakers have started necessary consultations both traditionally and officially, and that the needful would be done in due course, while those interested in the office “have been cautioned to allow the people in-charge due their work so that Iru land would have the right traditional ruler at the right time.”
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