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Lagos slashes land use charge, waives N5.7bn fees

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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.

 

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