Lagos State Government has revoked the 2018 land use charge.
This was announced by the Lagos Commissioner for Finance, Dr Rabiu Olowo, at a press briefing on Wednesday.
Olowo said the government reverted to pre-2018 land use charges.
The government has also waived penalties for those who defaulted in payment of land use charge for the years 2017, 2018 and 2019, which according to the commissioner translates to a loss of revenue to the state amounting to N5.6 billion.
Olowo said the new Land Use Charge Law 2020 is a product of series of stakeholders meetings and is designed to accommodate the agitations of Lagosians and reduce the financial pressure on citizens as it relates to Land Use.
The new law reduces the penalties for defaulters from between 25 to 100 per cent to 10 to 50 per cent; there is also a 48 per cent reduction in the annual charge rates for different properties.
“Still on reductions, another major sector that had its charge reduced is Agricultural sector, which annual charge rate for Agricultural land was reduced from 0.076% to 0.01%. This is an 87 per cent reduction from the old rate.”
The government further re-introduced the 15 per cent early payment discount which has been increased by a 10 per cent special COVID-19 incentive making it 25 per cent when payment is paid before due date.
Profit oriented cemeteries and burial grounds are no longer exempted from payment of Land Use Charge, as is the case for private libraries.
Unlike in the 2018 law pensioners now include retirees from private and public institutions in the state (or any person that has attained the age of 60 years and has ceased to be actively engaged in any activity or business for remuneration) and their properties are exempted from paying land use charge.