The Lagos State Government has recently announced its decision to reduce Land Use Charge (LUC). The Commissioner for Finance, Dr. Rabiu Olowo stated that the LUC reform is necessary to address the housing challenges of Lagosians and to reduce the financial pressure on citizens.
According to him, “As we are aware, in 2018, there was an increase in LUC rate and at the same time a revaluation of property; this twin-shock had a sporadic increase in LUC assessment. The soon to be revealed reforms will among other things, reverse the rate to pre-2018 rate”.
He further explained that the intention of the State government is to keep economic activities strong, without necessarily causing any untold hardship that will further aggravate the present financial challenges confronting all sectors of the State’s economy, majorly caused by the Covid-19 pandemic.
This move has been applauded by many Real Estate experts to be a step in the right direction. As it will go a long way in cushioning some of the effects of the pandemic.
The finance commissioner also recalled that Governor Babajide Sanwo-Olu had in January this year, signed the Issuance of N100bn Series III Bond (the largest Bond Issuance ever raised by any Sub-National entity in the country) under its N500 Billion Bond Issuance Program, meant to assist the State meet its huge infrastructure needs in critical sectors across Health, Environment and Roads, among others.
Finally this is great and encouraging news for intending Landlords, as it means that your land and property ownership in Lagos State will become a lot more profitable.
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