General
Stakeholders Hail Ambode’s 50% Slash of Land Use Charge
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State has been commended for approving the downward review of the amended Land Use Charge Law 2018 to 50 percent for commercial property as well as other LUC waivers that will give economic succour to owners of property and taxpayers in Lagos State.
Lagos State Commissioner for Finance, Mr Akinyemi Ashade, at a media briefing on Thursday at the Baguda Kaltho Press Centre, Alausa, Ikeja, announced the slashing of the fee by 50 percent.
He explained that the “Lagos State government took this important decision for the good of the people” and as a government “committed to the welfare of its citizens and which understands the importance of continuously engaging the populace.”
In addition, Mr Ashade stated that the review to the amended LUC Law 2018, which was received with mixed feelings in the state, came as a result of widespread dialogue with stakeholders such as the Organised Private Sector, Nigeria Bar Association, Real Estate Investors & Developers, Landlord & Resident Associations, Community Development Associations, Civil Society Organizations, Lagos Chamber of Commerce and Industries (LCCI), Nigeria Institute of Estate Surveyors & Valuers and several other professional groups.
Furthermore, the Commissioner of Finance appreciated and commended property owners of all categories who have been performing 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,” he said.
He also thanked Lagosians for their support and trust while encouraging them to participate effectively in the legislative proceedings.
“We appreciate you for trusting the current administration with the responsibility of investing the revenue from LUC in infrastructure renewal and overall development of our State. We promise we will continue to make your tax work for you,” the Commissioner said at the conference attended by members of the media in the state and other relevant stakeholders.
He disclosed that the after effect of the review of the amended LUC law means owners of property in Lagos State can now reap the benefits and waivers as follows:
COMMERCIAL PROPERTY OWNERS, who are undoubtedly the stakeholders mostly impacted by this amended Law will be granted 50 percent discount. This means a commercial property valued at N20 million which was earlier billed N91, 200 will now pay N45,600 per annum.
PROPERTY OCCUPIED BY OWNER AND THIRD PARTY & PROPERTY USED FOR INDUSTRIAL AND MANUFACTURING PURPOSES will now enjoy 25 percent discount. This means that a N20 million property expected to pay N30,720 will now pay N23,040 per annum.
OWNER-OCCUPIED PROPERTY will enjoy 15 percent discount. For a N20 million property, this used to be N9,120. Now, it is N7,752 per annum.
Additionally, the penalty regime for late payment of LUC has been waived completely. Therefore, LUC payers who have received their bills will no longer be penalized for late payment of bills issued in 2018, thereby providing additional relief to LUC payers.
Apart from the earlier stated ones, other rates and reliefs will remain unchanged and will be implemented as stipulated by the Law.
These include 40 percent general relief, 10 percent for 70 years and above, 10 percent for properties owned by persons living with disability and 10 percent 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 Lagos citizens.
Executive Director of Centre for Public Accountability (CPA), Comrade Femi Lawson, who was elated at the new LUC review, praised the administration of Governor Akinwunmi Ambode for its empathy with the people of the state.
“This review shows a government which shares in the pain and concerns of the citizens of this state. Not only did they listen to our agitations but also LASG took action to allay our fears and worries by bringing the LUC rates down and introducing some other tax burden relief measures. This is surely a pro-people government,” Comrade Lawson said.
Similarly, Mr Thomas Aderinola, a real estate investor in Lagos State, said the downward review of the amended LUC law by as much as 50 percent was a reassuring indication that the LASG is a listening government.
“Imagine this huge waiver of 50 percent. It shows that the state government is sensitive to needs and is working for the interest of the people. We all can see what Governor Ambode is doing in the state in terms of Infrastructural development,” he said.
More importantly, Mr Aderinola applauded the government for introducing some other waivers like the instalment payment and the newly set up People’s Tribunal to resolve LUC payment cases in the state.
“With developments like these, we will be happy to show our commitment to the growth of Lagos by paying our taxes as at when due,” he opined.
By Adedapo Adesanya
The Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has called on the federal government to put social safety nets in place for poor Nigerians to cushion the effects of President Bola Tinubu’s economic reforms.
Mrs Okonjo-Iweala stated this on Thursday after a meeting with the president at the Aso Villa in Abuja.
She commended him for his economic reforms, including petrol subsidy removal and the unification of the foreign exchange windows, but pleaded that his government must put social safety nets in place for poor Nigerians to cope with the economic hardship occasioned by these reforms.
“We think that the President and his team has worked hard to stabilised the economy. You cannot really improve an economy unless it is stable. So, he has to be given the credit for the stability of the economy. The reforms have been in the right direction.
“What is needed next is growth; we now need to grow the economy and we need to put in social safety nets so that people who are feeling the pinch of the reforms can also have some supports to weather the hardship. That’s the next step,” the former Nigeria’s Finance Minister stated.
The Nigerian president’s meeting with Mrs Okonjo-Iweala took place two weeks before the expiration of her first term as WTO Director-General on August 31, 2025, and the commencement of her second term on September 1, 2025.
She made history in 2021 as the first African and first woman to lead the 164-nation-member WTO.
The WTO chief, accompanied by Minister of Trade, Industry, and Investment, Ms Jumoke Oduwole, also briefed the president on the progress made on the Women’s Exporters’ Fund for the digital economy.
“We came to brief him about something very joyful that we did today with the help of the first lady.
“We launched a Women’s Exporters’ Fund for the digital economy. This is a fund that is jointly managed by the World Trade Organisation and the International Trade Centre and supports women to weather the storms of the economy and create jobs for themselves.
“It is part of the thinking of the social safety net and what we can do to support Nigerian women to contribute more to the economy and themselves.
“Nigeria competed and one one of four countries that won globally to be part of this initiative.
“We have 67,000 Nigerian women who applied for this, and 146 of them won, and they are going to have money disbursed directly to them.
“16 of them won what we called the Booster Track; those who already have businesses, but their businesses would be scaled up. They would receive technical and business support from the WTO and the ITC for 18 months.
“Another 100 would get $5,000 each to start and strengthen their businesses, with 12-month reforms,” she said.
By Adedapo Adesanya
The National Identity Management Commission (NIMC) has announced the completion of an upgrade to its diaspora enrolment platform.
A statement by the commission said the upgrade was to improve service delivery and enhance the management of National Identification Number (NIN) registration for Nigerians abroad.
The agency said the upgrade will deliver a more seamless, secure, robust, and efficient process for NIN enrolment in the diaspora.
As part of the initiative, NIMC Diaspora Front-End Partners (FEPs) have been onboarded to the new system and given intensive training to ensure effective application and management of the platform.
According to NIMC, all Diaspora FEPs are required to obtain and activate their enrolment licences on the upgraded platform within the next 48 hours, while Nigerians abroad can access services from compliant partners.
Head of Corporate Communications at NIMC, Mr Kayode Adegoke, apologised for any inconvenience caused during the upgrade process, adding that the commission has set up a dedicated service team to address issues related to diaspora enrolment.
“The commission apologises for any inconvenience the platform upgrade process might have caused and has set up a dedicated service team to resolve all issues related to diaspora enrolment. Diaspora applicants experiencing issues with NIN enrolment should please reach the commission via nimccustomercare@nimc.gov.ng for timely resolution,” he said.
Mr Adegoke also urged Nigerians who have completed their NIN registration to download the NIMC NINAuth App from the iOS or Google Play Store to verify their NINs instantly, approve access to their information, control their data, and enjoy seamless authentication services.
By Adedapo Adesanya
The Nigerian government may issue bonds and other instruments for the payment of N4 trillion owed players inn the electricity sector to help stabilise the nation’s ailing power industry and improve supply.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Wednesday confirmed the presentation of a proposal to the Federal Executive Council (FEC) for the clearance of the N4 trillion debt owed to power generation companies (GenCos).
Mr Edun told State House reporters after the FEC meeting that he presented a memo on refinancing outstanding obligations in the electricity industry.
“I presented a memo on the all-important refinancing of the electricity sector’s outstanding obligations totalling N4 trillion,” he said, adding that, “Though the financing plan was not fully approved immediately, we have moved into implementation, led by the Debt Management Office and other experts.”
The debt, primarily owed to 27 power generation companies for outstanding invoices between 2015 and 2023, has stifled investment in the industry and exacerbated chronic power outages in Africa’s most populous nation.
He said the refinancing would be executed within three to four weeks under the oversight of the debt management office.
“It is now fully approved, and we move to implementation,” Mr Edun said.
In April, the GenCos warned that the unpaid N4 trillion debt owed by the federal government and stakeholders for electricity generated threatens their operations. A breakdown of the debt includes N2 trillion for 2024 and N1.9 trillion in legacy debts.
Back then, the Minister of Power, Mr Adebayo Adelabu said the federal government may borrow to settle GenCos, adding that the federal government plans to pay them N2 trillion of the N4 trillion debts owed to them between now and the end of 2025.
He said he was already discussing with the Minister of Finance, to settle the debt with budgetary allocation or guaranteed debt instruments as promissory notes.
He explained that the promissory notes would be formidable enough for them to tender at the banks for immediate cash needs.
The Minister said, “And I can tell you that between now and the end of the year, we are going to pay close to N2 trillion out of this N4 trillion.
“I have had discussions with the Minister of Finance and the Coordinating Minister of the Economy, who has promised that they working on the promissory note and once we have budget releases, cash payments will also be made.”
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