Lagos generates N27b from land transactions | Independent Newspapers Limited
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Lagos generates N27b from land transactions

Posted: Apr 23, 2015 at 7:28 am   /   by   /   comments (0)

By Ekene Okoro,  Lagos


At least N27.05 billion was generated from land transactions in the last one year, the Lagos State Government revealed on Wednesday.

Permanent Secretary, Lands Bureau, Hakeem Muri-Okunola who disclosed this at the ongoing ministerial press brief said the N27.05 billion was raked in between January and December 2014, which exceeded the money generated in 2013 by N18.65 billion. In 2013, the sum of N8.3 billion was generated.

“The revenue performance, which is considerably more than the total of the previous year by about N18.65 billion, was due to transaction on the sale of land for industrial development in the Free Trade Zone.

“The revenue performance for the year under consideration exceeded the Bureau’s budget for the period by 165 percent,” he said.

Muri-Okunola emphasised that aside from some major transactions, the revenue from the new schemes being expected in the year under review as well as the property re-certification project could not be realised, thereby making it difficult for the government to generate revenue from these sources.

He stated that the Bureau would continue to be improved upon the moment new schemes; property certificate and transaction on state land were brought on board.

On the grant of Governor’s Consent, the Permanent Secretary disclosed that 6,623 applications were received and processed in 2014, with N4.3 billion generated through this consent as the expected target of N3.2 billion was exceeded.

He also revealed that compensation of N2.8 billion was paid to affected individuals and companies whose properties were acquired by government for overriding public interest.

“Usually, when land is acquired and interest revoked for the overriding public interest, it is the duty of the government to compensate the persons so affected, although not without the presentation of necessary documents to facilitate their payments.

“However, in 2014, a total amount of N2.864 billion was paid out as compensation; likewise, an individual was given an alternative land in lieu of monetary compensation,” he said.

A breakdown of the compensation showed that displaced residents of Lagos Free Zone (Parcel B) got N541.4 million while residents of Toga Zamu where government acquired land for small scale industrial estate got N13.64 million as compensation of N18 million was made for land utilised for the construction of Jubilee Housing Estate Odo-Iragushi, Epe.