Lagos revs up economy with new power, property laws
The power project, said the state government in a statement yesterday, is aimed at delivering an estimated 3,000 Megawatts to homes and industries, and is expected to lift the economy of Lagos, which is Nigeria’s industrial hub. The revised Land Use Charge Law, on the other hand, will improve the value of property in the state.
The State’s House of Assembly had, last week, announced the passage of two bills expected to provide the legal framework for the Lagos State Embedded Power Supply Law 2018 and the Lagos State Land Use Charge Law 2018.
Both laws are expected to be signed this week by Governor Akinwunmi Ambode.
Speaking on the development, Commissioner for Information and Strategy, Kehinde Bamigbetan, said the two laws are part of a grand plan by the current administration to improve the economy and make life easier for the people.
He said: “The Embedded Power Supply programme will provide the enabling environment for the private sector to generate not less than 1000 megawatts every year in the first phase of three years by using gas to produce power and distributing the electricity to consumers.
“As enabler, the Lagos State government will guarantee the off-take of the generated power. This new product is expected to expand the distribution network and increase metering capacity of the electricity distribution firms in Lagos State.”
Bamigbetan said to ensure return on investment by participating companies and encourage more electricity companies to invest in the embedded power sector, the law has been arranged to provide framework for the government to support the firms in the collection of tariffs and enforcement of contracts.
“A novel feature of the law is the introduction of provisions for the prosecution and sentencing of those who tap electricity illegally or use power produced through the embedded power system without entering into contracts with the companies.
“Defined as power theft, industry watchers believe that this is the first law to provide penalties for a major cause of financial failures of electricity companies and with regular power supply in homes and industries, the Lagos State government expects a giant leap in the production and growth of the economy,” Bamigbetan said.
The Land Use Charge Law is considered the answer to the agitations of residents for a transparent process of determining rates. Under the revised law, estate valuers authorised to assess and value tenements, will ensure data are reliable and the indices are explicit. The revised law also exempts tenements owned by non-profit organisations, religious bodies and public cemeteries and burial grounds.
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