Property owners, valuers extol Sanwo-Olu on review of Land Use Charge Act
Property owners in Lagos State and professionals in the building environment have lauded the decision of the state government to review the 2018 Land Use Charge (LUC) Act, saying that it speaks of sensitivity on the part of officials.
The state’s Commissioner for Finance, Dr. Rabiu Olowo, had on Wednesday said that the current administration decided to review the Land Use Charge law by reversing the rate to pre-2018 while upholding the 2018 method of valuation.
Reacting on this development, Chairman, Lagos State Chapter of Nigerian Institution of Estate Surveyors and Valuers (NIESV), Dotun Bamigbola, said the review was a welcome development and very much anticipated.
He recalled that NIESV, based on the technical committee set up by the Lagos branch on the matter, had advised on the review and reversal to the previous rates in 2018.
The NIESV, he said, also recommended some amendments to the law, which the association believes, are now in the review.
He, however, said that members of the institute needed to get the numbers out and see the impact they would create in the system.
“This will be best done when we as core professionals in real estate and land economy have the details to work with.
“We are already requesting for that to better inform the public,” he added.
Also, another major stakeholder during the turbulent protest against the new law, Rogba Orimolade, said government should be commended for the move, which he considered positive.
He, however, said that property owners and relevant stakeholders were looking forward to the release of the full content of the revised law before proper analysis could be made.
On his own part, former Chairman of Magodo Residents’ Association (MRA), Mr. Kunle Eludire, whose regime vehemently opposed the new land use charge, described government’s decision as a good development.
He said: “You know that there are so many ways government has been taking money from the people. Every land transaction is hinged on the land use charge and they will force you to go and pay. It is a good one that it is suspended.”
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