This is not the best of times for Lagos government as the nation’s economic recession has impacted negatively on the State’s Lands Bureau by slowing down land transactions to a record low of 30 per cent.
Last year, the state authorities slashed various rates applicable to land transactions from 13 per cent to three per cent.
For instance, consent fees was reduced from six per cent to 1.5 per cent while capital gains tax, previously two per cent , was reduced to 0.5 per cent.
The Permanent Secretary, Lagos state Lands Bureau, Bode Agoro, told media personnel that despite the cut in rates, there has been decline in governor’s consent, which used to be the highest revenue generating arm of the bureau.
According to him, people are not really transacting so much as result of recession, leading to considerable low rate of revenue.
He stressed that the bureau has embarked on series of changes to speed up the process of getting governor’s consent in order to attract more people and arrest the decline.
The Permanent Secretary also said the Bureau has fortified the land registry by creating a quality control unit to block all noticeable leakages in the past.
According to him, “it is better to encounter a little bit of delay so as not to register a fake Certificate of Occupancy (CofOs).”
No comments:
Post a Comment