From left, Permanent Secretary, Ministry of Finance, Mrs Abidemi Raji; Commissioner for Finance, Dr Rabiu Olowo and Commissioner for Information and Strategy, Mr Gbenga Omotoso, at a News Conference on the 2020 New Land Use Charge Reforms Law in Lagos by the State Ministry of Finance.
By Florence Onuegbu
The Lagos State Government on Wednesday announced the reduction of the Land Use Charge (LUC) to the pre-2018 charges, hence, indicating a reduction of 48 per cent.
The Commissioner for Finance, Dr Rabiu Olowo, made this known at a news briefing on the 2020 New Land Use Charge Law in Alausa, Ikeja.
Olowo also announced that the waiver of penalties for LUC for Year 2017, 2018 and 2019, which translated to N5.8 billion potential revenue for the state.
He said that the Owner-Occupied Residential Property charged at 0.076 per cent, was now 0.0394 per cent, while Industrial Premises of Manufacturing Concerns, which was 0.256per cent, would now be charged at 0.132 per cent.
The commissioner said that Residential Property/Private School (Owner