The Lagos state government has cancelled the 2018 land use charge while still upholding the method of valuation.
Dr. Rabiu Olowo, the state commissioner for Finance made this known at a press conference at the Bagauda Kaltho Press Center, Secretariat, Alausa, Ikeja on Wednesday.
The government also waived penalties for those who defaulted in payment of land use charge for the years 2017, 2018 and 2019, which according to the commissioner amounts to a loss of revenue to the state in the sum of N5.6b.
Dr. Olowo stated that the new Land Use Charge Law 2020 is a product of series of stakeholders meetings and is designed to accommodate the agitations of Lagosians and reduce the financial pressure on citizens as it relates to Land Use.
The new law cuts down the penalties for defaulters from between 25 to 100 per cent to 10 to 50 per cent; there is also a 48 per cent reduction in the annual charge rates for different properties.