Government makes N27bn from land transactions

The figure made a significant rise from the N18.65billion recorded in 2013.

Lagos State Governor, Babatunde Fashola

The Lagos State Government made N27,054,031,674 from land transactions in 2014, a state official has said.

The disclosure was made on Wednesday, April 22, 2015, by the Permanent Secretary of the Lands Bureau, Hakeem Muri-Okunola.

“The revenue performance, which is considerably more than the total revenue of 2013, was due to one-off transactions on the sale of land for industrial development,” he said during the 2015 Ministerial Press briefing in Ikeja.

“It must, however, be emphasised that aside from the one-off transactions, the revenue from the new scheme being expected during the period under review, as well as the property re-certification project, could not be realised and thereby making it difficult for government to generate revenue from these sources,” he added.

Muri-Okunola said further that the sum of N2,864,500,377 was paid out as compensation for the acquisition of land for development purposes in 2014 adding that 1,767 Certificates of Occupancy were processed in the last one year out of the 2,802 applications received.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Sanwo-Olu says Tinubu is hale and hearty

FEC approves $11.17bn rail project to link all coastal cities

PDP crisis: Secondus urges respect for party constitution

Police arrest notorious killer cultist, Ewe in Epe

Delta mulls poverty alleviation programme for less privileged

Gov Okowa salutes CBN Governor, Emefiele at 60

'Consider Nigeria’s situation', NASS begs doctors to call off strike

Group consults 3 US-based law firms to defend Kyari over Hushpuppi scandal

Ohanaeze commends Nigerian Army on security in Southeast