The Lagos State Government made N27,054,031,674 from land transactions in 2014, a state official has said.
Government makes N27bn from land transactions
The figure made a significant rise from the N18.65billion recorded in 2013.
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.
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