Lagos generates N27bn from land transactions in 2014

Kazeem Ugbodaga

The Lagos State Government says it has generated N27.05 billion from land transaction in the last one year, Permanent Secretary, Lands Bureau, Hakeem Muri-Okunola disclosed this on Wednesday at a ministerial press conference held at the Bagauda Kaltho Press Centre, Alausa in Ikeja, Lagos, Southwest Nigeria.

Muri-Okunola said the N27.05 billion was raked in between January and December 2014, which exceeded the money generated in 2013 by N18.65 billion. In 2013, the sum of N8.3 billion was generated.

“The revenue performance, which is considerably more than the total of the previous year by about N18.65 billion was due to transaction on the sale of land for industrial development in the Free Trade Zone.

“The revenue performance for the year under consideration exceeded the Bureau’s budget for the period by 165 percent,” he said.

Muri-Okunola emphasised that aside from some major transactions, the revenue from the new schemes being expected in the year under review as well as the property recertification project could not be realised, thereby making it difficult for the government to generate revenue from these sources.

He stated that the Bureau would continue to be improved upon the moment new schemes; property certificate and transaction on state land were brought on board.

On the grant of Governor’s Consent, the Permanent Secretary disclosed that 6,623 applications were received and processed in 2014, with N4.3 billion generated through this consent as the expected target of N3.2 billion was exceeded.

He also revealed that compensation of N2.8 billion was paid to affected individuals and companies whose properties were acquired by government for overriding public interest.

“Usually, when land is acquired and interest revoked for the overriding public interest, it is the duty of the government to compensate the persons so affected, although not without the presentation of necessary documents to facilitate their payments.

“However, in 2014, a total amount of N2.864 billion was paid out as compensation; likewise, an individual was given an alternative land in lieu of monetary compensation,” he said.

A breakdown of the compensation showed that displaced residents of Lagos Free Zone (Parcel B) got N541.4 million while residents of Toga Zamu where government acquired land for small scale industrial estate got N13.64 million as compensation of N18 million was made for land utilised for the construction of Jubilee Housing Estate Odo-Iragushi, Epe.

While commercial and indigenous farmers displaced as a result of the proposed Lagos Airport project in Epe got N1.49 billion, compensation of N30.3 million was made on land utilised for forensic laboratory in Badagry, among others.