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Economy & Politics

Lagos announces incentives as it reviews land use charge, reconsiders dusk-to-dawn curfew

The governor offered a 25% discount for those who make early payment of the land use.

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Lagos announces resumption time table for public and private schools, FESTAC town, Lagos cancels 2018 land use charge, LAND USE CHARGE, Lekki sealed buildings, Lagos state governor issues new guidelines for lockdown, consider full reopening of its economy,Sanwo-Olu gifts families of slain police officers N10 million naira each
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The Lagos State Governor, Babajide Sanwo-Olu, has announced some incentives for Lagosians, especially corporate organizations, for payment of Land Use Charge.

The Governor said that the repeal of 2018 laws on Land Use Charge was to further create incentives for more growth in the corporate sector. He stressed that the new Land Use laws had addressed controversial provisions and removed ambiguity in the levies paid by companies in Lagos.

This was disclosed by the Governor during an event, ‘BOS meets Business,’ which was attended by the captains of industry, manufacturers, and members of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

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During the event, the Governor also announced the granting of a 3-year waiver on penalty for those that defaulted in the payment of land use charge from 2019. He also offered a 25% discount for those who make early payment of the land use. Sanwo-Olu said:

We are granting a waiver of three years in late payment, which covers 2017, 2018 and 2019. We are also giving 25 per cent special discount on early payment. By this, we have achieved a 48 per cent reduction for businesses in chargeable rates by repealing the 2018 Land Use Laws.

“We are taking these steps to show that we are not being insensitive to the plight of businesses and residents, especially in this period of pandemic that have slowed down activities. We have been doing everything possible to make sure businesses are not choked by taxes.”

READ: CBN discloses ongoing plans to create housing funds for developers

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The Governor further disclosed that there will be a review of the dusk-to-dawn curfew imposed in the state by the federal government in response to requests by businesses across the state. According to him, the ongoing rehabilitation of major bridges and roads had impacted negatively on business activities in the state.

READ: Lagos introduces Dropbox facility for land documentation

He urged the business leaders and the MSMEs operators to see his administration as a real partner in driving growth while assuring them that the government would continue to introduce more incentives to strengthen its partnership with the private sector. This is to help keep the Lagos economy on the path of growth.

In their own response, representatives of corporate organizations praised the efforts of the Governor in the reviews of the Land Use Laws. They, however, called for the harmonization of taxes and levies payable to the Government.

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The Deputy President of Lagos Chamber of Commerce and Industry (LCCI), Chief Olawale Cole, also praised the State Government for the 3-month moratorium given to MSMEs in the payment of Land Use Charge, noting that the incentive would stimulate more commitment in the sector.

READ: Ripple payment now operational in U.S, 22 geopolitical regions

The Commissioner for Commerce, Industry and Corporative, Dr. Lola Akande, while also speaking at the event, noted that Lagos Government had taken steps since the last meeting with the Organized Private Sector to sustain the momentum of growth. She said:

We recognize that creating an enabling business environment is the key to job creation, poverty eradication and growth of the State economy. Lagos State is positioned to support businesses and industrial sector to maximize their potential for greater contribution to the State’s GDP.”

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business News

Senate approves €995 million Brazilian and Deutsche Bank loan for agricultural mechanisation

The FG said that the service centres built with the loans would be used to cover crop and livestock commodities prioritized towards food security and trade.

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CBN to increase loans to agricultural sector to 10% of total bank credit, Agritech, Efficient Power: Addressing a Critical Element in Nigeria’s Agro-Industrial Revolution
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The Nigerian Senate has announced its approval of a loan valued at €995 million from the Brazilian Development Bank and Deutsche Bank for the development of Nigeria’s agriculture value chain.

This was disclosed by the federal government on Wednesday evening after the Senate approved the loan, stating that the Green Imperative Scheme would train 100,000 new extension workers, create about 5 million jobs, and positively impact over 35 million Nigerians in a 5-10 year period.

The federal government said, “Today, the Nigerian Senate, approved the President’s request for approval of €995 million in loans from the Export-Import Bank of Brazil (BNDES) & Deutsche Bank of Germany (and guaranteed by the Islamic Development Bank) for the Green Imperative Agricultural Mechanisation program.

The Loan will fund 632 privately-operated primary production (mechanisation) service centres and 142 Agro-processing (value addition) service centres across Nigeria’s 774 LGAs, and reactivate 6 privately-owned partially-operational or moribund tractor assembly plants nationwide.”

The federal government added that the service centres built with the loans would be used to cover crop and livestock commodities prioritized towards food security and trade.

What you should know 

Nairametrics reported in February 2021 that the Federal Government had signed a fresh $1.2 billion Memorandum of Understanding (MOU) with the Development Bank of Brazil for agriculture modernization in Nigeria.

The credit facility is called “the Green Imperative Project (GIP)” and will last for a period of 15 years.

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Financial Autonomy: Governors, State Speakers reach agreement

The Governor also said that the final document of the agreement should be ready for implementation by May 2021.

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The Governors’ Forum, Conference of Speakers of State Legislature and other governance stakeholders announced that they reached a resolution over the implementation of financial autonomy for State Legislature and Judiciary.

This was disclosed by the Ekiti State Governor and Chairman Nigeria Governors’ Forum, Kayode Fayemi, after the meeting, which was held in Abuja on Monday, and presided by the Chief of Staff to the President, Prof. Ibrahim Gambari.

What the Governor said

“We are here for legislative and judicial autonomy and Governors; Speakers of State Assemblies and the Judges of the States are on the same page as far as this issue is concerned,” he said.

We just emerged from a meeting with the Solicitor General of the Federation, the representatives of the judiciary and those of the Conference of Speakers and we are all in force; an agreement has been reached.

READ: Finance Minister tasks FG and state governments to control spending

The issue is about implementation. There has been no objection from governors on judicial and legislative autonomy.

As a matter of fact, it would not have passed if governors were not in support in the first instance. So, that issue has been fully and holistically addressed,” Fayemi said.

The Governor also said that the final document of the agreement should be ready for implementation by May 2021 and urged striking workers  to return  to offices “because as far as this has gone, we have met with all the parties concerned and the President, through his Chief of Staff, has been monitoring what has been happening.”

What you should know

Nairametrics reported earlier this month that members of the Judiciary Staff Union of Nigeria (JUSUN) went on strike with the closure of Federal High Courts in different states across the nation. The union said the purpose of the strike was to draw attention to the financial autonomy of Nigeria’s Judiciary.

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