FG cuts FCT land rates

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Land owners in the Federal Capital Territory (FCT) may now heave sigh of relief following the approval of the downward review of the new land rates between 100 and 40 percent. In some areas, the Federal Government completely reverted to the old rates while the rates were reduced from 900 percent recently announced to 400 percent in some areas especially the highbrow areas. The downward review was caused by condemnation and inability of allotees to pay up the new rates.The Federal Executive Council (FEC) had in July 2009 approved an upward review of premium payable within the FCT.

The introduction of the new rates, the FCT administration had argued was occasioned by the enormous infrastructural and socio-economic challenges confronting the FCT administration in the face of dwindling revenue accruable to it in terms of budgetary provisions. Hence, a ministerial committee recommended the 900 percent increase which aimed at increasing internally generated revenue (IGR) within FCT in order to tackle the observed challenges.Briefing newsmen on the outcome of the weekly FEC meeting presided over by the vice president, Goodluck Jonathan, the minister of information and communications, Dora Akunyili, alongside her counterpart in FCT, Adamu Aliero, said the reversal became necessary so as to face the global economic realities on ground and give allottees equal opportunities towards the development of their plots.

Akunyili also said the chains of condemnation that trailed the increase by the government and the difficulties allotees experienced in settling bills also played a significant role in reaching the decision on Wednesday.

Source: FG cuts FCT land rates