Governor of the good people of Lagos, Mr. Akinwunmi Ambode, finally listened to the cries of Lagosians who vehemently protested the astronomical rise in Land Use Charge by slashing rates across the board and removing punishment for late payment.
Today (Thursday, March 15), the government announced palliatives in the unpopular move.
Here are the palliatives announced by finance commissioner Akinyemi Asade:
1. Commercial property owners get 50 percent discount.
2. Owner-occupier 25 percent discount.
3. Waiver for late payment.
4. Tax credit for prompt payment.
5. Payment in instalments.
The rate has been hiked to 0.076 percent of property value for owner-occupier, 0.256 percent for an owner with tenants, and 0.76 percent for commercial property.
The hike was widely criticised – and now the rates have been slashed…