ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home Business

We need $50bn to tackle infrastructure deficit –LASG

9th March 2018
in Business
0
We need $50bn to tackle infrastructure deficit –LASG
Share on FacebookShare on Twitter

Maduka Nweke

The Lagos State Commissioner for Finance Mr. Akinyemi Ashade has said that the state would need about $50 billion to tackle infrastructure deficits in the state within the next five years.

Speaking to Journalists on Tuesday at the Alausa Office, Ikeja, Lagos, during  an interactive session, Ashade said that the state intends to channel the proceeds from the Land Use Charge to provide infrastructure to Lagosians.

He noted that the increase in the LUC was progressive because it collapsed three previous taxes into one. Ashade said that the previous LUC which became obsolete was supposed to be reviewed every five years but was not updated for 16 years hence the new LUC which,  captured current economic realities

“In the next  five years,  we will need to continue to renew our infrastructure  and build new ones. To do this, we would need to spend $50 billion. With this, if we have to spend all our budget without doing anything, it will take 19 years to be able to fix the deficit,” he said.

According to him, if the state government borrows money to meet the need, it would be at high interest rates, hence, the new tax regime – property taxation system.

Ashade explained that the LUC had different rates for property owners and relief of 40 per cent across board.

According to him, the  state government will implement  the new tax regime with human face.

“Trust us with the tax, we are going to invest it in infrastructure judiciously,’ he said. He said that the new LUC was progressive and graded, adding that it allowed people to value their property by themselves.

The official  also said that the new LUC was factored in ease of doing business. He said that under the Land Use Charge Law, owners occupiers would be expected to pay a percentage of 0.076 per cent of the value of the assessed property. He gave the assurance that the government would protect tenants whom landlords might want to exploit because of the LUC.

The News Agency of Nigeria (NAN) reports that the newly-introduced  LUC  has attracted widespread criticism from property owners, developers and  investors.

Some have raised fears of reduction of investments in real estate in Lagos. The new Land Use Charge Law (LUCL) 2018, which applies to real and landed property in the state, consolidated all property and land-based rates/charges into a single property charge and set modalities for levying and collection of the charge.

sunnews

sunnews

Related Posts

Women miners push for gender equity in mining
Business

Women miners push for gender equity in mining

29th January 2023
Gov Sule commissions N1bn agro processing firm
Business

Nasarawa indigents to access N500m bank loans to boost business

29th January 2023
Redesigned Naira: CBN takes cash swap campaign to communities in Ogun, Bayelsa
Business

Redesigned Naira: CBN takes cash swap campaign to communities in Ogun, Bayelsa

29th January 2023
Next Post
How poor govt reforms increase housing deficit

How poor govt reforms increase housing deficit

Abia: Why Ikpeazu should re-contest –Ikoh

Abia: Why Ikpeazu should re-contest –Ikoh

Punishing electoral offenders

Senate summons British firm over $3.3bn oil deal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Women miners push for gender equity in mining

Breaking: Buhari okays 10-day extension of old naira swap

Ekiti PDP senatorial candidate Ayeni hails NWC for lifting suspension

Nasarawa: Awe representative launches campaign council, commissions projects

Labour advocates adoption of ILO Convention 190, inclusiveness

Plateau 2023: We’ll stop APC rigging with BVAS – Mutfwang

Trending

Bamidele to FG: Extend TETFUND benefits, privileges to private varsities
Education Review

Bamidele to FG: Extend TETFUND benefits, privileges to private varsities

29th January 2023
0

From Priscilla Ediare, Ado Ekiti Senator Opeyemi Bamidele, the Chairman, Senate Committee on Judiciary, Human Rights and...

Kebbi Beach Soccer Super 4: Illiyasu Academy BSC wins 2022/2023 session

Kebbi Beach Soccer Super 4: Illiyasu Academy BSC wins 2022/2023 session

29th January 2023
Nigerian Atto Abbas's hard work, dedication and a dream

Nigerian Atto Abbas’s hard work, dedication and a dream

29th January 2023
Women miners push for gender equity in mining

Women miners push for gender equity in mining

29th January 2023
New Year message: Buhari warns Nigerians against engaging in anti-state activities that may affect elections

Breaking: Buhari okays 10-day extension of old naira swap

29th January 2023
ADVERTISEMENT

Follow us on social media:

Latest News

  • Bamidele to FG: Extend TETFUND benefits, privileges to private varsities
  • Kebbi Beach Soccer Super 4: Illiyasu Academy BSC wins 2022/2023 session
  • Nigerian Atto Abbas’s hard work, dedication and a dream
  • Women miners push for gender equity in mining
  • Breaking: Buhari okays 10-day extension of old naira swap
  • Ekiti PDP senatorial candidate Ayeni hails NWC for lifting suspension
  • Nasarawa: Awe representative launches campaign council, commissions projects
  • Labour advocates adoption of ILO Convention 190, inclusiveness
  • Plateau 2023: We’ll stop APC rigging with BVAS – Mutfwang
  • Kalu’s endorsements soar as senator rounds off Isuikwuato campaign tour at Ikeagha, Achara, others
  • Nigeria decides 2023: Ogun students declare Salisu unfit to represent Ogun central
  • Abuja: Rotary set to provide more services – Nnadi
  • Mbah, Enugu PDP guber candidate promises to make state one of the top three in Nigeria
  • Court dismisses forgery case against Sen Bwacha
  • Israel to ‘strengthen’ settlements after shooting attacks
  • Just In: Amosun in closed-door meeting with Ajadi, NNPP chairman
  • DG NILDS, Prof Sulaiman bags Harvard varsity certificate
  • Hospitality industry will keep getting better – Onumah
  • We’re grateful to The Sun for honouring us – Moghalu, Haruna, Okoye
  • Faces of The Sun Awards recipients

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation

© 2019 The Sun Nigeria - Managed by Netsera.