Lagos State Targets N375 Billion from Land Use Charges
Lagos State Government aims to generate approximately N375 billion annually through Land Use Charges (LUC), as outlined in the synopsis for the upcoming EKO Revenue Plus Summit. Scheduled for September 25-26, 2024, the summit, themed “Unlocking New Revenue Streams for Lagos State,” will highlight the state’s ambitious revenue goals.
According to the document, the state expects to collect an average of N500,000 per property from at least 750,000 registered houses, resulting in the projected N375 billion revenue. Additionally, Lagos State projects to earn up to N1.5 trillion from various segments of the property industry. The state also anticipates generating around N540 billion from the Lagos Diaspora Smart City project and an estimated N500 billion from the Eko Home Ownership Scheme.
