The Lagos State government has announced plans to generate N375 billion annually from Land Use Charge (LUC) payments.
This initiative is part of broader revenue-boosting efforts detailed in the EKO Revenue Plus Summit synopsis, themed “Unlocking New Revenue Streams for Lagos State,” scheduled for September 25-26, 2024.
Lagos expects to attract N15 trillion in investments to address its three million housing deficits. Additionally, the state projects N1.5 trillion in revenue from the property sector, including N540 billion from the Lagos Diaspora Smart City project and N500 billion from the Eko Home Ownership Scheme.
Key highlights include:
– LUC Revenue: Estimated at N500,000 per property from 750,000 houses, totaling N375 billion.
– BuildIT Platform: Expected to generate N1.2 billion annually from subscription fees.
– Eko Business Clusters: Anticipated to yield N125 billion annually through a PPP-driven construction of 100,000 units across 52 markets and business clusters.
