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FCT Approves New Land Charges From Andy Ekugo in Abuja The Federal Government has approved new rents and charges payable by all land owners in the Federal Capital Territory (FCT). Minister of the FCT Malam Nasir el-Rufai, revealed at the weekend that in the new regime, application fees for residential allocations has been increased to N50,000 while that for commercial allocations have been reduced to N20,000. He said this is to encourage more people to apply and build commercial houses which he explained would help in employing more people. Also the increase in the residential allocation fees he stressed is to discourage more applications for residential buildings for the time being because there are already pending 80,000 applications dating back from the 80s which must be attended to before accepting new ones. " We have increased application fees for residential land to N50,000 because we already have 80,000 applications that we have not fulfilled and we rather not have more applications until we fulfill that. In economics, when something is scarce, you charge more for it" he explained. Also increased is ground rents payable in FCT and el-Rufai stated that the upward review of the ground rent is a reflection of the "burden on our administration in the management and administration of the infrastructure in the FCT" However, other charges have been reduced. These include land transaction charges, deeds and assignments, stamping and registration of subleases. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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