Nigeria is losing trillions of Naira each year due to non-payment of ground rent by property owners, according to a report by Source.
Ground rent is a property tax charged and collected by the government on land with a Certificate of Occupancy or Right of Ownership. It is payable by a property owner within a given period.
Findings from Source shows that few states are enforcing ground rent collection, with Lagos, Kaduna, Kano, and the FCT leading in the collections.
Experts say that the government could earn much more from ground rent if it enforced efficient rent collection through Geographic Information System (GIS).
They also say that the government should revoke the titles of property owners who fail to pay ground rent.
Non-payment of ground rent is a major challenge for the housing sector in Nigeria. It is also a major source of lost revenue for the government.
The government should take steps to address the issue of non-payment of ground rent. This could include enforcing efficient rent collection through GIS, revoking the titles of property owners who fail to pay ground rent, and educating the public about the importance of paying ground rent.