The Lagos State Government generated approximately N80 billion from building approval applications in 2025, according to the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide.

Olumide made the disclosure on Friday during the 2026 Ministerial Press Briefing held to commemorate the seventh year of Governor Babajide Sanwo-Olu’s administration.

According to the commissioner, the amount reflects the state’s growing success in planning regulation, permit processing, and revenue generation from development activities.

Approval Charges Vary By Location

Explaining how building approval fees are determined, Olumide said charges depend on the size, value, and location of a proposed development.

“For example, somebody developing in Ikorodu may not pay the same thing as somebody developing in Ikoyi,” he said.

He explained that all payments are made through designated banks and not directly to the ministry.

“It is after getting that receipt that you come to us and show the receipt. A copy of the receipt goes into your file and we process the application. We don’t collect money directly.

“What we know is that at the end of the year, our performance is reflected in revenue records. Last year, I think we generated about N80 billion or so,” he added.

Tax Compliance Important For Approval

The commissioner noted that applicants with questionable tax records could experience delays or rejection of their applications.

According to him, tax declarations must align with the scale of the proposed development.

“Now, you have somebody who pays N200,000 as annual tax and wants to develop a N3 billion building. Something is not okay. You have not disclosed the right tax information, and such an application may not proceed because your tax status is in doubt,” he said.

Government Warns Against Illegal Developments

Olumide also warned developers against constructing buildings on restricted corridors such as gas pipelines and power transmission routes.

He stressed that structures erected on such locations could face immediate demolition.

“If you build on a gas line, we will remove it immediately. If you build on a power line, we will remove it immediately,” he said.

The commissioner added that developments that significantly deviate from approved plans may also be demolished without delay.

Distressed Buildings Face Enforcement Action

He further disclosed that distressed and structurally unsafe buildings remain a major concern for the government.

According to him, buildings assessed as unsafe may be marked for urgent attention and, where necessary, demolished to protect lives and property.

“If a building is assessed and adjudged no longer suitable, it can be brought down immediately. When we mark a building as distressed, we are simply calling the owner’s attention to take necessary action,” Olumide stated.

The commissioner reiterated the government’s commitment to enforcing planning regulations, promoting orderly urban development, and ensuring public safety across Lagos State.

The post Lagos Generated N80bn From Building Approval Applications in 2025 – Commissioner appeared first on Housing TV Africa.

The Federal Government has dismissed claims that funds from the federation account are being diverted, insisting that deductions by the Federation Account Allocation Committee (FAAC) are legitimate and properly accounted for.

In a statement, the Minister of State for Finance, Taiwo Oyedele, said recent interpretations of the World Bank Nigeria Development Update were misleading.

According to him, some reports wrongly described FAAC deductions as “leakages” or hidden spending, contrary to the World Bank’s actual findings.

“The interpretations misrepresent the World Bank’s analysis and reflect a misunderstanding of Nigeria’s fiscal system,” the ministry stated.

The government explained that the deductions referenced in the report cover statutory transfers, savings, security expenditures, cost-of-collection charges, and refunds to Ministries, Departments and Agencies.

It stressed that these are legitimate fiscal obligations, including allocations to subnational governments, and should not be classified as missing funds.

The ministry also faulted what it described as selective reporting, noting that positive aspects of the World Bank report were largely ignored.

According to the government, the World Bank acknowledged that recent reforms would enhance transparency and increase revenue available to all tiers of government.

The ministry highlighted that new fiscal measures introduced in 2026, including an executive order to improve petroleum revenue remittance, are already addressing concerns around deductions.

It added that the reforms are expected to boost distributable revenue by about 0.4 per cent of GDP annually.

Beyond revenue concerns, the government said the report pointed to broader economic improvements, including declining inflation, stronger external reserves, and a current account surplus.

It also noted an improvement in Nigeria’s debt indicators, with a reduction in the debt-to-GDP ratio recorded for the first time in over a decade.

The Federal Government maintained that the World Bank’s overall conclusion was positive, emphasising that ongoing reforms are yielding results and should be sustained.

It reiterated its commitment to strengthening fiscal transparency, improving revenue mobilisation, and ensuring efficient public spending.

The ministry urged stakeholders and the media to interpret fiscal data responsibly to avoid undermining public confidence in ongoing economic reforms.

The post FG Denies Federation Revenue Diversion, Clarifies World Bank Report appeared first on Housing TV Africa.

Speaking during the annual Estate Surveyors’ Week held in Lagos, the Lagos State chapter chairman, Gbenga Ismail, highlighted the importance of adopting a progressive land management strategy. He emphasized that making land accessible at a minimal initial cost and allowing developers to amortize payments over time would boost housing delivery, while government could still earn steady income through structured ground rent and related charges.

“Land should be made available at marginal cost. Developers can then build gradually, while the government generates revenue through ground rent and other related fees,” Ismail said.

He also raised concerns over the cost of building materials, pointing out that a significant portion of housing finishes are imported—making affordability a challenge. “With over 70 percent of finishing materials being imported, how can the average Nigerian afford a three-bedroom apartment priced at N15 million?” he queried.

On the issue of rental reform, Ismail addressed Lagos State’s proposed shift toward monthly and quarterly rent payment options. While supporting the idea, he cautioned that its success depends on a well-defined legal framework, practical enforcement mechanisms, and proper infrastructure.

“The idea of monthly rent is a step in the right direction, but implementing it requires a cautious and balanced approach. There must be legal clarity, incentives for compliance, and protections for both landlords and tenants,” he advised.

He further suggested that the policy be piloted in government-owned estates before extending it to private developments. According to him, such a phased approach would allow the state to evaluate outcomes and make necessary adjustments.

Ismail reaffirmed the institution’s readiness to work with policymakers in drafting practical legislation that reflects market conditions. “As professionals in the real estate sector, we are open to collaboration to ensure any new rent law is fair, implementable, and beneficial to all stakeholders,” he said.

Reflecting on the progress of the Lagos chapter of NIESV, Ismail noted that the branch has made significant strides over the past two years. These include hosting a real estate summit for industry dialogue, launching a peer review forum, and establishing a capacity-building resource centre to promote continuous professional development.

He also highlighted efforts to expand the professional base by enrolling more qualified estate surveyors and valuers, while ensuring members enhance their skills through mandatory development programs. “These initiatives have positioned Lagos-based estate professionals ahead of their peers in other states, especially in terms of competence and professional confidence,” he added.

The post NIESV Proposes Ground Rent as Sustainable Revenue Source appeared first on Housing TV Africa.

Governor Mohammed Umaru Bago announced this milestone during a ceremony at the Government House in Minna, where he handed over new vehicles to key officials of the Niger State Internal Revenue Service (NSIRS). The vehicles were presented as a token of appreciation for the Service’s exceptional performance.

“The dedication of the Revenue Service team has paid off, with revenues exceeding the set target. This achievement is both commendable and unprecedented,” the governor remarked.

Governor Bago also highlighted the positive impact of the NSIRS’s performance on the state’s finances, noting that their efforts have enabled timely salary payments and other financial obligations without external assistance. He encouraged the Service to explore additional revenue-generating opportunities to further strengthen the state’s economic position.

In response, Muhammad Etsu, Chairman of the NSIRS, expressed gratitude to the governor for his continuous support. He credited the agency’s success to the autonomy and operational freedom granted under the current administration.

“With the resources and trust given to us, we have been able to operate independently and deliver impressive results. These new vehicles will further motivate our team to push the boundaries of what’s possible in revenue generation,” Etsu said.

The NSIRS now aims to build on its momentum by identifying and harnessing more revenue channels across the state.

The post Niger State Records Over N100bn in Internally Generated Revenue Within One Year appeared first on Housing TV Africa.

Currently, Nigeria maintains a ban on 25 categories of imports, including poultry, beef, certain processed foods, over-the-counter medications, used vehicles older than 15 years, and various household items. While these policies were initially intended to protect domestic industries and promote local production, the World Bank warns they now hamper economic efficiency and burden consumers—raising prices by approximately 5.8% on average.

“Lifting import bans and aligning tariff structures with the ECOWAS Common External Tariff (CET) would not only increase customs revenue but also improve market access and reduce poverty,” the report stated.

The World Bank emphasized that Nigeria’s trade restrictions disproportionately affect lower-income households by inflating the cost of essential goods such as food and medicine. The report estimates that removing these restrictions could reduce poverty by up to 2.6 percentage points, while also helping to contain inflation and increase purchasing power amid current economic pressures.

The bank further noted that with the recent depreciation of the naira, domestic producers are better positioned to compete with imports and expand into export markets—provided they have access to imported intermediate goods and services needed for production.

The report also coincides with criticism from the United States Trade Representative (USTR), which has expressed concern over Nigeria’s import bans, citing negative impacts on market access for American exporters.

Despite these concerns, the Nigeria Customs Service reported strong revenue performance in Q1 2025, collecting ₦1.75 trillion—nearly 30% more than in the same period last year and above its quarterly benchmark of ₦1.65 trillion. Comptroller-General Adewale Adeniyi attributed the growth to improved compliance and operational reforms.

However, the World Bank cautions that without comprehensive trade policy reforms, further progress could be undermined. It recommends beginning with food-related tariffs to directly support household welfare and ease inflationary pressures.

The World Bank concludes that removing trade restrictions offers a strategic opportunity to drive growth, enhance revenue, and support vulnerable Nigerians during a period of economic transition.

The post World Bank: Lifting Import Bans Could Boost Nigeria’s Customs Revenue by 66% appeared first on Housing TV Africa.

Oluyomi said the state had already generated N333 billion in the first quarter of 2025, signaling continued revenue growth into the new year. He attributed part of this boost to improvements in the Land Use Charge collection, which brought in N14 billion — a 37 percent increase compared to the previous period.

sa

According to the commissioner, the Sanwo-Olu administration expanded property enumeration to over 800,000 buildings, coupled with the introduction of new payment channels such as POS terminals, USSD codes, WhatsApp messaging, and online platforms to simplify transactions and increase compliance.

Despite the impressive fiscal performance, concerns linger about the growing divide between economic gains and the everyday reality of many Lagos residents. In numerous low-income communities across the city, millions continue to struggle with poor infrastructure, limited access to clean water, and inadequate healthcare.

While the government touts its revenue achievements as a foundation for urban development, critics argue that more deliberate efforts are needed to ensure that the benefits reach the state’s most vulnerable populations. For now, Lagos finds itself at a crossroads — with rising income on one hand and persistent social inequality on the other.

The post Lagos Records N1.3 Trillion Revenue Growth Amid Deepening Inequality appeared first on Housing TV Africa.