FCT property tax to yield N500bn annually, says Mohammed
The Minister of the Federal Capital Territory (FCT), Senator Bala Mohammed, was bullish Thursday on the accruable benefits of the proposes Property Tax Bill, which is before the National Assembly.
Mohammed believes that the FCT Administration (FCTA) will earn about N500 billion annually as revenue receivable from the proposed Property Tax Bill when it comes into force.
The minister spoke during the People Democratic Party (PDP), FCT Chapter’s Stakeholders / Family Meeting at the Ministers Residence, Gwarinpa I District, Abuja.
He also announced the reduction of Land Application Fees of all area council's land from N100,000 to N50,000.
According to him, the new policy has become necessary in view of the fact that the value of land within the city is not the same with plots of land in the Area Councils and satellite towns.
The new policy, he said, would afford less-privileged residents of the FCT to access land, thereby reducing congestion in the city centre.
Mohammed urged the National Assembly to expedite action on the FCT Property Tax bill before it, to increase the revenue of the FCT Administration which he said it expected to generate between N400bn to N500bn annually from it.
The minister noted that the FCT Administration had so far engaged about 3,000 youths in the FCT Subsidy Reinvestment Empowerment Programme, adding that 1,000 women would soon be engaged in the FCT Clean & Green Programme.