The Federal Executive Council on
Wednesday approved a downward review
of the premium/development levy payable
on real property within the Federal Capital
Territory.
The review, which followed severe
criticisms that trailed a hike in FCT land
rates by the Ministry of the Federal Capital
Territory Administration in July 2009,
involved a drastic reduction of the current
premium/development levies by about 50
per cent.
The Council explained that the downward
review became necessary following
observations made on the July 2009 hike,
and “in order to face the realities on the
ground and give allottees equal
opportunities towards the development of
their plots.”
The FEC had in July 2009, following a memo
from the FCTA, approved an upward review
of land rates in the FCT by over 900 per
cent, leading to sharp complaints from
several quarters, including the National
Assembly, which called on the FCTA Minister,
Senator Adamu Aliero, to reverse the
decision.
The minister had then argued that the hike
would provide the FCTA with revenue to
meet enormous infrastructural and socio-
economic challenges in the face of the
global recession, which, according to him,
had taken a toll on the ministry.
Aliero said the FCTA was facing challenges
occasioned by dwindling revenue
accruable to it from budgetary provisions.
But members of the National Assembly, as
well as other stakeholders, expressed
strong fears that the hike would not only
aggravate the accommodation problems in
the FCT, but also stifle investment in the
Abuja property market.
Announcing the FEC’s decision to approve a
reduction in the land rates after a two-hour
meeting in the Council Chambers of the
State House, the Minister of Information
and Communication, Prof. Dora Akunyili
admitted that the July 2009 hike was
“counter-productive.”
The memo for the review of the premium/
development levy payable within the FCT,
which was presented by the Minister of the
FCTA, was the only item on the agenda of
the meeting chaired by Vice-President Dr.
Goodluck Jonathan.
However, although it has agreed to reverse
the hike in Abuja land rates, the FCTA still
intends to go ahead with its plans to boost
internally generated revenue within the
territory by introducing a Property Tax.
http://www.punchontheweb.com/Articl.aspx?theartic=Art201002045145784

I hope this will translate to downward review of house rent in Abuja. Some people have already made their money though but better late than never,