Governor Akinwunmi Ambode has given reasons Why there was an increase on land charges in Lagos. Hear him“The law was made in 2001. It provides that every five years, we should review it and also find a way to increase. 15 years after in 2017, the law has never been reviewed.
Now, the question is this; those who are having commercial properties, the rental income they were getting in 2002 as against the rental income they are getting in 2017, is it the same? The level of infrastructure that existed in 2002 as against what has happened in the last 15 years, are they the same? Did it not come at a cost?
So, why is the market value of the property that you built with one million naira, 15 years after, you are selling at N20million. Why do you think somebody who is a buyer will pay N20million for it? Is it not because of the facilities around the property? So, we have to sacrifice; that is how it works everywhere"