Abuja – October 31, 2023 – Viewpoint Housing News.
This is an opinion on the role of land economics as a source of dependable government for revenue, with a specific focus on Barrister Nyesom Wike’s, the Minister of Federal Capital Territory Administration, pronouncement and actions of recent times. The Minister’s strategy in optimizing revenue collection from land-related activities, with an emphasis on its impact on fiscal sustainability and public service delivery. The opinion presents an evaluation of the strategy’s strengths and weaknesses, offering insights for policy improvement.
The efficient management of land resources plays a pivotal role in the economic development and fiscal stability of any nation. Land economics, as a discipline, recognizes that land is not only a finite resource but also a potential source of significant government revenue through taxation, land sales, and related transactions. In the context of Nigeria, a country with diverse land usage patterns, Barrister Wike’s strategy for the Nigeria Federal Capital Territory Administration has sought to maximize government revenue through effective land management policies and enforcement
Land represents a valuable asset, and its optimal utilization can contribute substantially to public finances. Barrister Nyesom Wike’s strategy recognizes that the Nigeria Federal Capital Administration must harness the revenue potential of land to argument Federal subventions/allocation. Governance consumed resources and resources are procured with money from generated revenue for sustainable development and the provision of public services.
The strategy has led to a noticeable increase in government revenue from land-related activities. The publication of demand Notice for ground rents has compelled compliance and revenue growth. The improved revenue collection will contribute to enhance fiscal sustainability for the Nigeria Federal Capital Territory Administration. The increased revenue stream will support essential public services, infrastructure development, and poverty reduction efforts of President Bola Ahmed Tinubu’s Administration.
In the same sense, the notice of revocation of undeveloped lands will curb speculation and boost the availability of real estate sector for different uses. The distinguishing features of civilizations are their systems, discipline, and order. Abuja, the Federal Capital of Nigeria, (the fastest growing city in the Africa) the country with the largest black population, must therefore be safe, secure, and well-organized. Only by enforcing adherence to the Abuja Master Plan would this be possible.
However, the strategy is not without challenges. Some stakeholders have raised concerns about timing, the difficulties in collecting bills and official receipt in acknowledgement of payment made. Also worrisome is the land tenure security threat by revocation. Addressing these concerns is vital for the strategy’s long-term success of the Minister’s action.
To sum up, the Minister’s plan for the Nigeria Federal Capital Territory Administration is a big move in the right direction toward increasing government revenue via sensible land economics and the implementation of laws. The approach has improved income collection and will strengthen the state of the budget. Nonetheless, in order to guarantee the strategy’s long-term success, it is imperative that concerns pertaining to payment ease, land tenure security, and land-use regulation be addressed. The government should keep addressing other issues related to city management, including as housing, traffic congestion, health, education, sanitation, security, and other infrastructural requirements, in order to create a modern city where people may live and do lawful business.