The Lagos State Government (LASG) has engaged stakeholders on the review of Fair Market Value (FMV) for land administration within the state.
The discussions centered around the State’s Blue Book as forms part of ongoing efforts to establish a more effective, inclusive, and practical land administration system.
During the session held in Ikeja, Mr. Kamal Olowosago, Permanent Secretary of the Lands Bureau, reaffirmed the government’s commitment to continuous dialogue regarding the reviewed document.
He explained that the review aims to enhance transparency, ensure fairness in property valuation, and bolster investor confidence.
He also noted that the initiative is designed to increase internally generated revenue (IGR) through improved compliance and expanded coverage.
Olowosago emphasized that the reviewed Fair Market Value is anchored on four critical pillars, the ease of doing business, the creation of an accurate and reliable land database, and the provision of data to support planning, taxation, and policy decisions.
Representing the Head of Service, Mr. Olabode Agoro, the Permanent Secretary of the Ministry of Waterfront Infrastructure Development, ESV Wasiu Olayinka, described the Blue Book as a cornerstone of good governance.
He noted that the tool is designed to align property values with current market realities while reducing conflicts between the government and property owners.