Babatunde Fashola, governor, Lagos State, is bequeathing a gift to Lagosians desiring to own properties in the state. He recently signed into law an executive bill reducing the cost of land transactions in the state. According to him, the bill was promoted to ensure that land transactions are carried out with minimal difficulty especially with difficulties relating to payment of taxes, rates and legitimate levies charged under the enabling law.

The bill reduces consent fees from 6 per cent to 1.5 per cent, while capital gains tax, which was previously 2 per cent, has been reduced to 0.5 per cent. Also cost of stamp duty has been reduced from 2 per cent to 0.5 per cent, while registration fees has been reduced form 3 per cent to 0.5 per cent.

While admitting that signing the executive order was consistent to the promise he made to Lagosians when he presented the 2015 budget, he added that it is also based on the decision of the council.