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| Last Updated: Jan 19th, 2012 - 11:25:19 |
Land Tenure Changes & Home Ownership
FG initiates review of Land Use Act
Feb 23, 2009, 18:17
| | In fulfillment of the pledge he made to Nigerians in his inaugural address, President Umaru Musa Yar'Adua has forwarded a bill to the National Assembly for the amendment of the Land Use Act.
The new law is to be cited as the Land Use Act (Amendment) Act 2009 or the Constitution (First Amendment) Act, 2009.
In separate letters to the Senate President, Senator David Mark and the Speaker of the House of Representatives, Hon Dimeji Bankole, Yar'Adua urged the National Assembly to pass the amendments, which are based on the report of the Presidential Committee on Land Use Reforms, in an "expeditious manner".
Special Adviser to the President on Media and Publicity, Mr. Olusegun Adeniyi, who announced the presentation of the bill to the National Assembly on Sunday February 22, said the amendments being proposed by the Presidency relate to sections Five, Seven, 15, 21, 22, 23 and 28 of the existing Act.
The main thrust of the amendment, he said, "is to restrict the requirement for governor's consent in land transactions to assignments only. The amendments will render such consent unnecessary for mortgages, subleases and other land transfers in order to make transactions in land less cumbersome and facilitate economic growth.
"The presentation of the bill to the National Assembly marks the commencement of the implementation of the Yar'Adua Administration's strategic agenda to overcome some of the major legal and logistical constraints to capital accumulation in Nigeria.
"Its passage will make land a much more easily convertible asset that can be used with less hindrance to raise capital for ventures in other areas of the economy. It will also facilitate increased investment in agriculture and strengthen the mortgage industry", he said.
Mr Adeniyi explained that because the Land Use Act is in the 1999 Constitution, it demands that any amendments to it must necessarily go through the same process as stipulated for amendments to the Constitution itself.
"President Yar'Adua will actively seek the support of the National Council of State and the Governors' Forum to ensure that the proposed amendments are also endorsed by the stipulated number of State Houses of Assembly."
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