Challenges and Prospects of Improving Internal Generated Revenue (IGR) through Real Estate Sector in Osun State

Challenges and Prospects of Improving Internal Generated Revenue (IGR) through Real Estate Sector in Osun State
Being a Paper Presented at the Nigerian Institution of Estate Surveyors and Valuers, Osun State Branch 2023 Mandatory and Continuing Professional Development at NIESV House, Oshogbo, on Thursday, October 19.

1. Challenges and Prospects of Improving Internal Generated Revenue (IGR) through Real Estate Sector in Osun State Being a Paper Presented at the Nigerian Institution of Estate Surveyors and Valuers, Osun State Branch 2023 Mandatory and Continuing Professional Development at NIESV House, Oshogbo, on Thursday, October 19. Prof. Godwin Emmanuel Oyedokun Professor of Accounting and Financial Development Department of Management & Accounting Faculty of Management and Social Sciences Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Chartered Accountants, Tax Practitioners & Forensic Auditors)

2. ND (Fin), HND (Acct.), BSc. (Acct. Ed), BSc (Fin.), LLB., LLM, MBA (Acct. & Fin.), MSc. (Acct.), MSc. (Bus &Econs), MSc. (Fin), MSc. (Econs), Ph.D. (Acct), Ph.D. (Fin), Ph.D. (FA), CICA, CFA, CFE, CIPFA, CPFA, CertIFR, ACS, ACIS, ACIArb, ACAMS, ABR, IPA, IFA, MNIM, FCA, FCTI, FCIB, FCNA, FCFIP, FCE, FERP, FFAR, FPD-CR, FSEAN, FNIOAIM, FCCrFA, FCCFI, JP

3. Challenges and Prospects of Improving Internal Generated Revenue (IGR) through Real Estate Sector in Osun State

4. Contents

5. Introduction

6. Land Ownership in Nigeria The Land Use Act of 2004 is made up of eight parts of fifty-one sections and addresses four important issues arising from the former land tenure systems in Nigeria: the problem of lack of uniformity in the laws governing land-use and ownership; the issue of uncontrolled speculation in urban land; the question of access to land rights by Nigerians on equal legal basis; and the issue of fragmentation of rural lands arising from either the application of traditional principles of inheritance and/or population growth and the consequent pressure on land . It approaches these issues via three related strategies: the vesting of proprietary rights in land in the State; the granting of sanctuary rights in land to individuals; and the use of an administrative system rather than market forces in the allocation of rights in land

7. Land Ownership in Nigeria The general principles of the Land Use Act 2004 state that: “ Subject to the provisions of this Decree, all land comprised in the territory of each State in the Federation are hereby vested in the Governor of the State and such land shall be held in trust and administered for the use and common benefit of all Nigerians.” Section 2 of the Act gives the Control and Management of land; advisory bodies to the governor : ( 1) As from the commencement of this Act-        (a) all land in urban areas shall be under the control and management of the Governor of each State; and        (b) all other land shall, subject to this Act, be under the control and management of the local government within the area of jurisdiction of which the land is situated .

8. Land Ownership in Nigeria Section 3 of the Act designate the allocation of the urban areas to the Governor: Subject to such general conditions as may be specified in that behalf by the National Council of States, the Governor may for the purposes of this Act by order published in the State Gazette designate the parts of the area of the territory of the State constituting land in an urban area. The Governor is empowered to grant statutory rights of occupancy within his State, the Local Governments may grant customary rights of occupancy essentially for agricultural purposes The grant, however, may not exceed 500 hectares if used for agricultural purposes or 5,000 hectares if used for grazing

9. Land Ownership in Nigeria Section 6 devotes Powers to local government in relation to land not in urban areas: (1) It shall be lawful for a local government in respect of land not in an urban area to- (a) grant customary rights of occupancy to any person or organisation for the use of land in the local government area for agricultural, residential and other purposes; (b) grant customary rights of occupancy to any person or organisation for the use of land for grazing purposes and such other purposes ancillary to agricultural purposes as may be customary in the local government area concerned. (2) No single customary right of occupancy shall be granted in respect of an area of land in excess of 500 hectares if granted for agricultural purposes, or 5,000 hectares if granted for grazing purposes, except with the consent of the Governor. (3) It shall be lawful for a local government to enter upon, use and occupy for public purposes any land within the area of its jurisdiction which is not-       (a) land within an area declared to be an urban area pursuant to section 3 of this Act;       (b) the subject of a statutory right of occupancy;      (c) within any area compulsorily acquired by the Government of the Federation or of the State concerned;       (d) the subject of any laws relating to minerals or mineral oils, and for the purpose, to revoke any customary right of occupancy on any such land. (4) The local government shall have exclusive rights to the lands so occupied against all persons except the Governor. (5) The holder and the occupier according to their respective interests of any customary right of occupancy revoked under subsection (3) of this section shall be entitled to compensation, for the value at the date of revocation, of their unexhausted improvements. (6) Where land in respect of which a customary right of occupancy is revoked under this Act was used for agricultural purposes by the holder, the local government shall allocate to such holder alternative land for use for the same purpose. (7) If a local government refuses or neglects within a reasonable time to pay compensation to a holder and an occupier according to their respective interests under the provisions of subsection (5) of this section, the Governor may proceed to the assessment of compensation under section 29 of this Act and direct the local government to pay the amount of such compensation to the holder and occupier according to their respective interests .

10. Land Ownership in Nigeria

11. Land Ownership in Nigeria

12. The Nigeria Real Estate Sector

13. Overview of the Real Estate Sector in Osun State, Nigeria

14. Overview of the Real Estate Sector in Osun State, Nigeria

15. Contribution of Real Estate Sector to the Nigerian Economy

16. Concept of Internal Generated Revenue (IGR)

17. Taxes collected by State Government

18. Importance of Internal Generated Revenue (IGR)

19. Challenges of Internally Generated Revenue

20. How to Improve Internal Generated Revenue (IGR)

21. How to Improve Internal Generated Revenue (IGR)

22. How to Improve Internal Generated Revenue (IGR)

23. Internal Generated Revenue in Osun State

24. Challenges of Improving Osun IGR through Real Estate Sector

25. Challenges of Improving Osun IGR through Real Estate Sector

26. Challenges of Improving Osun IGR through Real Estate Sector

27. Prospects of Improving Osun IGR through Real Estate Sector

28. Prospects of Improving Osun IGR through Real Estate Sector

29. Prospects of Improving Osun IGR through Real Estate Sector

30. Prospects of Improving Osun IGR through Real Estate Sector

31. Conclusion

32. Recommendations