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Some have asked me why the National Assembly is not focused on repealing the Land Use Act. Let me explain using a hypothetical situation. Let’s say that through the #NotTooYoungToRun campaign, you manage to become a “Distinguished Senator of The Federal Republic.” Short thread.
First thing you do as a new Senator is find someone who is close to the Senate President, so that he can assign you to a juicy committee. The Senate Committee on the Federal Capital Territory is a very good one. Don’t go and struggle for Appropriation or Petroleum Committees.
As Chairman Senate Committee on FCT, it would be really odd if the FCT Minister doesn’t allocate you land in a good part of the FCT. Assume for the sake of argument that he allocated you 5,000 sq. meters in Maitama. The official rate I think is N20k per sqm (Used to be just N2k)
At N20k per sq. meter, you pay N100 million for your 5,000 sq. meters. That land is immediately worth N1 BILLION. Now, if you are on good terms with your State Governor, it would be really odd if he doesn’t allocate you land in your state capital. Let’s say the same 5,000 sqm.
At state level, it will be cheaper (Lagos will be higher than other states). Let’s say you have to pay N2,000 per sqm. You pay N10 million. That land is immediately worth N100 million. In the course of 4 years, you can get more than one. Now, imagine you are a two-term Senator.
Very soon, people will start wondering about the source of your wealth. It doesn’t cost the Minister or Governor anything to give you the land. You haven’t done contracts o. That’s for small boys and hustlers. No EFCC wahala. Why would you want the Land Use Act abrogated? End.
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