By Lukman Olabiyi
The Lagos state government has clarified that the ongoing review of its Fair Market Value (FMV) framework popularly known as the Blue Book 2026, is not designed to impose additional financial burdens on residents.
Speaking at a stakeholder engagement held on Tuesday at Adeyemi Bero Hall, Alausa, the Permanent Secretary, Lands Bureau, Kamal Olowosago, said the exercise is aimed at ensuring that land valuation reflects current market realities in a fair, transparent and structured manner.
According to him, the review is part of a periodic process to align land-related charges with prevailing economic conditions, while strengthening the integrity of the state’s land administration system.
“This process is not about increasing costs, but about ensuring that valuations reflect reality in a structured and transparent manner,” Olowosago said, addressing concerns over possible hikes in land charges.
He explained that the FMV framework, first introduced in 2015, was established to reduce transaction costs, improve ease of doing business and align government charges with actual market values. Olowosago recalled that the reform process began in 2012 when the state identified the need to update valuation rates that had remained unchanged since 2005. He added that a comprehensive database of property values across Lagos was subsequently developed in collaboration with international partners, forming the foundation of the Blue Book. He noted that the policy mandates a review every five years to ensure responsiveness to urban expansion and shifting market dynamics.
The permanent secretary said the current review is anchored on four key pillars ease of doing business, revenue optimisation, transparency and market alignment adding that it seeks to promote fairness, consistency and improved classification of land zones. He stressed that maintaining outdated valuation rates creates distortions and inequities, while a market-aligned system enhances credibility and investor confidence.
“A transparent valuation system will reduce disputes, shorten transaction timelines and ultimately boost investor confidence,” he said.
Olowosago expressed optimism that the review would drive real estate growth, improve the reliability of the state’s land database and support better planning and policy decisions.
He also underscored the importance of stakeholder engagement in the process, assuring that surveyors, developers, legal practitioners and financial institutions would continue to be involved to ensure inclusiveness and practicality.
“This review is about accuracy, transparency and positioning Lagos State for sustainable growth and investment,” he said.
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