There were indications yesterday that the Presi-dent-elect, Alhaji Umaru Musa Yar'Adua may inaugurate the next session of the National Assembly with an executive bill, which seeks to amend and reform the Land Use Act.
THISDAY gathered that already a special committee has been set up by the President-elect to amend the existing Land Use Act.
According to a source, the Land Use Act Reform Bill would be the first executive bill from Yar’Adua, in the same way that President Olusegun Obasanjo sent in his first bill on the Niger Delta, which gave rise to the Niger Delta Development Commission (NDDC).
The source explained further that the land Use Act Reform Bill would alter drastically the existing act to ensure that the peasant apart from using the land as collateral, also have claims to their land.
“The President-elect is planning to ensure that the peasants have access to land and that they could use their lands as collateral to collect money in the banks,” the source said.

What do u think?
I think it is the best bill i've heard of in recent times!!!

If this sails through, it will be one of the biggest economic reforms to date. The Land Use Act is just one of many draconian laws that the military imposed on us to no direct economic gain.

The truth is that Nigerians sit on in my estimate, well over $100 billion in salient, unused capital that is locked in their homes. By removing the bureaucracy in the Land Title transfer process, banks will lend more money to home and land owners at less real risk, which in turn will reduce the mortgage interest rates.

It is a win-win strategy for all. Kudos to Yar'adua if this bill passes into law.

DJNiyi

this will also open up the real estate sector, as land titles can now belong to individuals without the fear of government encroachment, as with Maroko. The only thing that should be considered though is that land titles have not yet been regularised!!!
But it's a gleamer of hope.

It will be the most progressive Law ever to be introduced in Nigeria. As it will open up the real estate industry and every aspect of the economy. Opportunities shall then be abound.

This will earn President Umaru Yar'Adua a place in History. One may argue that we havent seen the Bill but any modification of this Obj decree can only be better.

as it is now the private sector is constrained by the decree in real speculative or long term development because of the decree.

It wioll be welcomed by all and sundry.