Oyo Govt receives revised compensation rates from FG for land acquisition
The Oyo State Government has received the newly revised compensation rates for crops and economic trees, introduced by the Federal Government to ensure fairness for landowners affected by public development projects.
The Commissioner for Lands, Housing, and Urban Development, Mr. Williams Akin-Funmilayo, disclosed this on Wednesday while receiving the document on behalf of the state from a representative of the Federal Ministry of Housing and Urban Development.
The new rates, which replace those established in 2008, are expected to guide future land acquisition processes and reflect current economic realities and international best practices.
Speaking during the presentation, Akin-Funmilayo commended the Federal Government for initiating the review, describing it as a significant step toward improving land administration and compensating affected persons fairly.
“Land acquisition is a critical part of land management, and it must be accompanied by fair compensation,” he said. “This review provides a more just framework for compensating project-affected persons.”
He also acknowledged the role of Governor Seyi Makinde in supporting the state’s efforts to contribute recommendations for the revised rates, which were submitted earlier for harmonization.
“This development will go a long way in strengthening our land management processes and ensuring that those who make sacrifices for public development are adequately compensated,” Akin-Funmilayo added.
Earlier, Mr. Adelani Israel, who represented the Federal Ministry of Housing and Urban Development at the event, noted that the previous compensation framework was outdated and needed urgent revision to align with current realities.
The updated rates are expected to enhance transparency, accountability, and fairness in compensation practices across Oyo State and beyond.
