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The International Monetary Fund (IMF) has highlighted property tax as a critical but underutilized revenue source for Nigeria and other low-income countries in their pursuit of sustainable growth.

In a recent blog post titled “How Property Taxes Can Help Low-Income Countries to Develop”, the IMF proposed that efficient property tax reforms—particularly in urban centers like Lagos—could significantly increase local government revenues, enabling funding for essential infrastructure and services.

According to IMF estimates, global governments will require an additional $3 trillion to meet development goals by 2030. Emerging markets will need to raise an equivalent of 4 percent of their GDP, while low-income countries will need 16 percent, a significantly higher target.

In regions like Nigeria, where high revenue demands are coupled with limited income and wealth tax frameworks, property taxes present a viable alternative, the IMF said. Findings from the IMF indicate that countries in Africa and Asia currently collect only around 0.1 percent of GDP from property taxes, compared to over 1 percent in OECD countries and up to 3 percent in certain advanced economies.

The IMF blog stated, “The world’s governments must raise an additional $3 trillion to achieve sustainable and inclusive economic growth goals this decade. The cost in emerging markets equals 4 percent of gross domestic product and 16 percent for low-income countries.”

The IMF emphasized the potential of property tax reforms in large urban areas, such as Delhi and Lagos, noting that improved property tax collection could significantly contribute to local revenue. Prior IMF research has shown that countries can increase domestic tax revenue by up to 5 percentage points of GDP over two decades if needed.

The IMF acknowledged the political difficulties surrounding tax reforms, pointing to recent examples of social unrest in response to tax increases. However, the report suggested that locally collected property taxes could face fewer political challenges compared to broader national tax hikes.

The organization also observed that recurring taxes on immovable property could allow local governments to capture the wealth generated by urban development, especially in light of challenges with income and wealth taxes in developing economies.

The IMF further highlighted that advanced economies collect more than 1 percent of GDP from property taxes on average, with some raising nearly 3 percent, while emerging regions in Asia and Africa only achieve 0.1 percent. The IMF suggested that with the right policy changes and technology—such as satellite imagery and drones—property tax collection could become ten times more effective.

To ensure sustainable adoption, the IMF recommended that municipalities gradually transition from area-based taxes to a full market value-based system as technology and valuation methods improve. The use of geographic information systems (GIS) and drones in cities like Delhi and Bangalore to track property changes was noted as a model, with the IMF encouraging similar approaches in Nigeria.

“An area-based approach initially, supported by the precision of modern mapping tools, can help countries transition smoothly to market-value-based property taxes. This pathway makes property-tax reform practical and politically appealing, especially when well-communicated to the public,” the IMF observed.

The IMF reiterated that with effective implementation, property taxes could help resource-constrained countries like Nigeria enhance local services, strengthen economic stability, and promote inclusive growth, laying a foundation for a more resilient fiscal future.

President Bola Tinubu will depart Riyadh, the Saudi Arabian capital, on Tuesday following his attendance at an extraordinary Arab-Islamic summit focused on the current Middle East crisis. His flight is scheduled to depart at 3:40 p.m. local time.

During the summit, President Tinubu called for an end to Israeli aggression in Gaza, describing the long-standing conflict in Palestine as a source of “immeasurable suffering.” Addressing leaders from the Organization of Islamic Cooperation (OIC) and the League of Arab States, he expressed deep concern for the humanitarian crisis in Gaza.

Tinubu reiterated Nigeria’s call for an immediate ceasefire and voiced support for a two-state solution that ensures peaceful coexistence for both Israelis and Palestinians. He emphasized that this approach remains central to lasting peace in the region.

“The conflict in Palestine has persisted for far too long, inflicting immeasurable suffering on countless lives,” he stated. “As representatives of nations that value justice, dignity, and the sanctity of human life, we have a moral obligation to collectively bring an end to this conflict.”

He urged global leaders to take meaningful action beyond issuing condemnations, stressing, “The world must work towards an end to Israeli aggression in Gaza, which has persisted for far too long. No political aim, military strategy, or security concern should come at the expense of innocent lives.”

Governor Okpebholo during his inauguration ceremony held on Tuesday at the Samuel Ogbemudia Stadium in Benin City, has promised not to fail the people of Edo state who had given him the mandate.

“Today, you have officially given me the mandate to preside over our dear state as governor for the next four years,” Okpebholo stated during his swearing-in ceremony. “We will not betray this confidence you have placed in me and the Deputy Governor, Rt. Honourable Dennis Idahosa.”

The governor expressed gratitude to the people for their support in the September 21 governorship election, in which he defeated Asue Ighodalo of the Peoples Democratic Party (PDP) and other candidates.

“Let me start by thanking God Almighty for His grace and incredible blessings. Democracy has triumphed again in our state,” said the All Progressives Congress (APC) candidate. He further thanked the citizens for their peaceful conduct during the election.

Okpebholo pledged to prioritize citizens’ welfare and focus on supporting small businesses, underscoring his commitment to improving lives across the state.

Osun State Governor Ademola Adeleke is set to present the 2025 Appropriation Bill to the Osun State House of Assembly on Wednesday, November 13, 2024.

This was disclosed in a statement by Olamide Tiamiyu, Chief Press Secretary to House Speaker Adewale Egbedun, on Tuesday in Osogbo. The statement described the upcoming budget presentation as a significant step for Osun State’s fiscal planning.

According to the statement, the governor’s intent to present the budget was formally communicated to the Speaker in an official letter.

“This presentation aligns with constitutional requirements, ensuring that the draft budget is submitted for legislative scrutiny and approval,” the statement read.

The 2025 budget proposal is informed by a series of Stakeholders’ Consultative Forum Meetings held across the state, where residents provided valuable insights and suggestions to guide the budgetary process.

The United States has announced a reward of $25,000 (N43 million) for information leading to the capture of Olalekan Abimbola Olawusi, a Nigerian residing in Rhode Island, who is wanted in connection with the alleged murder of his infant son.

In a statement, Supervisory Deputy U.S. Marshal Don Freeman confirmed that Olawusi, 48, is facing charges of first-degree murder and unlawful flight to avoid prosecution.

He has now been placed on the U.S. Marshals Service’s 15 Most Wanted fugitives list.

“A man wanted in Rhode Island on charges of murder, inflicting serious bodily injury to a child, and unlawful flight to avoid prosecution has been added to the U.S. Marshals Service 15 Most Wanted fugitives list, with up to $25,000 offered for information leading to his arrest,” Freeman’s statement read.

The case dates back to April 3, 2017, when police and firefighters found Olawusi’s three-month-old son severely injured. Hospital examinations revealed trauma to 18 parts of the child’s body, leading to Olawusi’s arrest.

Although arraigned on April 20, 2017, he was released pending trial and has remained at large since.