Oyo government adopts new compensation rates for land acquisition

The Oyo State Government has officially received the revised compensation rates for crops and economic trees, aimed at ensuring fair and equitable compensation for landowners affected by public development projects.

Speaking during the handover ceremony in Ibadan on Wednesday, the Commissioner for Lands, Housing, and Urban Development, Mr. Williams Akin-Funmilayo, confirmed the receipt of the updated compensation framework from a representative of the Federal Ministry of Housing and Urban Development, Mr. Adelani Israel.

The revised compensation rates, recently introduced by the Federal Government, are designed to reflect current economic realities and align with international best practices, replacing the outdated 2008 framework.

Mr. Akin-Funmilayo commended the Federal Government’s initiative, describing it as a major step forward in enhancing land administration and promoting justice for individuals affected by government land acquisitions.

“Land acquisition is a critical part of development, and it must go hand in hand with fair and transparent compensation,” he said.

“This new framework provides a more just and sustainable approach for compensating project-affected persons.”

He also acknowledged that the Oyo State Government had earlier submitted its recommendations to support the review process, with full backing from Governor Seyi Makinde.

“This development will strengthen our land management systems and ensure that citizens who make sacrifices for public infrastructure and development are treated fairly,” he added.

The Commissioner noted that the new compensation rates will guide future land acquisition exercises in the state and ensure transparency, accountability, and fairness.

On his part, Mr. Adelani Israel from the Federal Ministry emphasized the need for the review, highlighting that the previous rates were no longer reflective of Nigeria’s current economic situation or global standards.