FG presents revised compensation rates for acquired land to Oyo Govt

Adejayan Gbenga –

The Federal Government has officially presented the revised compensation rates for land acquisition to the Oyo State Government, aiming to ensure fairness for individuals affected by public development projects.

The handover took place on Wednesday in Ibadan. The Oyo State Commissioner for Lands, Housing, and Urban Development, Mr Williams Akin-Funmilayo, received the document from Mr Adelani Israel, a representative of the Federal Ministry of Housing and Urban Development.

The revised rates, which cover crops and economic trees, replace the existing compensation framework established in 2008. According to federal authorities, the update was necessary to reflect current economic realities and align with international best practices.

Speaking at the event, Akin-Funmilayo welcomed the development, describing it as a step forward in ensuring justice for landowners impacted by government projects.

“Land acquisition plays a vital role in public infrastructure development, but it must be carried out with a strong commitment to equity and justice,” he said. “This revised framework offers a more transparent and fair approach to compensating affected individuals.”

He also acknowledged that Oyo State had earlier submitted its input for the harmonisation of the new rates and praised Governor Seyi Makinde for supporting the process.

“This initiative will further strengthen our land management system and guarantee that those who give up land for the sake of public progress are treated fairly,” the commissioner added.

In his remarks, Mr Adelani Israel emphasised the importance of the review, stating that the outdated 2008 rates no longer served the purpose in today’s economic context.

The new compensation rates are expected to guide future land acquisitions across Oyo State and promote transparency, accountability, and fairness in land-related matters.