Posted: 2022 | Pages: 76 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

Monetization policy was introduced by the federal Government in 2002 by the then Government of chief Olusegun Obasanjo to fight corruption in the civil service with regards to allowances and benefits. By this policy, the Government phased out benefits such as official quarters as all civil servant were given their benefits and allowances in momentary terms to secure accommodation of their choice. The two major cities affected by this policy are Abuja and Lagos as most of the federal government real estate interests are situated in these cities. This study sought to find out the effect of this policy in the property market with special emphasis on government Reservation Area, Ikeja, Lagos. This location was chosen because the Federal Government and its parastatal such as defunct Nigeria Airways Owns 40% percent of the properties in this location. Though there is an insinuation that the Monetization policy generally was not a complete success due to corruption in the sale of these properties, this study looked into various literature on the subject matter as well as interviewed civil servants who were occupying these houses to get a firsthand data. The study equally administered questionnaires to such people as well as real estate practitioners who are the major actors in this property market. The aim of the study is to analyze the impact of Government monetization policy on property values in GRA, Ikeja, Lagos. The objectives are; to identify the impact of Government monetization policy, to examine the problems encountered by the Federal Government in the implementation of the policy, to identify the impact of the policy on the property market in Ikeja and to recommend measures to ameliorate the impact of the policy in the property market of the study area. The survey research design was used while primary and secondary data collection sources was adopted. The study recommends that federal government should work on fighting corruption and do away with corrupt civil servants for onward policy implementations, the idea of offering sitting tenants (civil servants) a first offer to buy should be eliminated, it is fair enough for government to sell national properties to people who are in actual need of it rather than brokers who plan using the properties in a way that defeats its purpose and subsequently government should conserve some of this properties as part of historical development.

CHAPTER ONE

1.0     INTRODUCTION

• BACKGROUND OF THE STUDY

Monetization policy was introduced by the Federal Government to fight corruption in the civil service with regards to allowances and Benefits.

This study will seek to find out the effect of this policy in the property market with special emphasis on Government Reservation Area Ikeja, Lagos.

The essence to this Monetization Policy is to help the Civil Servants have their personal houses and also help the Federal Government to reduce fraud.

This policy affected Government Reservation Area Ikeja, Lagos and gave opportunity to so many people and private organizations.

This is the benefits of Monetization. At another level of deep analysis, the Monetization is out of its benefits.