Government receives over $800, 000 from Land Owning Units
April 5, 2019 7:34 am
The Government has received $858, 770 from the four landowning units under the Land Buy-Back Scheme.
Lands Minister Ashneel Sudhakar informed MPs in parliament that out of the 26 freehold buyback, four landowning units have paid off their debt.
Sudhakar adds that three out of the four land parcels have been transferred.
“To date, out of the twenty-six freehold buyback land, four Land owning units namely Yavusa Wairuku, Cakaudrove; Yavusa Waidau, Levuka; Mataqali Nailagobakola, Nausori and Yavusa Nasuva, Taveuni have paid off their debt.”
Sudhakar says under the Buy-Back Scheme, the Government purchases freehold land on sale on behalf of the native landowners.
He adds the landowning units are given 30 years to repay the loan.
The entire purchase of the 26 freehold land cost the Government over $4.7 million of which over $1.7 million has been repaid with a total outstanding Buy-Back balance of over $2.9 million.