Interim Govt has to provide $8m to NLTB
The Native Land Trust Board has today confirmed that the interim government has to provide about 8 million dollars to the NLTB to subsidies the increase in lease rental for landowners.
It has been established that native landowners will receive more money from July this year following the interim cabinet's approval to increase payments on the Unimproved Capital Value of their land given out on lease from about 5 to 10 percent.
NLTB Public Relations Manager, Ro Alipate Mataitini said the total amount that is expected to come out from government coffers will be about 8 million dollars for this year.
Mataitini said with the increased rental income for native land, the landowners may not reject the renewal of their land leases.
The increased lease rental is only for this year and the interim cabinet is expected to make further decisions for 2009.
Earlier today:
Native land owners will receive more money this year from July, following the interim cabinet's approval to increase payments on Unimproved Capital Value of their land given out on lease at about 5 to 10 percent.
Native Land Trust Board Public Relations Manager Ro Alipate Mataitini said the interim government will top up the UCV percentage through its own initiative and the landowners should be thankful to the government as it will give them better returns.
Mataitini said the plan is all set to kick off the increased payments in July and the new payment formula will initially run for this year before cabinet makes further decisions.
The NLTB will pay out 5 percent of the Unimproved Capital Value on the native land leased out by the landowners while the remaining amount to take it up to 10 percent will be forked out by the government.
The money will be disbursed by the government to the NLTB which will then make the increased payments to the landowners.
