$76Million Paid Out For Leases
Seventy-six million dollars ($76million) in lease money was paid out to landowners by the iTaukei Land Trust Board (TLTB) in the past 11 months of 2021.
Out of which $45.8m (60 per cent) were distributed through equal distribution mode of payment while $30.4m (40 per cent) were still distributed via Assignments to Mataqali bank accounts to assist them in the funding of their collective investment and development projects.
TLTB made this revelation in response to queries from the Fiji Sun this week.
According to TLTB, a total of $243.3million has already been paid out for the past three years up to November 2021 to landowners who have leased out their lands to tenants that utilise iTaukei land to develop the various sectors of the economy.
“In terms of Under-18 years or minors’ funds for landowners, the board has invested a total of $29.3m as at November 30, 2021, million for 27,429 minors at various investment institutions in the country,” TLTB said in a statement.
“The above funds will only be released to the iTaukei children who are entitled to these lease monies when they turn 18 years. Out of the 27,429 under minor’s accounts 14,349 are male members and 13,349 are female members.”
TLTB said the idea behind investing minors’ funds was to empower them to start up new opportunities when they turn 18 years.
“Minors started having their equal share of lease monies since 2011 when the current Bainimarama Government introduced this as policy,” TLTB added.
“Since then, most minors when they turned 18 years have spent this to further their studies at higher institutions, some have assisted them to build their homes, venture in business, improved their family livelihoods while most have expanded to other available opportunities in life.
“The savings of minors share of lease minors by the board till they turn 18 years has also created a culture of savings and a shift in mindset for landowners as compared to the past when they only focussed on spending all lease funds that they received.”
TLTB said this had been a source of empowerment for women who used to be ignored in the past and also creates opportunities for young women when they turn 18 years in alignment with the Government’s policy on gender.