President Umaru Yar'Adua has forwarded to the National Assembly for urgent consideration a Bill to amend the Land Use Act.

The move is in keeping with his pledge to amend the Act in a way that would promote economic development.

A statement issued on Sunday by his Media Adviser, Segun Adeniyi, said Yar'Adua has written to both Senate President, David Mark, and House of Representatives Speaker, Dimeji Bankole, to ensure the passage of the Bill in an "expeditious manner."

The Bill is based on the report of the Presidential Committee on Land Use Reforms.

The amendment relates to Sections 5, 7, 15, 21, 22, 23, and 28 of the Act.

Adeniyi explained that "the main thrust is to restrict the requirement for Governors' consent in land transactions to assignments only. The amendments will render such consent unnecessary for mortgages, subleases, and other land transfers to make transactions in land less cumbersome and facilitate economic growth."

He added that sending the Bill to the National Assembly begins the implementation of the administration's agenda to overcome some major legal and logistical constraints to capital accumulation.

"Its passage will make land a much more easily convertible asset that can be used with less hindrance to raise capital for ventures in other areas of the economy. It will also facilitate increased investment in agriculture and strengthen the mortgage industry."

Adeniyi noted that since the Land Use Act is in the Constitution, any amendment to it must go through the process of amendments to the Constitution itself.

Therefore, he stressed, Yar'Adua will seek the support of Governors and the National Council of States (NCS) to ensure that the proposed amendment is also endorsed by two-thirds of state Houses of Assembly.

The Amendment Act is to be cited as the Land Use Act (Amendment) Act 2009 or the Constitution (First Amendment) Act 2009.