Under the new administration, the Board of Trustees, led by the Minister of iTaukei Affairs, Hon. Ifereimi Vasu, has endorsed the following measures to provide long-term solutions aimed at improving the livelihoods of the iTaukei people and enhancing their participation in business and commerce:

The TLTB Board of Trustees have endorsed the reduction of TLTB poundage from 10% to 8% from 2024 with 2% to be utilised for this sinking fund. Landowners’ poundage to be reduced as well from 90% to 82% with the 8% to be utilised for the sinking fund. In total a total of 10% of poundage will be utilised for the sinking fund.

The purpose of the sinking fund is to:

  • Buy back expired leases in major towns and compensate for improvements;
  • Assist landowners with equity for loans and Joint Venture with development partners;
  • Assist landowners to fund any proposed land development;
  • Assist landowners to fund specialised education programs like medicine, aviation and business management for fellow LOU members.

This adjustment signifies that the cumulative deductions from land rent and premium will amount to 18%.

The TLTB Board of Trustees has approved a revised distribution formula for the Turaga iTaukei (TT) at 3%, Turaga ni Yavusa (TY) at 5%, and Turaga ni Mataqali (TM) at 7%. This adjustment contrasts with the previous formula, predating the Equal Rent Distribution Policy, which allocated 5% to the Turaga iTaukei, 10% to the Turaga ni Yavusa, and 15% to the Turaga ni Mataqali. The newly endorsed formula has also received Cabinet approval, and the forthcoming Gazette amendment will formalize these changes.

Following the deduction of the 18%, the trust funds allocated for the Turaga iTaukei (TT), Turaga ni Yavusa (TY), and Turaga ni Mataqali (TM) will be distributed accordingly.

The TLTB Board of Trustees has given its endorsement to the proposal by TLTB to explore the establishment of a dedicated bank, designed for easy accessibility by landowners. In the initial stages, TLTB will embark on a thorough examination of key prerequisites and conduct due diligence before the full implementation of this decision. However, in the meantime, TLTB is set to initiate the provision of loans, particularly to those with well-defined strategies and action plans for the development of their land and other natural resources. This assistance will exclusively be extended to Landowning Unit (LOU) trusts, companies, or cooperatives and will not be available to individuals. Application forms for these loans will be made available at all TLTB offices nationwide.

Since the implementation of the Equal Rent Distribution Policy in 2010, access to lease money has been restricted to individuals aged 18 and above. For those under the age of 18, their funds have been held by the Board, initially invested with HFC before its relocation to Unit Trust of Fiji in 2022. Recognizing the need to address the issue of high school dropouts among iTaukei youth, the TLTB Board of Trustees has made a significant decision. They have determined that funds for Landowning Unit (LOU) members under the age of 18 can be fully utilized by allocating a portion to them, facilitating their continued education.

Under this new directive, 40% of the funds will be made available for educational purposes, medical expenses, or in the event of a national pandemic, such as COVID-19. The remaining 60% will be retained by the Board and invested until the individuals reach the age of 18. Application forms for accessing these funds will soon be made available at all TLTB offices nationwide.