President Bola Tinubu has reiterated that the current economic reforms introduced by his administration are not designed to inflict hardship on Nigerians but are crucial efforts to prevent a total economic breakdown.
Speaking at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja, the president represented by the Minister of Housing and Urban Development, Ahmed Dangiwa, who was in turn represented by Dr Edna Tobi, Special Assistant for International Cooperation and Partnership in the Ministry, stressed the government’s determination to broaden the economy and diversify revenue streams.
Themed “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation,” the conference brought together key players to discuss the relationship between real estate and fiscal measures.
The president explained that the administration’s choice to reform the country’s tax system and fiscal approach was both intentional and calculated.
“It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation,” he said.
He emphasised that the reforms are aimed at making the real estate industry more appealing to investors and at driving employment and economic advancement.
He recognised the vital contribution of estate surveyors and valuers in realising these plans and confirmed the government’s readiness to work with NIESV to promote efficient tax processes and ensure proper use of public funds.
In his keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji—represented by Chief Economic Adviser Prof. Mohammed Salisu—described real estate as a crucial but underutilised sector of the Nigerian economy.
He noted that issues such as lack of formal structures, scattered data, and non-uniform valuation practices continue to hamper effective taxation.
“The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation,” he said.
Adedeji urged NIESV to play a role in establishing standard valuation practices and to support the execution of reform initiatives.
NIESV President Victor Alonge described the event as a significant achievement and said the discussions would contribute to reshaping land, housing, and infrastructure policy across the country.
He gave assurances that the institute would submit a detailed communiqué to the government containing decisions and practical policy advice to support national growth.
What you should know
President Tinubu has defended his administration’s reforms as necessary to save Nigeria’s economy.
He called for collaboration with estate professionals, while tax authorities highlighted the real estate sector’s untapped potential and the need for standardised practices to ensure fair and efficient taxation.
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