President Bola Tinubu has reaffirmed that his administration’s recent economic reforms are not designed to inflict hardship on Nigerians but are strategic measures intended to rescue the nation’s economy from potential collapse.
Speaking through the Minister of Housing and Urban Development, Ahmed Dangiwa—who was represented by Dr. Edna Tobi, Special Assistant for International Cooperation and Partnership—the president delivered his message at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV), held in Abuja. The conference, themed “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation,” convened key stakeholders to examine the critical link between real estate development and fiscal policies.
Tinubu emphasized that the government’s approach to tax reforms and fiscal adjustments is both deliberate and forward-thinking. “Our goal is to diversify the economy, expand our revenue base, and build a fair, transparent taxation system,” he stated, noting that such bold initiatives are essential for long-term stability.
He highlighted the reforms’ potential to stimulate investment, particularly in real estate, and drive employment and economic growth. The president also commended estate surveyors and valuers for their pivotal role in supporting national economic objectives, affirming the government’s readiness to collaborate with the NIESV for effective policy implementation.
Delivering the keynote address, Federal Inland Revenue Service (FIRS) Chairman Dr. Zacch Adedeji, represented by Chief Economic Adviser Prof. Mohammed Salisu, described the real estate sector as a key but underutilized asset in Nigeria’s economic landscape. He pointed to issues such as informality, poor data coordination, and inconsistent valuation standards as major impediments to effective taxation.
Adedeji noted that the upcoming Tax Administration Bill would provide clear guidelines for taxpayers, enhance compliance, and eliminate inefficiencies and multiple taxation. He called on NIESV to help standardize valuation practices and support the reforms.
NIESV President Victor Alonge praised the conference as a landmark event and assured that the institute would submit a well-crafted communiqué to the government, offering practical policy solutions to enhance land, housing, and infrastructure development across Nigeria.
