President Bola Tinubu has addressed concerns over recent government policies, emphasizing that the ongoing economic reforms are designed not to punish Nigerians but to avert a potential economic collapse.
Speaking at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV), the president, represented by the Minister of Housing and Urban Development, Ahmed Dangiwa, conveyed the government’s position on ongoing economic reforms.
Dangiwa himself was represented by Dr. Edna Tobi, the ministry’s Special Assistant for International Cooperation and Partnership.
The conference, themed “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation,” gathered professionals and stakeholders from across the country to discuss the vital link between real estate development and tax policy.
In his remarks, Tinubu explained that the government’s recent economic moves, particularly on tax and revenue generation, were taken after careful thought and strategic planning. “Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” he said. “It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”
He noted that the changes are part of a larger effort to create a stronger foundation for economic stability, support job creation, and attract more investment, especially within the real estate sector. The president also acknowledged the important role played by estate surveyors and valuers in shaping national development.
To ensure success, Tinubu said the government is open to working closely with NIESV and other relevant bodies to ensure that taxes are fair and effectively collected, while also being used transparently.
Delivering the keynote speech, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, highlighted the challenges that have slowed progress in property taxation. Represented by Chief Economic Adviser Prof. Mohammed Salisu, Adedeji pointed out that data gaps, informal markets, and irregular valuation practices have made it difficult to harness the full potential of the real estate sector.
He said, “The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation.”
Adedeji called on the estate valuers to support the reforms by adopting standardised methods and working with tax authorities to close the gaps in property valuation and compliance.
NIESV President Victor Alonge described the gathering as a key moment for the profession. He expressed optimism that the discussions and recommendations from the conference would support stronger policies in housing, land use, and infrastructure planning. He also confirmed that a communiqué with practical policy advice would be shared with the government.
