President Bola Tinubu has assured Nigerians that recent economic reforms introduced by his administration are not intended to inflict hardship, but are necessary measures to avert a looming economic crisis.
Speaking at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja on Thursday, Tinubu, 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 — emphasized that the reforms are part of a broader strategy to stabilize the economy and drive growth.
Themed “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation,” the conference gathered stakeholders to discuss the critical link between real estate development and fiscal policy.
President Tinubu said his administration is committed to diversifying Nigeria’s economy and broadening revenue sources, which informed the decision to introduce tax and fiscal reforms.
“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” he stated. “It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”
He further explained that the reforms are designed to foster a more investment-friendly environment, especially within the real estate sector, and to stimulate job creation and long-term economic growth.
Acknowledging the essential role of estate surveyors and valuers, the president affirmed the government’s readiness to collaborate with NIESV to improve tax administration and ensure effective use of public revenues.
Delivering the keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji — represented by Chief Economic Adviser Prof. Mohammed Salisu — described the real estate sector as a vital yet under-assessed segment of Nigeria’s economy. He identified informality, fragmented data systems, and inconsistent valuation standards as major impediments to efficient taxation in the sector.
Adedeji noted that the proposed Tax Administration Bill would streamline tax procedures, improve compliance, and minimize inefficiencies, including issues of multiple taxation. He called on NIESV to support efforts to standardize property valuation and assist in implementing reform policies.
NIESV President, Victor Alonge, hailed the conference as a significant milestone, noting that its recommendations would help reshape land, housing, and infrastructure policy in Nigeria. He promised that the institute would submit a detailed communiqué to the government containing actionable insights and policy suggestions to support national development.
