Economic reforms necessary to avoid collapse, not to punish Nigerians – Tinubu.
President Bola Tinubu stated on Thursday that recent government initiatives are not intended to punish Nigerians but are necessary interventions to keep the economy from collapsing.
Tinubu said this at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja.
The President was represented by Ahmed Dangiwa, Minister of Housing and Urban Development.
Dangiwa was represented by the Ministry’s Special Assistant for International Cooperation and Partnership, Dr. Edna Tobi.
The conference’s subject was “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation”.
It brought together stakeholders to discuss the nexus between real estate and fiscal policy.
The president stated that the administration is committed to diversifying the economy and increasing revenue sources.
This, he added, guided the government’s efforts to develop policies that increased revenue from taxes while maintaining fairness and openness.
“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” he told reporters.
“It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”
Tinubu noted that the reforms were designed to create a more investment-friendly climate, notably in the real estate sector, as well as to stimulate job creation and economic growth.
He recognised the importance of estate surveyors and valuers in accomplishing these goals and highlighted the government’s desire to collaborate with NIESV to ensure proper tax administration and revenue utilisation.
Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), delivered the keynote lecture, describing the real estate sector as an important but undervalued component of Nigeria’s economy.
Adedeji, represented by Chief Economic Adviser Prof. Mohammed Salisu, cited informality, data fragmentation, and variable valuation norms as barriers to effective taxes.
“The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation,” according to him.
Adedeji urged NIESV to help standardise property valuation procedures and facilitate reform implementation.
NIESV President Victor Alonge praised the conference as a watershed moment, noting that the results would help realign Nigeria’s land, housing, and infrastructure policies.
He told the government that the institute would offer a detailed communiqué with resolutions and actionable policy recommendations to boost national growth.