President Bola Tinubu has assured Nigerians that the economic reforms introduced by his administration are not intended to inflict hardship, but are necessary steps to prevent the nation’s economy from collapse.
The President’s message was delivered on Thursday at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja. Representing the President was 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.
Addressing the theme “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation,” the President emphasized that ongoing reforms, particularly in taxation and fiscal policy, are aimed at creating a stable and investment-friendly environment. He stressed the importance of broadening Nigeria’s revenue base while maintaining fairness and transparency.
“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” Tinubu said. “It was a bold move aimed at confronting the economic challenges that have long stifled national progress.”
Tinubu highlighted the administration’s focus on diversifying the economy and expanding job opportunities, especially in key sectors like real estate.
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 real estate as a critical yet under-assessed component of Nigeria’s economy.
He pointed to issues such as data fragmentation, informality, and inconsistent valuation standards as major obstacles to effective taxation.
“The proposed Tax Administration Bill will streamline tax procedures, enhance compliance, and eliminate inefficiencies including multiple taxation,” Adedeji said.
He urged NIESV members to support government efforts by standardising property valuation and helping to implement reforms.
NIESV President, Victor Alonge, praised the conference as a landmark event. He said the institute would compile and present a detailed communiqué to the federal government, containing recommendations to reshape land, housing, and infrastructure policy.
