Tinubu: Economic Reforms Meant to Save Nigeria, Not Punish Citizens
President Bola Tinubu has clarified that his administration’s recent economic reforms are not intended to inflict hardship on Nigerians but are necessary actions to prevent the total collapse of the national economy.
This position was conveyed at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) held in Abuja. The president, represented by Minister of Housing and Urban Development Ahmed Dangiwa—who was in turn represented by Dr. Edna Tobi—emphasized the government’s commitment to expanding revenue sources through strategic fiscal and tax policies.
Speaking under the conference theme, “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation”, Tinubu stressed that the reforms, especially in taxation, are targeted at building a more investment-friendly environment, particularly in the real estate sector, and encouraging job creation.
“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic. It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation,” the president stated.
He highlighted the importance of collaboration with professionals like estate surveyors and valuers, calling them crucial to effective tax administration and sustainable national development.
FIRS Chairman Calls for Standardised Property Valuation
Delivering the keynote address, Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), described the real estate industry as a critical yet under-taxed sector in Nigeria’s economy. Represented by Chief Economic Adviser, Prof. Mohammed Salisu, Adedeji identified informal practices, fragmented data, and inconsistent property valuation as barriers to effective real estate taxation.
He noted that the upcoming Tax Administration Bill will introduce clear procedures and responsibilities for taxpayers, reduce inefficiencies, and tackle issues like multiple taxation.
NIESV Pledges Policy Support
In response, NIESV President Victor Alonge hailed the conference as a milestone moment. He promised the institute would compile and submit a detailed communiqué to the federal government with actionable recommendations to reform land use, housing, and infrastructure policy.
