President of Nigeria, Bola Ahmed Tinubu

President Bola Tinubu has said the ongoing economic reforms introduced by his administration are designed to prevent the collapse of Nigeria’s economy, not to inflict hardship on the people.

The president made this known on Thursday while addressing participants at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV), held in Abuja. He was represented by the Minister of Housing and Urban Development, Mr Ahmed Dangiwa, who in turn was represented by Dr Edna Tobi, Special Assistant for International Cooperation and Partnership in the ministry.

Themed “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation”, the conference brought together stakeholders from across the real estate and fiscal policy sectors.

President Tinubu stated that the government is focused on diversifying the economy and expanding revenue streams, particularly through reforms in taxation and fiscal policy. He stressed that these measures are strategic steps to tackle the country’s economic challenges and foster a conducive environment for investment, especially in the real estate sector.

“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 said.

He added that the reforms are expected to enhance transparency, fairness, and income generation while creating jobs and boosting economic growth. The president also acknowledged the vital role of estate surveyors and valuers in supporting the effective implementation of these reforms and pledged the government’s readiness to partner with NIESV.

In his keynote address, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, described the real estate sector as critical but under-taxed. Represented by Chief Economic Adviser Professor Mohammed Salisu, Adedeji identified informality, fragmented data, and inconsistent property valuation standards as major hindrances to efficient taxation.

He said the proposed Tax Administration Bill would streamline procedures, improve taxpayer compliance, and reduce inefficiencies and cases of multiple taxation.

Adedeji called on NIESV to support ongoing tax reforms by helping standardise property valuation across the country.

Earlier, the President of NIESV, Mr Victor Alonge, described the conference as a significant milestone and assured that resolutions reached would be presented to the federal government in a communiqué. He said the suggestions would provide actionable policy directions for transforming land administration, housing delivery, and infrastructure development in Nigeria.