Economic reforms not to punish Nigerians, but to avert collapse, says Tinubu

President Bola Tinubu said on Thursday that recent government policies are not meant to punish Nigerians but are necessary interventions to prevent the economy from collapsing.

Tinubu made this known at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja.

The president was represented by the Minister of Housing and Urban Development, Ahmed Dangiwa.

Dangiwa was, in turn, represented by Dr Edna Tobi, Special Assistant for International Cooperation and Partnership in the Ministry.

The conference’s theme was, “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation.”

It brought together stakeholders to deliberate on the intersection of real estate and fiscal policy.

The president said that the administration was committed to diversifying the economy and expanding revenue sources.

This, he said, informed the government’s drive to implement policies that enhanced income from taxation while upholding fairness and transparency.

“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” he said.

“It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”

Tinubu stated that reforms were tailored to create a more investment-friendly environment, particularly in the real estate sector, and to boost job creation and economic growth.

He acknowledged the critical role of estate surveyors and valuers in achieving these objectives and expressed the government’s willingness to partner with NIESV to deliver effective tax administration and revenue utilisation.

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Delivering the keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, described the real estate sector as a vital but under-assessed part of Nigeria’s economy.

Adedeji, represented by Chief Economic Adviser Prof. Mohammed Salisu,identified challenges such as informality, data fragmentation, and inconsistent valuation standards as obstacles to effective taxation.

“The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation,” he said.

Adedeji called for the cooperation of NIESV in standardising property valuation methods and supporting the implementation of reforms.

NIESV President, Victor Alonge, described the conference as a milestone event, stating that the outcomes would help reposition land, housing, and infrastructure policy in Nigeria.

He assured that the institute would present a comprehensive communiqué to the government, containing resolutions and actionable policy suggestions to drive national development