According to President Bola Tinubu, recent government economic actions are essential interventions to keep the economy from collapsing, not intended to punish Nigerians.
Tinubu made this known at the Nigerian Institute of Estate Surveyors and Valuers’ (NIESV) 55th Annual Conference in Abuja.
Ahmed Dangiwa, the Minister of Housing and Urban Development, represented the president.
Dr Edna Tobi, the Ministry’s Special Assistant for International Cooperation and Partnership, then spoke on behalf of Dangiwa.
The conference’s theme was “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation”.
Stakeholders convened at the conference to discuss how fiscal policy and real estate intersect.
The president declared that the administration was dedicated to increasing revenue streams and diversifying the economy.
He claimed that this guided the government’s efforts to enact laws that increased tax revenue while maintaining equity and openness.
“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.”
According to Tinubu, the reforms were designed to increase economic growth and job creation while also making the atmosphere more conducive to investment, especially in the real estate industry.
He stated that the government is eager to collaborate with NIESV to provide efficient tax administration and revenue utilisation, and he recognised the vital role that estate surveyors and valuers play in accomplishing these goals.
In his keynote speech, Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), defined the real estate industry as an essential yet undervalued sector of Nigeria’s economy.
Effective taxation is hampered by issues including informality, data fragmentation, and inconsistent valuation norms, according to Adedeji, who was represented by Chief Economic Adviser Prof. Mohammed Salisu.
“The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation,” he said.
Adedeji requested NIESV’s assistance in standardising property valuation techniques and facilitating the adoption of reforms.
Victor Alonge, the president of NIESV, called the conference a historic occasion and said the results would aid in reorienting Nigeria’s housing, infrastructure, and land policies.
He promised that in order to promote national growth, the institution will provide the government with a thorough report that includes resolutions and practical policy recommendations.
