President Bola Tinubu recently emphasized that the federal government’s latest economic policies were not designed to burden Nigerians but rather to safeguard the country’s financial stability. This message was conveyed at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja. Although the President could not attend in person, he was represented by the Minister of Housing and Urban Development, Ahmed Dangiwa, who was in turn represented by Dr. Edna Tobi, the Ministry’s Special Assistant for International Cooperation and Partnership.

Themed “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation,” the event served as a platform for stakeholders to examine how taxation and fiscal policy can be leveraged to strengthen the real estate sector. President Tinubu highlighted the government’s determination to diversify the nation’s economy and broaden its revenue streams. He explained that this objective motivated the administration’s pursuit of tax reforms that not only aim to increase public revenue but also ensure transparency and fairness.

Tinubu described the economic reforms, including those targeting the tax system, as intentional and necessary steps to combat the country’s financial challenges. He noted that these reforms are intended to foster a more attractive environment for investment, particularly in real estate, while also creating employment opportunities and stimulating broader economic growth. Acknowledging the essential contribution of estate surveyors and valuers to this process, he reaffirmed the government’s readiness to collaborate with the NIESV for improved tax policy implementation and efficient revenue management.

Meanwhile, Dr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), who was represented by Chief Economic Adviser Prof. Mohammed Salisu, pointed out the real estate sector’s significant but underutilized potential. He identified key barriers to proper taxation, such as informal practices, fragmented data, and lack of standard valuation methods. He said the proposed Tax Administration Bill would streamline processes, clarify taxpayer duties, and minimize inefficiencies and tax overlaps. Adedeji also encouraged NIESV to contribute to standardizing valuation methods and supporting fiscal reforms.

NIESV President Victor Alonge expressed optimism about the conference’s impact, calling it a landmark occasion. He assured that the institute would compile a detailed communiqué for the government, outlining recommendations and strategic policy measures aimed at advancing national development in land use, housing, and infrastructure.