Economic reforms not to punish Nigerians but to avert collapse – Tinubu

President Bola Tinubu has said that the recent policy decisions taken by his administration are not intended to punish Nigerians but are necessary steps to prevent a total collapse of the economy. 

Speaking at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) held in Abuja on Thursday, May 8, the president stressed that the policies were strategic interventions aimed at stabilising the country’s economic future.

Represented by the Minister of Housing and Urban Development, Ahmed Dangiwa who was in turn represented by Dr. Edna Tobi, Special Assistant for International Cooperation and Partnership in the ministry—Tinubu addressed participants gathered under the conference theme, “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation.” The event brought together experts and stakeholders to explore how real estate and fiscal policy intersect in the Nigerian context.

Tinubu noted that his administration is focused on diversifying the economy and expanding revenue streams. He explained that this objective informed the government’s push for tax and fiscal reforms designed to increase income without compromising equity and accountability. “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.”

He added that the reforms are also intended to create a more investment-friendly environment, particularly in the real estate sector, and to drive employment and economic expansion. Tinubu acknowledged the essential role that estate surveyors and valuers play in achieving these aims and expressed the government’s readiness to partner with NIESV to ensure effective tax administration and optimal use of public revenue.

Delivering the keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, described the real estate sector as a crucial but largely under-assessed segment of the Nigerian economy. Represented by Chief Economic Adviser Prof. Mohammed Salisu, Adedeji outlined several barriers to effective taxation in the sector, including informality, fragmented data systems, and inconsistent property valuation standards.

“The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation,” he said. He appealed to the NIESV for support in standardising valuation practices and ensuring the success of tax reform initiatives.

NIESV President Victor Alonge hailed the conference as a landmark event that would help reshape land use, housing, and infrastructure policy across the country. He pledged that the institute would submit a detailed communiqué to the government, outlining key resolutions and practical policy recommendations to drive national development.