Tinubu: “Our Economic Policies Are Not to Punish Nigerians”

 

President Bola Tinubu has reassured Nigerians that the recent economic decisions made by his administration are not meant to cause hardship but are necessary steps to save the economy from total collapse.

Speaking through representatives at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) held in Abuja on Thursday, May 8, the president emphasized that these policies are carefully planned strategies aimed at stabilising Nigeria’s future.

Tinubu was represented at the event by the Minister of Housing and Urban Development, Ahmed Dangiwa, who was in turn represented by Dr. Edna Tobi, the Special Assistant for International Cooperation and Partnership in the ministry. The conference was themed “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation.” It brought together professionals to explore how real estate can help boost the Nigerian economy.

The president explained that his government is working hard to diversify the economy and create new sources of revenue. This is the reason behind ongoing reforms in taxation and fiscal policy.

“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” Tinubu said. “It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”

He further stated that these reforms are also designed to attract more investments—especially in real estate—and create more job opportunities. Tinubu recognised the vital role estate surveyors and valuers play in achieving these goals and said the government is open to working closely with NIESV to improve tax administration and ensure public funds are well utilised.

Also speaking at the event, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, called real estate a vital but under-assessed part of Nigeria’s economy. He was represented by Chief Economic Adviser, Prof. Mohammed Salisu, who noted that poor data systems, informal transactions, and inconsistent property valuations are major obstacles to effective taxation in the sector.

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

He urged the NIESV to support efforts to standardise property valuation across the country, which will help tax reforms succeed.

NIESV President, Victor Alonge, described the conference as a key moment for shaping the future of land use, housing, and infrastructure in Nigeria. He promised that the institute would submit a detailed communiqué to the government, highlighting major outcomes and practical recommendations for national development.