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

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.

 

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

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

 - NigerianEye

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