President Bola Tinubu stated on Thursday that recent government initiatives are essential interventions to keep the economy from collapsing, not a way to punish Nigerians.
This was announced by Tinubu during the Nigerian Institute of Estate Surveyors and Valuers’ (NIESV) 55th Annual Conference in Abuja where, the Housing and Urban Development Minister Ahmed Dangiwa represented the president.
The Ministry’s Special Assistant for International Cooperation and Partnership, Dr. Edna Tobi, represented Dangiwa.
The focus of the conference was “Optimising Real Estate Finance and Taxation: Transform, Invest, Drive.” It convened interested parties to discuss the relationship between fiscal policy and real estate.
He said, “Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,”
“It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”
According to President 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.
Tinubu 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.
Similarly, Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) in his keynote address, 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.
Adedeji further 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 would provide the government with a thorough report that included resolutions and practical policy recommendations.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
