Tinubu Says Economic Reforms Aim to Prevent Collapse, Not Punish Nigerians

President Bola Tinubu has stated that the recent policy decisions made by his administration are not designed to burden Nigerians but are essential to averting a complete economic breakdown.

Speaking on Thursday, May 8, at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja, Tinubu emphasized that the reforms are calculated measures intended to secure the nation’s economic future.

He was represented at the event 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.

Addressing the gathering of industry professionals and stakeholders under the theme, “Transform, Invest, Drive: Optimising Real Estate Finance and Taxation,” Tinubu reiterated his administration’s commitment to diversifying the economy and broadening revenue sources. He said the government’s focus on tax and fiscal reform was a deliberate move to boost revenue generation while upholding fairness and transparency.

“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” he said.

He also highlighted that these reforms are geared toward attracting investment, particularly in the real estate sector, while promoting job creation and economic development.

Tinubu recognized the vital contributions of estate surveyors and valuers and expressed his administration’s willingness to work closely with NIESV to improve tax administration and maximize public revenue.

In his keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji—represented by Chief Economic Adviser Prof. Mohammed Salisu—described the real estate sector as a significant yet underutilized contributor to the Nigerian economy.

He identified several challenges hindering proper taxation in the sector, such as informality, disjointed data systems, and inconsistent valuation practices.

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

He called on NIESV to support efforts to standardize property valuation practices and contribute to the success of the government’s tax reform initiatives.

In response, NIESV President Victor Alonge described the conference as a milestone event poised to influence land use, housing, and infrastructure policy nationwide.

He assured that the institute would present a comprehensive communiqué to the government, highlighting major resolutions and offering actionable policy recommendations to advance national development.