President Bola Tinubu has stated that the current economic reforms introduced by his administration are not meant to punish Nigerians, but are critical steps to prevent a national economic collapse.
Speaking at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja, Tinubu — represented by the Minister of Housing and Urban Development, Ahmed Dangiwa — explained that the reforms are part of a broader plan to revive the economy and create long-term stability.
He said the government is focused on diversifying revenue sources, reforming tax policies, and creating a more attractive environment for investment, especially in the real estate sector.
“These reforms were not made to make life harder. They are meant to save our economy from disaster and set it on the right path,” the president said.
He emphasized the importance of the real estate industry in boosting job creation and economic growth, noting that proper land valuation, urban planning, and transparent property taxation are key to increasing government revenue.
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, also spoke at the event. He called the real estate sector “a vital but under-assessed part” of the national economy. He highlighted challenges like poor data tracking, informal practices, and inconsistent property valuation as barriers to fair taxation.
Adedeji urged the professional body to work with the government in setting clear valuation standards and improving cooperation for better implementation of tax reforms.
NIESV President, Victor Alonge, described the conference as a milestone event. He promised that the body will present a detailed communiqué to the federal government with practical solutions and policy recommendations to improve land, housing, and infrastructure development.
These remarks come as public debate grows over the effects of recent reforms — including fuel subsidy removal and currency policy adjustments — on daily life and purchasing power.
While many Nigerians continue to face tough economic realities, the government insists that the short-term pain will lead to long-term gains, stability, and sustainable national growth.
