Nigeria’s President, Bola Ahmed Tinubu, has said that his strategic policies are not meant to punish Nigerians. He recently revealed that the policies are nothing but key interventions to prevent the economy from collapsing.
Speaking at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja, Tinubu revealed that his administration’s commitment to diversifying the economy and expanding revenue sources is the reason for the implementation of policies that can make it happen.
The President maintained that his decision to reform Nigeria’s tax system and fiscal policy have enhanced income from taxation in recent months, while simultaneously upholding fairness and transparency.
“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,” he said.
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According to him, the reforms will eventually create a more investment-friendly environment, particularly in the real estate sector, and this will inevitably lead to more job creation and immense economic growth.
Tinubu then acknowledged the vital role estate surveyors and valuers will play to achieve these objectives, and reiterated his administration’s readiness to collaborate with NIESV to guarantee proper tax administration and revenue utilisation.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, also confirmed that while the real estate sector is absolutely vital, it still remains an under-assessed part of the country’s economy.
Listing obvious issues like informality, data fragmentation, and fluctuating valuation standard as factors triggering ineffective taxation, Adedeji expressed hope that the Tax Administration Bill will boost compliance and reduce multiple taxation.
“The Tax Administration Bill will provide clearer procedures and responsibilities for taxpayers, enhance compliance, and reduce inefficiencies and multiple taxation,” he added.
