President Tinubu defends economic reforms, says Nigerians not being punished

May 10, 2025 - 10:54

President of Nigeria Bola Tinubu has defended his administration’s recent economic reforms, saying they are essential interventions to prevent a collapse of the national economy, not punitive measures against citizens.

Speaking through representatives at the 55th Annual Conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Abuja on Thursday, Tinubu emphasised that the government’s fiscal policies are part of a broader strategy to stabilise and diversify the country’s economy.

The president, who was represented by Minister of Housing and Urban Development Ahmed Dangiwa and, in turn, by Dr. Edna Tobi, Special Assistant for International Cooperation and Partnership, highlighted the need for bold decisions to address Nigeria’s economic crisis, Vanguard Nigeria reports.

“Our decision to reform Nigeria’s tax system and fiscal policy was deliberate and strategic,” Tinubu said. “It was a courageous and bold move aimed at addressing the suffocating economic challenges facing the nation.”

The reforms, he added, aim to create a more investment-friendly environment, particularly in the real estate sector, while also boosting job creation and sustainable growth, reiterating his administration’s commitment to increasing government revenue through fair and transparent taxation.

Delivering the keynote address, Executive Chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji, represented by Chief Economic Adviser Prof. Mohammed Salisu, described Nigeria’s real estate sector as underutilised in terms of revenue generation.

Adedeji said the forthcoming Tax Administration Bill aims to streamline tax processes, enhance compliance, and reduce inefficiencies and overlapping tax obligations, calling on NIESV to support standardising valuation methods and to collaborate on implementing the reforms.

Source: globalsouthworld.com