‘Nigeria Needs Urgent Review Of National Housing Policy’

President of the Nigerian Institution of Estate Surveyors and Valuers (NSIEV), Dr. Victor Alonge, has called on the federal government to urgently develop and implement a comprehensive National Housing Policy that can address short-term, mid and long-term housing issues in the country, citing rising property prices, urban housing deficits, and the proliferation of unoccupied buildings in prime areas as critical issues.

Alonge who was speaking at the press conference to mark the 55th Annual Conference as well as the 2025 International Valuation Day at the NIESV National Secretariat in Gudu, Abuja, acknowledged the government’s growing attention to the issue of vacant buildings in urban centres, especially in Abuja, but warned that certain proposals such as confiscating unoccupied properties would infringe on fundamental human rights and prove counterproductive.

“If I use my money to buy properties, there is little the government can do without infringing on my rights. You can’t take it forcefully. In the UK, there is higher tax on unoccupied properties compared to occupied ones. That system encourages usage and discourages property hoarding. In most of our cities, the telemetry system for assessing property values has been abandoned. What we need is a restructured tax regime that incentivises occupation and penalises waste.”

“What we’ve seen over the years are political pronouncements rather than strategic frameworks. But we need a proper national housing policy that will actually address short, medium and long term housing challenges. And if we have that, then we will be able to use the instrumentality of that policy to address inequality in housing and location distribution.”

The NIESV President who also emphasised the crucial role real estate valuation plays in Nigeria’s economic development also revealed that no meaningful reform, particularly in taxation, can be achieved without accurate asset valuation.

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“Accurate valuation is the bedrock of tax administration. You cannot determine appropriate tax rates without knowing the true worth of taxable assets. This makes estate surveyors and valuers critical partners in the government’s tax reform drive”.

“No bank will accept your real estate as collateral without knowing its value. Public assets cannot be sold, and taxes cannot be fairly imposed unless those assets are properly valued. Valuation is at the heart of financial reporting, insurance, taxation, mortgages, and asset registry”, he said.

According to Alonge, this year’s celebration themed “Tax Reform for National Economic Prosperity: Why Valuation Matters” is timely, especially as the Federal Government pushes forward with key tax reform legislation.

He added that the theme also underscores the connection between credible valuation practices and national financial stability. He further noted that valuation offers a “roadmap to prosperity” by promoting transparency, investor confidence, and sustainable fiscal planning.