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Daniel Adaji
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on governments at all levels to prioritize credible asset valuation in all economic policy decisions, especially in the ongoing tax reform agenda.
Speaking during a press conference in Abuja on Monday to mark the 2025 International Valuation Day, the President and Chairman of NIESV Council, Victor Alonge, stressed that accurate valuation is the bedrock of fair and effective taxation.
He warned that without credible data on asset worth, tax policies risk being arbitrary and unjust, undermining government revenue and public trust.
“Before tax is imposed on any asset, its true and fair value must be determined through proper valuation. That is the only way to ensure fairness and transparency,” Alonge said.
This year’s International Valuation Day has the theme: “Tax Reform for National Economic Prosperity: Why Valuation Matters.” According to Alonge, the theme is timely as the federal government intensifies efforts to overhaul the tax system through a bill currently before the National Assembly.
Alonge emphasised that valuation is not just about real estate, but also applies to businesses, intangible assets, financial instruments, and public infrastructure.
He noted that valuation in line with International Valuation Standards (IVS) builds investor confidence, supports sound financial decisions, and drives economic stability.
The NIESV president urged both federal and state governments to fully integrate valuation professionals in policy planning, procurement, and taxation processes, warning that giving valuation contracts to unqualified persons is illegal and detrimental.
“Valuation is a technical and regulated service. It is the sole prerogative of trained Estate Surveyors and Valuers under the law,” he said.
He added that Nigeria’s development goals cannot be achieved without accurate valuation of national assets, stressing that many public assets remain undervalued or completely unaccounted for.
Alonge also announced that the institution’s 2025 Annual National Conference would run this week in Abuja, ending with its Annual General Meeting on May 10. President Bola Tinubu and Senate President Godswill Akpabio are expected to attend as special guests.
He reaffirmed the NIESV’s commitment to global best practices and continuous professional development, stating that the institution will keep advocating for valuation as a vital tool for national development.