Multiple Taxes Threaten Housing Growth, Sector Leaders Warn

By Oluwadara Akingbohungbe

Housing sector leaders are warning that multiple and excessive taxes continue to threaten the growth of Nigeria’s real estate industry, despite recent government reforms aimed at easing the burden.

Bisi Adedire, President of the Association of Town Planning Consultants of Nigeria, speaking at a workshop in Ogun State, highlighted the negative impact of upfront levies on developers. “The burden hurts property developers, especially when they’re compelled to pay everything upfront while construction has not started on their plots of land. The Federal Government should look into it and adopt a system that would be beneficial to all stakeholders,” Adedire said.

Estate surveyor Olorunyomi Alatise described how the array of taxes required for property acquisition and regularisation deters investment. “By the time they itemise the different taxes you are to pay, you find out that it is a lot for someone that just acquired a property,” he observed.

The government has responded with new tax reforms aimed at harmonising levies and easing compliance for developers, a move experts say could unlock more resources for property development and help bridge the housing deficit.