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HomeConstructionReduce Taxation to Boost Construction Industry, Experts Task FG

Reduce Taxation to Boost Construction Industry, Experts Task FG

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Stakeholders in the construction and built industry have called on the Federal Government to reform tax rate in the industry, noting that reduced taxation would help boost the industry’s productivity and effectiveness.

This was made known during a Round table discussion amongst Professionals in the built industry organized by the Nigerian Institute of Quantity Surveyors (NIQS) in partnership with the Federation of Construction Industry (FOCI).

While appraising the developments, challenges and practical ways forward to some pressing issues in the sector, they sued for reduced taxation rate from the initial 2.5 to 1.5 percent.

They also stressed the need for collaboration in presenting financial issues including interest rate, exchange rate and Inflation as it bugs the different areas of the sector, in respect to the budget recently signed by President Mohammadu Buhari.

AIHS 2022

Meanwhile, President of the Nigerian Institute of Quantity Surveyors, Olayemi Shonubi noted that the executive order 11 which was also signed by President Mohammadu Buhari is a good lead in protecting National Assets, urging the private sector to follow suit as this will pave way for meaningful development in the sector.

“Over the years, these national assets have been abandoned and requires collective maintenance which is what the signing of the Executive Order 11 has established”, Olayemi noted.

Speaking on the incessant increase in prices of Building materials in the country, President of the Federation of Construction Industry, Engr. Nasiru Dantata, said there is need to prioritize local production to bring about fair prices in the market that will enable affordable housing delivery in the country.

According to him, domestic production of building materials will cease importation that could hike building cost.

The roundtable discussion had in attendance dignitaries from ranks and files in the built Industry ranging from the President, Nigerian Institute of Architects (NIA), Enyi Ben Eboh; to the President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Emmanuel Wike; President, Nigerian Institute of Town Planners, Toyin Ayinde; DG, Federation of Construction Industry, Olubunmi Adekoje; amongst others.

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