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‘VAT Removal Won’t Tackle High Cost Of Rent In Nigeria’ – Stakeholders
Stakeholders in Nigeria’s real estate sector have warned that removing Value Added Tax (VAT) on land and rent will not reduce the country’s soaring housing costs.....KINDLY READ THE FULL STORY HERE▶
Their comments follow a clarification by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, who noted that VAT is already exempt on land, buildings, and rent under the current Nigeria Tax Act. The clarification came amid reports claiming the Act introduced a 25% tax on building materials.
Property experts, however, argue that the root cause of high rent is elsewhere—particularly the rising cost of building materials like cement.
Former President of the Real Estate Developers Association of Nigeria, Aliyu Wamakko, said cement prices, now over ₦10,700 per 50kg bag, are driving construction costs up, which directly affects rents. “As long as building materials keep rising, there’s no way rents will drop,” he stated, noting the nation faces a housing deficit of over 14.9 million units concentrated in Abuja, Lagos, Kano, and Port Harcourt.
Hakeem Suleiman, President of the Association of Abuja Tenants, added that weak regulatory oversight and the lack of accessible mortgage systems also worsen rental conditions. “Some landlords arbitrarily hike rent with no improvements to properties. Government must enforce controls and provide mortgages to help tenants become homeowners,” he said.
The warnings come as rent prices in major cities have surged dramatically. In Abuja, annual rent for a one-bedroom apartment has more than doubled, now ranging from ₦1.5 million to ₦2 million, far exceeding the yearly earnings of a worker on the ₦70,000 minimum wage.
Despite Nigeria’s inflation easing to 15.1% in January 2026, living costs remain high, underscoring that VAT removal alone cannot tackle the housing affordability crisis.
Former Vice President Atiku Abubakar has argued that the North is not disadvantaged in Nigeria’s power-sharing arrangement under democratic rule.....KINDLY READ THE FULL STORY HERE▶
Atiku made the statement during an interview on Arise Television, where he spoke on zoning, fairness, and political balance in the country.
He noted that since Nigeria’s return to civilian rule in 1999, the South has held the presidency for about 18 years, while the North has governed for roughly 10 years.
According to him, this should be taken into account when discussing which region has benefited more from the country’s power rotation system. He also maintained that the Peoples Democratic Party (PDP) remains the only major political party with zoning clearly embedded in its constitution.
“The South has governed for 18 years and the North for 10. So who is really in deficit if we are being fair? Even more broadly, the only party with zoning formally entrenched is the PDP,” he said.
Atiku also recalled the constitutional conference held during the military era under General Sani Abacha, where he led a group that opposed the inclusion of rotational presidency in the constitution.
He said the proposal, championed by the late former Vice President Alex Ekwueme, was rejected at the time because his group had majority support among delegates.
According to him, Ekwueme later acknowledged that the decision may not have been ideal during his funeral years later. Atiku added that he now believes a rotational system, if adopted earlier, could have ensured a more balanced distribution of power across Nigeria’s regions.
Former Vice President Atiku Abubakar has spoken about the source of his wealth, saying it was built long before he entered politics through years of business investments.....KINDLY READ THE FULL STORY HERE▶
Atiku made the remarks during an interview on Arise Television on Wednesday, where he explained that his fortune came from ventures across logistics, real estate, agriculture, education, and the oil and gas sector.
He said he was already a fully established businessman before joining politics and had interests spread across different parts of the economy.
According to him, his financial background has never been in doubt because of how his wealth was acquired.
Atiku also recalled his role in the early formation of the Peoples Democratic Party (PDP), stating that he was among its key founders and also contributed financially to its establishment.
He further noted that during the administration of former President Olusegun Obasanjo, a panel was set up to investigate his activities. He said the panel included figures such as Nasir El-Rufai and Nuhu Ribadu, and that he allowed the process to proceed without relying on his immunity.
“I made my money through business before joining politics. I invested in oil and gas, logistics, agriculture and other sectors,” he said.
“I was already established in business before I came into politics.”
“I played a major role in setting up the PDP and contributed financially to its formation.”
“No one accused me of corruption because my sources of income were clear.”
“A panel was set up to investigate me, and I allowed it to go ahead without hiding behind immunity,” he added.
Atiku remains active in Nigerian politics and is currently seeking the presidential ticket of the African Democratic Congress ahead of the 2027 general election.
A Federal High Court in Abuja has granted approval for a fresh legal move seeking to compel the Nigeria Police Force to reopen investigations into the death of Nigerian singer Ilerioluwa Aloba (Mohbad).....KINDLY READ THE FULL STORY HERE▶
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