The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged property professionals to improve their understanding of fiscal and economic policies.

The institution warned that taxes, inflation, interest rates and regulations are having a growing impact on real estate values and investment decisions across Nigeria.

The Chairman of the National Mandatory Continuing Professional Development (MCPD) Committee of NIESV, ESV (Sir) Charles Oghenero Ebiai, FNIVS, RWA, gave the warning at the 2026 MCPD Seminar of the Kaduna State Branch.

The seminar focused on “Fiscal Intelligence and Risk Integration: The Essential Frontier in Valuation Practice for Nigeria’s Institutional Real Estate.”

It examined the growing demands on valuation professionals amid economic and fiscal uncertainty.

Fiscal policy affects property values

Ebiai said traditional valuation methods were no longer enough to assess real estate properly.

He said property values were now affected by several factors outside the physical features of an asset. These include taxes, government spending, infrastructure investment, land policies and development charges.

Property-related levies can also affect the cost of developing and owning real estate.

These factors matter to Nigeria’s housing market. Higher development costs can raise the price of new homes. Higher interest rates can also make property finance more expensive for developers and buyers.

Ebiai said taxation could affect the property market in several ways. It can influence development costs, rental values, investor behaviour, demand and expected returns.

He therefore urged estate surveyors and valuers to study economic indicators and government policies more closely.

Valuers urged to assess risk

According to Ebiai, the role of a modern valuer should go beyond putting a price on a property.

Professionals should also explain what drives a property’s value. They should identify risks that could reduce its performance.

They should also consider how an asset could perform under different economic conditions.

Ebiai said fiscal and regulatory changes should form part of this assessment.

He added that institutional investors were increasingly focused on risk-adjusted returns. This means investors are looking at both potential profits and the risks attached to those returns.

The risks facing property assets can come from several sources. They include economic shocks, regulatory changes, climate events, technology, tenant concentration, limited liquidity and market volatility.

Ebiai said risk should therefore be part of every serious valuation discussion.

Technology changing valuation practice

The NIESV official also called on professionals to embrace new technology.

He identified artificial intelligence, big data, geographic information systems and automated valuation models as useful tools for modern practice.

Digital property platforms, remote sensing and blockchain applications could also support valuation work.

Ebiai, however, said technology would not remove the need for professional judgement.

READ ALSO :Nigeria Sitting On Over $300bn In Dead Capital, NIESV Warns

He said machines could process large amounts of data. Professionals would still need to understand the market, test assumptions and assess risks.

He identified professional judgement, ethics, local market knowledge and sound valuation methods as key strengths for practitioners.

Better data needed for investment

Ebiai also called for stronger professional education and research in the valuation sector.

He urged practitioners to improve access to reliable property data. He also called for wider use of technology and stronger ethical standards.

According to him, these measures would help improve investor confidence in Nigeria’s property market.

He said professional valuation advice could play an important role in attracting more domestic and international investment.

Ebiai also urged estate surveyors and valuers to view continuous professional development as more than a regulatory requirement.

He said ongoing training should help professionals gain new skills and improve the quality of advice they provide.

Kaduna NIESV seeks stronger professional standards

The Chairman of the NIESV Kaduna State Branch, Ishaq Ayodele Bello, said economic uncertainty was changing the role of estate surveyors and valuers.

He said practitioners must now combine technical valuation skills with fiscal analysis, market intelligence and economic forecasting.

Bello said institutional investors needed professionals who could understand both opportunities and risks.

He also stressed the importance of professional standards in attracting investment into Nigeria’s real estate sector.

According to him, investors need confidence and transparency. Institutions also need consistent and reliable information.

Bello urged Nigerian practitioners to measure their work against international best practices. He also stressed the need to remain familiar with local market conditions.

Implications for Nigeria’s housing market

The discussions at the seminar highlight the growing link between fiscal policy and real estate performance.

Taxes, interest rates, development charges and infrastructure decisions can affect the cost of housing and property investment.

For developers, better understanding of these risks can support stronger investment decisions. For lenders and investors, reliable valuation advice can provide a clearer view of potential returns and risks.

The 2026 MCPD seminar brought together NIESV officials, estate surveyors and valuers, resource persons, business stakeholders and other professionals.

The event provided a platform to examine taxation, fiscal policy, technology, investment risk and other issues affecting institutional real estate in Nigeria.

As the property market faces changing economic conditions, NIESV’s message is clear: valuation practice must increasingly combine accurate property assessment with economic analysis, risk management and professional judgement.

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The Federal Government of Nigeria has accessed the initial $1.5 billion tranche of its $5 billion structured financing facility from First Abu Dhabi Bank, the largest lender in the United Arab Emirates. This execution moves forward despite strong structural reservations from international financial bodies regarding unconventional borrowing models. The capital injection comes from a Total Return Swap arrangement approved by the National Assembly on March 31, 2026, intended to fortify the national budget, fund priority infrastructure, and restructure existing high-interest debt obligations.

Amid rising borrowing costs in traditional international bond markets, the transaction offers Nigeria critical dollar liquidity. Under the agreed terms, the country must provide naira-denominated government bonds as collateral, covering approximately 133 percent of the borrowed sum. In exchange, the Abu Dhabi-based financial institution delivers immediate foreign exchange to help the West African nation manage revenue constraints and alleviate persistent currency pressures without issuing standard Eurobonds.

However, the international financial community has expressed deep caution over the arrangement. The International Monetary Fund and global rating agencies like Fitch have flagged risks associated with these complex derivative instruments, citing a lack of structural transparency and the potential for creating undocumented fiscal liabilities. Despite these warnings, state authorities maintain that the facility serves as a competitive and practical mechanism to secure necessary foreign capital during an era of elevated global interest rates.

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The International Monetary Fund (IMF) has reported that poverty in Nigeria has risen to 63 per cent of the population despite improvements in macroeconomic stability driven by ongoing economic reforms.

The disclosure was contained in the IMF’s 2026 Article IV Consultation Report, which acknowledged progress made under the administration of President Bola Ahmed Tinubu while highlighting persistent challenges facing millions of Nigerians.

According to the report, an estimated 27 million Nigerians experienced food insecurity in the latter part of 2025, underscoring the social impact of rising living costs and economic adjustments.

The IMF noted that reforms including the removal of fuel subsidies, foreign exchange market liberalisation, fiscal discipline measures and the end of deficit monetisation have strengthened Nigeria’s macroeconomic position and improved investor confidence.

The report showed that Nigeria’s gross international reserves increased to $46 billion in 2025 from $40 billion recorded at the end of 2024, while net reserves rose significantly from $23 billion to $35 billion within the same period.

The Fund also observed that the foreign exchange market has become more stable, with the parallel market premium remaining below five per cent, while sovereign bond spreads have remained broadly stable despite global economic uncertainties.

The IMF projected that Nigeria’s economy would grow by 4.0 per cent in 2025 and 4.1 per cent in 2026, citing improvements in the banking sector, ongoing bank recapitalisation efforts and the country’s removal from the Financial Action Task Force (FATF) grey list.

Despite these gains, the Fund warned that inflationary pressures remain a concern. Inflation, which had declined for over a year, rose to 15.4 per cent year-on-year in March 2026, driven largely by increases in global fuel, food and fertiliser prices.

The report also revealed that Nigeria’s consolidated fiscal deficit widened to 4.4 per cent of Gross Domestic Product (GDP) in 2025 as oil revenues fell below government projections.

“Higher global prices of fuel, food and fertilisers continue to exert pressure on households and could worsen poverty and food insecurity,” the IMF stated.

The Fund identified volatility in global commodity markets and domestic security challenges as major risks to Nigeria’s economic outlook.

Executive Directors of the IMF commended Nigerian authorities for maintaining macroeconomic stability but urged the government to expand social protection programmes and strengthen support for vulnerable households.

The IMF also recommended a neutral fiscal stance in 2026, improved fiscal transparency, expanded cash transfer programmes and continued reforms in public financial management.

Additionally, the Fund advised the Central Bank of Nigeria to maintain a tight monetary policy stance until inflation is brought under control and to continue efforts toward an inflation-targeting framework.

Responding to the report, the Federal Government welcomed the IMF assessment, describing it as independent validation of its reform agenda and economic management strategy.

The government highlighted a nearly 10 per cent growth in per capita income in 2025 and pointed to ongoing interventions such as cash transfer programmes, student loans, consumer credit initiatives, healthcare investments and agricultural development schemes.

Special Adviser to the President on Revenue, Taiwo Oyedele, said the administration was implementing measures to strengthen fiscal reporting, improve budget transparency and enhance public financial management systems.

The Federal Government also expressed optimism that improved crude oil production, domestic refining capacity and expanded gas exports would boost revenue generation and strengthen foreign exchange earnings.

While acknowledging the progress recorded in macroeconomic indicators, analysts said the report highlights a major policy challenge for the government: ensuring that economic reforms translate into tangible improvements in living standards and reduced poverty for millions of Nigerians.

The IMF maintained that sustained reforms, stronger social protection measures and inclusive growth policies would be essential to ensuring that economic gains are widely shared across the population.

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The International Monetary Fund (IMF) has advised Nigeria to reconsider a proposed $5 billion financing arrangement with First Abu Dhabi Bank of the United Arab Emirates, warning that the transaction could expose the country to financial and transparency risks.

The caution was issued by the IMF Resident Representative in Nigeria, Christian Ebeke, who described the proposed financing structure as a complex derivatives-based instrument that may be difficult to assess due to limited transparency.

Speaking with journalists on Tuesday, Ebeke said similar transactions reviewed by the IMF in other countries often contained opaque terms, making it challenging to accurately evaluate the risks and long-term implications.

“Our view is that transactions in these types of structures carry risks. Usually they are opaque, so the terms are not always very transparent when we review these instruments across countries,” he said.

The IMF official urged the Federal Government to explore alternative financing options, including Eurobond issuances and concessional loans, rather than relying on derivative-backed funding arrangements.

The warning comes after the National Assembly approved President Bola Ahmed Tinubu’s request to secure $6 billion in external borrowing to support government spending and infrastructure development.

As part of the borrowing plan, the President sought legislative approval for a structured Total Return Swap (TRS) financing programme of up to $5 billion from First Abu Dhabi Bank.

According to Tinubu, the proposed funding is intended to support implementation of the 2026 budget, finance priority infrastructure projects and refinance existing domestic and external debt obligations.

The President also acknowledged that the additional borrowing would increase Nigeria’s public debt profile, which stood at approximately $110.3 billion, or N159.2 trillion, as of December 31, 2025.

The IMF’s intervention highlights growing concerns over the sustainability and transparency of public debt financing, particularly as developing economies seek alternative funding sources amid global economic uncertainties.

Analysts note that while structured financing arrangements can provide quick access to capital, they often require careful scrutiny to ensure they do not create hidden liabilities or expose countries to excessive financial risks.

The Federal Government has yet to officially respond to the IMF’s concerns regarding the proposed transaction.

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Enugu State has recorded a strong fiscal performance in the first quarter of 2026, generating a total revenue of N101.8 billion.

According to a First Quarter Budget Performance Report, the state also posted N43.9 billion in internally generated revenue (IGR), reflecting improved revenue mobilisation and growing fiscal independence.

The revenue growth was driven by a mix of IGR expansion and allocations from the Federation Account, which contributed N57.86 billion during the period.

Revenue Structure Signals Fiscal Stability

The data shows that IGR accounted for about 43 percent of total inflows, a sign that the state is gradually reducing reliance on federal allocations.

This shift is critical for long-term economic resilience, especially as subnational governments face increasing fiscal pressures.

Capital Spending Drives Development Push

The report highlights a strong emphasis on capital expenditure, with N31.37 billion committed to infrastructure, education, and healthcare.

This indicates a deliberate strategy to convert rising revenues into tangible development outcomes.

Breakdown of key expenditures includes:

• Ministry of Works and Infrastructure – N23.93 billion
• Office of the Accountant General – N5.33 billion
• State Universal Basic Education Board – N4.55 billion
• Office of the Head of Service – N3.34 billion
• Primary Healthcare Development Agency – N1.79 billion

Meanwhile, personnel costs stood at N12.69 billion, while overhead and other recurrent expenses remained relatively controlled at N1.52 billion and N3.32 billion respectively.

Balanced Spending Profile Emerges

The figures suggest that Enugu is maintaining a moderate recurrent expenditure structure while prioritising investment in productive sectors.

This balance is often seen as a key indicator of prudent fiscal management at the state level.

Ambitious Revenue Targets Underway

Governor Peter Mbah has previously set an ambitious IGR target of N870 billion for 2026.

The administration projects rapid growth, citing an increase from under N30 billion in 2023 to over N180 billion in 2024, with expectations of hitting N400 billion by the end of 2025.

The 2026 budget reflects a 66.5 percent increase compared to the previous fiscal year, underscoring the government’s aggressive economic expansion strategy.

Debt and Growth Context

Despite strong revenue performance, the state’s rising debt profile remains part of the broader fiscal picture.

In 2025, Enugu’s debt rose to N157.60 billion, indicating increased borrowing to fund infrastructure and social investments.

While this aligns with the state’s development agenda, it also highlights the need for sustained revenue growth to maintain fiscal sustainability.

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The outgoing Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed gratitude to President Bola Ahmed Tinubu as he prepares to step down from office on Thursday.

In a statement marking the end of his tenure, Edun described his service in the administration as a privilege, noting that he played a significant role in shaping and implementing key economic reforms since May 2023.

He explained that his journey in the administration began as head of the Presidential Transition Committee, followed by his appointment as Special Adviser on Monetary Policy before becoming Finance Minister.

According to him, the administration assumed office at a time of severe economic challenges but worked collectively across government to stabilise the economy and lay the foundation for long-term growth.

“We have worked collectively across government to advance critical reforms that stabilised the macroeconomic environment, strengthened fiscal sustainability, and laid the foundation for inclusive and long-term growth,” Edun stated.

He noted that the impact of the reforms is beginning to show, with economic growth rising from about 2 per cent to over 4 per cent, while inflation has declined significantly from earlier highs.

Edun attributed the improvements to coordinated policy measures and renewed investor confidence, adding that progress was driven by collaboration among members of the Federal Executive Council, state governments, and private sector partners.

He also acknowledged the support of both local and international stakeholders, describing economic reform as a continuous process that requires sustained effort.

“I am proud of what we achieved alongside colleagues in government and our partners, whose work continues to support the nation’s economic transformation,” he said.

While expressing confidence in Nigeria’s economic direction, Edun wished his successor success in continuing efforts to improve the country’s economic outlook.

He added that he remains committed to contributing to national development beyond his time in office.

His exit follows recent changes in the Federal Executive Council, as the administration continues to reposition key economic ministries.

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The Federal Government has dismissed claims that funds from the federation account are being diverted, insisting that deductions by the Federation Account Allocation Committee (FAAC) are legitimate and properly accounted for.

In a statement, the Minister of State for Finance, Taiwo Oyedele, said recent interpretations of the World Bank Nigeria Development Update were misleading.

According to him, some reports wrongly described FAAC deductions as “leakages” or hidden spending, contrary to the World Bank’s actual findings.

“The interpretations misrepresent the World Bank’s analysis and reflect a misunderstanding of Nigeria’s fiscal system,” the ministry stated.

The government explained that the deductions referenced in the report cover statutory transfers, savings, security expenditures, cost-of-collection charges, and refunds to Ministries, Departments and Agencies.

It stressed that these are legitimate fiscal obligations, including allocations to subnational governments, and should not be classified as missing funds.

The ministry also faulted what it described as selective reporting, noting that positive aspects of the World Bank report were largely ignored.

According to the government, the World Bank acknowledged that recent reforms would enhance transparency and increase revenue available to all tiers of government.

The ministry highlighted that new fiscal measures introduced in 2026, including an executive order to improve petroleum revenue remittance, are already addressing concerns around deductions.

It added that the reforms are expected to boost distributable revenue by about 0.4 per cent of GDP annually.

Beyond revenue concerns, the government said the report pointed to broader economic improvements, including declining inflation, stronger external reserves, and a current account surplus.

It also noted an improvement in Nigeria’s debt indicators, with a reduction in the debt-to-GDP ratio recorded for the first time in over a decade.

The Federal Government maintained that the World Bank’s overall conclusion was positive, emphasising that ongoing reforms are yielding results and should be sustained.

It reiterated its commitment to strengthening fiscal transparency, improving revenue mobilisation, and ensuring efficient public spending.

The ministry urged stakeholders and the media to interpret fiscal data responsibly to avoid undermining public confidence in ongoing economic reforms.

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The Federal Government has ruled out plans to seek financial support from the International Monetary Fund, despite the institution’s proposed $50 billion support package for struggling African economies.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this position clear during a press briefing at the ongoing World Bank/IMF Spring Meetings in Washington, D.C.

Edun stated that Nigeria has no intention, for now, to approach the IMF for additional borrowing, stressing the government’s commitment to managing its economic challenges independently.

“Nigeria has no plan at the moment to approach the IMF for any such burden,” he said.

His comments come shortly after IMF Managing Director, Kristalina Georgieva, disclosed that the global lender is preparing between $20 billion and $50 billion in financial support for countries facing economic strain, particularly in Sub-Saharan Africa.

Georgieva had advised nations under economic pressure to act swiftly when seeking financial assistance, warning that delays could worsen macroeconomic conditions.

While Nigeria is not seeking direct funding, Edun acknowledged that African economies are currently facing heightened vulnerabilities, especially due to global disruptions linked to the Middle East crisis.

According to him, many African countries—particularly oil-importing nations—are disproportionately affected by rising global tensions, which threaten macroeconomic stability, job creation, and poverty reduction efforts.

He noted that these countries require additional support, even though they are not directly responsible for the external shocks impacting their economies.

The IMF chief also highlighted the broader global implications of the crisis, warning that ongoing conflicts and supply chain disruptions could weaken global economic growth.

She projected that global growth could decline from 3.4 percent last year to 2.1 percent in 2026, with a worst-case scenario of 2 percent if current pressures persist.

Georgieva further explained that higher oil prices and disrupted trade routes are already driving inflation and slowing economic expansion worldwide.

Despite these concerns, she revealed that African finance ministers and central bank governors have so far prioritised policy guidance over immediate financial assistance during discussions with the IMF.

Experts say Nigeria’s decision to avoid additional IMF borrowing may reflect concerns over rising debt levels and the conditions often attached to such loans.

The Federal Government has instead continued to focus on fiscal reforms, revenue generation, and economic policies aimed at stabilising the economy without increasing external debt exposure.

The development underscores Nigeria’s cautious approach to borrowing, even as global economic uncertainties continue to mount.

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President Bola Ahmed Tinubu has signed the ₦68.32 trillion 2026 Appropriation Bill into law, setting Nigeria’s fiscal direction for the year while extending the lifespan of the 2025 capital budget.

The newly approved budget, which took effect from April 1, prioritises economic stability, infrastructure development, national security, and inclusive growth.

According to details released by the State House, ₦4.799 trillion has been allocated for statutory transfers, while ₦15.8 trillion will go toward debt servicing. Recurrent expenditure stands at ₦15.4 trillion.

A significant ₦32.2 trillion—nearly half of the total budget—has been earmarked for capital expenditure through the Development Fund, signalling the government’s push to accelerate infrastructure projects and stimulate productivity across key sectors.

In addition, the President approved an amendment extending the implementation period of the 2025 budget’s capital component from March 31 to June 30, 2026.

The extension is expected to give Ministries, Departments, and Agencies (MDAs) more time to complete ongoing projects that are already at advanced stages, ensuring better utilisation of public funds and improved project delivery.

Officials said the move would enhance completion rates and maximise value for money, particularly in critical infrastructure and development projects nationwide.

With the 2026 budget now in force, the Federal Government is set to commence full implementation in line with its Renewed Hope Agenda.

Tinubu has directed all MDAs to adhere strictly to fiscal discipline, transparency, and efficiency in the use of allocated resources, with emphasis on timely execution and accountability.

He also commended the National Assembly for its cooperation in the swift passage of the budget, highlighting the importance of synergy between the executive and legislative arms in driving national development.

The President further assured Nigerians of his administration’s commitment to strengthening fiscal reforms, boosting revenue generation, and prioritising investments that will drive economic growth, create jobs, and enhance social protection.

The development marks a key milestone in Nigeria’s fiscal planning cycle as the government seeks to balance rising expenditure demands with long-term economic stability.

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