By Abubakar Yunusa
The Chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has announced the removal of stamp duty on rent up to a certain threshold to ease the financial burden on tenants.
Speaking at the 19th African International Housing Show in Abuja on Tuesday, Oyedele outlined policies aimed at making housing more affordable.
He said the exemption targets low- and middle-income tenants struggling with rising living costs.
The move is part of broader tax reforms designed to stimulate the real estate sector.
Oyedele emphasised that the policy would free up cash flow for tenants and landlords, fostering economic activity.
Additionally, rent and property transactions will be exempt from Value Added Tax (VAT), further reducing costs for Nigerians.
“The committee is also pushing for simplified land title processes to boost prosperity”.
Oyedele urged stakeholders to support the reforms, expressing hope for a growth-driven Nigeria by the next conference.
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