Nigeria TV Info 

VAT Removed on Land, Buildings, Rent — Oyedele

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has clarified that Value Added Tax (VAT) will no longer apply to land transactions, sale of buildings, and rent payments under the proposed tax reform framework.

Oyedele explained that the move is aimed at reducing the cost burden on Nigerians, particularly low- and middle-income earners struggling with rising housing expenses. According to him, exempting land, property sales, and rent from VAT will make housing more affordable and stimulate growth in the real estate sector.

He noted that the reform is part of broader efforts by the Federal Government to simplify Nigeria’s tax system, eliminate multiple taxation, and encourage investment. Oyedele emphasized that housing is a basic necessity and should not be excessively taxed.

Stakeholders in the property sector have welcomed the development, saying it could lower overall transaction costs, boost construction activities, and increase access to accommodation nationwide. However, some analysts caution that clear implementation guidelines will be necessary to prevent revenue shortfalls and ensure transparency.

The committee assured Nigerians that the reforms are designed to balance revenue generation with economic growth and social protection.