The Nigerian Institution of Estate Surveyors and Valuers has called on governments at all levels to prioritise credible asset valuation in all economic policy decisions, especially in the ongoing tax reform agenda.

In a statement to mark the 2025 International Valuation Day, themed “Tax Reform for National Economic Prosperity: Why Valuation Matters,” the President and Chairman of NIESV Council, Victor Alonge, stressed that accurate valuation was the bedrock of fair and effective taxation, warning that without credible data on asset worth, tax policies risk being arbitrary and unjust, undermining government revenue and public trust.

He urged, “Both federal and state governments to fully integrate valuation professionals in policy planning, procurement, and taxation processes, warning that giving valuation contracts to unqualified persons is illegal and detrimental.

“Valuation is a technical and regulated service. It is the sole prerogative of trained Estate Surveyors and Valuers under the law.”

He added that Nigeria’s development goals cannot be achieved without accurate valuation of national assets, stressing that many public assets remain undervalued or completely unaccounted for.

“Before tax is imposed on any asset, its true and fair value must be determined through proper valuation. That is the only way to ensure fairness and transparency,” Alonge said.

Alonge emphasised that valuation was not just about real estate, but also applied to businesses, intangible assets, financial instruments, and public infrastructure.

He noted that valuation in line with International Valuation Standards builds investor confidence, supports sound financial decisions, and drives economic stability.