There are strong indications that as the federal government continues to tax everything possible, it has concluded plans to rely on Nigeria Insurance Industry Reform Act (NIIRA) 2025 to tax every landed property in the country and raise IGR therefrom.
Business Hilights gathered that under the new NIIRA 2025, “Landlords in Nigeria must now carry mandatory insurance policies for their properties, covering risks like fire, flood, and building collapse, as well as liabilities from injuries or death to occupants and third parties.
“Failure to comply can result in significant penalties, including fines of at least ₦1 million and/or up to 12 months in prison.
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“This reform is part of a broader effort to boost investor confidence and improve public safety in the real estate sector.
Analysts say the new property tax but veiled as insurance may generate well over N1tn for the government yearly.
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