There are indications that the Senate upon resumption for plenary towards the end of April 2025, will consider the tax reform bills aimed at harmonising the country’s tax laws.
Leader of the Senate, Senator Opeyemi Michael Bamidele (APC, Ekiti Central) on Thursday in Ado Ekiti said the Red Chamber has planned to look into all issues of public concern relating to the Tax Reform Bills, 2024.
According to Opeyemi, the review of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) is still on course, saying the process will lead to a more efficient and responsive governance system when concluded.
The lawmaker disclosed this during an empowerment programme that benefited no fewer than 5,000 of his constituents across five local government areas in Ekiti Central, also reflected on legislative interventions made by the Senate since its inauguration on June 13, 2023 to ensure the sustainability of the country’s democracy and the stability of her economy.
At the programme are Ekiti State Governor, Mr. Biodun Oyebanji; Deputy Governor of Ekiti State, Chief Christianah Afuye, Speaker Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye and Ewi of Ado-Ekiti, Oba Rufus Adejugbe (Aladesanmi III), among others.
Bamidele, persuaded by the urgent need to strengthen the country’s economy, noted that the upper chamber had focused mainly on the development of legal frameworks “to stabilise the fiscal and monetary spaces; prioritise security; address consumer price inflation and create more functional governance structures.”
He pointed out the prominent roles he had played in the formulation and prioritisation of several significant legislative initiatives, which according to him, included the introduction of the Tax Reform Bills 2024.
He explained that the tax reform bills “are game changers that will redefine and transform our country’s fiscal environment significantly. When enacted, the bills will address inequality and injustice that characterise our tax system.”
Under the proposed tax regime, Bamidele noted that the employees earning ₦1,000,000 or below per annum “will be completely relieved of tax burden. Besides, all businesses with ₦50 million capital or below will now enjoy tax exemptions. Value Added Tax will no longer be placed on exports and essential consumptions by the masses.
“The essential goods and services include food items, education, transportation and medical treatment, among others. The bills further propose 27.5% in 2025 and 25% in 2026, which according to development data, is conservative compared to 27% in South Africa and 30% in Kenya.
“The House of Representatives has successfully passed the Tax Reform Bills 2024. The Senate is looking into all areas of public concern. When we resume plenary after the Eid and Easter holidays, the Senate will consider the bills again; resolve all areas that Nigerians have expressed concerns and pass the bills purely in the national interest.”
Bamidele, also, stressed that the resolve of the National Assembly to review the Constitution of the Federal Republic of Nigeria, 1999 (as amended), saying the parliament never relented effort in recrafting the country’s grundnorm.
He noted that the rationale behind the amendment, which according to him, was designed to evolve “a more efficient and responsive governance system that will serve the interests of all regardless of political bias, ethnicity or religious affiliation.
“The Senate will continue to provide the legal and regulatory environment that will incentivise foreign direct investments. We are convinced that this initiative will not only positively impact our foreign exchange earnings, but also stabilise the macro-economic landscape.
“The initiative will, no doubt, boost the country’s revenue generation; improve the living conditions of the people and increase the country’s gross domestic product (GDP), Bamidele assured constituents and Nigerians at large.
He added that the efforts were exemplified in the amendment of the National Social Investment Programme Agency (Establishment) Act, 2024 “to establish an effective and accountable structure for service delivery, and adequate coordination among relevant agencies of government.
“The Act now guarantees the sustainability of the NSIP as a valuable tool for poverty alleviation in Nigeria. We have provided necessary legislative frameworks and strengthened public institutions with capacities to deepen social equity and promote economic growth.
“The frameworks are also designed to foster environmental sustainability; encourage greater access to qualitative health care; discourage social dislocation; eliminate terrorism and insecurity and reduce the gap betweens the haves and the haves-not.
“In December 2024, the Senate passed the Investments and Securities (Repeal and Re-enactment) Bill, 2024. The bill, recently signed into law by President Bola Ahmed Tinubu, was reviewed to enhance the competitiveness of Nigeria’s securities market; address modern financial practices and regulate digital currencies and fintech companies.”
- Clarify Mystery Surrounding Your Academic Record, Atiku Tells President - June 24, 2025
- Afenifere Commends Tinubu Over Plans To Establish State Police - June 20, 2025
- Our Approach To Governance Has Endeared APC To Kogi People – Ododo - June 20, 2025