Senate Leader Opeyemi Bamidele has affirmed that the National Assembly remains fully committed to amending the 1999 Constitution and enacting the Tax Reform Bills, 2024, which are currently under review.
He gave this assurance during an empowerment programme held in Ado Ekiti, Ekiti State, on Thursday, where over 5,000 constituents across five local government areas benefited.
Bamidele, who represents Ekiti Central, stated that the Senate will resume deliberations on the tax reform bills immediately after the Eid and Easter holidays. He emphasised that the bills are key to reshaping Nigeria’s fiscal structure and will be addressed in the best interest of the nation.
He highlighted that the constitutional amendment process is still ongoing, with the goal of creating a more efficient and inclusive governance system for all Nigerians, regardless of political, ethnic, or religious background.
Present at the event were Ekiti State Governor, Biodun Oyebanji, his deputy, Christianah Afuye, and other dignitaries.
Reflecting on the Senate’s legislative efforts since its inauguration on June 13, 2023, Bamidele noted that the chamber has prioritised laws aimed at economic stability, improved governance, and national security. He said the Tax Reform Bills are “game-changers” designed to address inequality within the tax system and improve the fiscal environment.
According to him, the proposed tax regime offers relief to low-income earners and small businesses. “Those earning N1 million or less annually will be exempt from taxes. Similarly, businesses with capital under N50 million will enjoy tax exemptions. VAT will no longer apply to exports and essential goods,” he said.
Bamidele noted that while the House of Representatives has passed the Tax Reform Bills, the Senate is still reviewing public feedback to ensure a fair and effective law is enacted.
He also pointed to other legislative efforts, such as the amendment of the National Social Investment Programme Agency (Establishment) Act, 2024. This, he said, was to ensure accountability, coordination among agencies, and long-term impact on poverty alleviation.
Additionally, he cited the passage of the Investments and Securities (Repeal and Re-enactment) Bill, 2024—now signed into law by President Bola Tinubu—which strengthens Nigeria’s capital markets and introduces regulation for digital currencies and fintech firms.
The Senate, Bamidele added, has also amended the Nigeria Data Protection Act to compel social media platforms and bloggers to maintain physical offices in Nigeria, thereby promoting accountability and transparency in the digital space.
“These legislative frameworks are designed not only to boost revenue and GDP but also to promote environmental sustainability, equitable healthcare access, social cohesion, and national security,” he said.
