Senate to Consider Tax Reform Bills, Constitution Review After Eid, Easter — Bamidele

The Leader of the Senate, Senator Opeyemi Bamidele, has assured Nigerians that the Senate will give full consideration to the 2024 Tax Reform Bills immediately after the Eid and Easter holidays, following an ongoing review of public concerns regarding the proposed legislation.

Bamidele, who represents Ekiti Central Senatorial District, made this disclosure on Thursday during a constituency empowerment programme in Ado Ekiti, Ekiti State, where over 5,000 constituents across five local government areas benefitted. Ekiti State Governor, Biodun Oyebanji, and Deputy Governor, Christianah Afuye, were also present at the event.

Speaking at the programme, Bamidele described the tax reform bills as “game-changers” capable of transforming Nigeria’s fiscal environment and addressing economic inequalities.

“When enacted, the bills will address inequality and injustice in the current tax system. Employees earning N1 million or less annually will be exempted from taxation. Businesses with capital below N50 million will also benefit from tax exemptions, while VAT will no longer apply to exports and essential goods,” he stated.

He noted that the House of Representatives had already passed the bills, and the Senate was currently reviewing all related public concerns to ensure the final legislation serves national interests.

“Upon resumption of plenary, the Senate will revisit the bills, address public concerns, and ensure their passage aligns with the broader goal of fiscal justice,” he added.

Bamidele further reiterated the Senate’s commitment to amending the 1999 Constitution, noting that the ongoing review is aimed at creating a more inclusive, efficient, and responsive system of governance.

“Our objective is to establish governance structures that transcend political, ethnic, or religious boundaries. The review will ensure accountability, attract foreign direct investment, and stabilize the macroeconomic environment,” he said.

Highlighting key legislative achievements since the 10th National Assembly was inaugurated on June 13, 2023, Bamidele pointed to several reforms aimed at boosting economic growth, improving social welfare, and strengthening institutions.

These include the amendment of the National Social Investment Programme Agency (Establishment) Act, 2024, designed to ensure efficient service delivery and proper coordination among government agencies for poverty alleviation.

“This legislation guarantees the sustainability of the NSIP as a critical tool in reducing poverty. We’ve also developed legal frameworks to enhance social equity, environmental sustainability, access to healthcare, and national security,” he noted.

Bamidele also referenced the passage of the Investments and Securities (Repeal and Re-enactment) Bill, 2024, which was signed into law by President Bola Ahmed Tinubu. He explained that the bill strengthens Nigeria’s financial markets by regulating digital currencies, fintech companies, and addressing modern investment practices.

Additionally, the Senate amended the Nigeria Data Protection Act (Amendment) Act, 2023, requiring social media platforms and bloggers to establish physical offices in Nigeria.

“This amendment promotes transparency and accountability in the digital space, and reflects our broader goal to fortify Nigeria’s digital, economic, and educational frameworks,” Bamidele concluded.