Ado-Ekiti, Nigeria – The Leader of the Senate, Senator Opeyemi Bamidele, has assured Nigerians that the Senate will promptly review and consider the 2024 Tax Reform Bills following the Eid and Easter holidays. He further revealed that the ongoing review of Nigeria’s Constitution, 1999 (as amended), will result in a more efficient and responsive governance system once completed.
Senator Bamidele made these remarks on Thursday in Ado-Ekiti, Ekiti State, during an empowerment programme that benefited over 5,000 constituents from five local government areas in Ekiti Central. The event was attended by Ekiti State Governor, Biodun Oyebanji, Deputy Governor Christianah Afuye, and other notable figures.
In his address, Bamidele highlighted the Senate’s focus on addressing critical issues to strengthen Nigeria’s democracy and ensure economic stability. He noted that since the Senate’s inauguration in June 2023, it has prioritized initiatives aimed at stabilizing fiscal and monetary policies, enhancing security, and improving governance structures.
The Senate Leader described the proposed tax reforms as transformative, aiming to overhaul Nigeria’s tax system for greater fairness and efficiency. Under the proposed changes, employees earning N1 million or less annually will be exempt from taxes. Small businesses with a capital of N50 million or less will also enjoy tax exemptions. Additionally, Value Added Tax (VAT) will no longer apply to exports and essential goods consumed by the public.
Bamidele added that while the House of Representatives has already passed the Tax Reform Bills, the Senate is carefully reviewing the concerns raised by Nigerians and will address them before taking the final steps towards passing the legislation.
“The Senate will consider these bills when we reconvene after the holidays. We are committed to ensuring that the reforms serve the national interest,” Bamidele stated.
Regarding constitutional amendments, Bamidele reiterated the Senate’s ongoing efforts to amend the 1999 Constitution, emphasizing the importance of creating a governance framework that is efficient, inclusive, and responsive to the diverse needs of Nigerians, irrespective of political or ethnic affiliations.
The Senate Leader also touched on recent legislative successes, including the passage of the Investments and Securities (Repeal and Re-enactment) Bill, 2024, signed into law by President Bola Ahmed Tinubu. This bill enhances the competitiveness of Nigeria’s securities market and addresses emerging financial practices, including the regulation of digital currencies and fintech companies.
Bamidele further highlighted the amendment of the Nigeria Data Protection Act (Amendment) Act, 2023, which mandates social media platforms and bloggers to establish physical offices in Nigeria to promote accountability and transparency within the digital space.
Additionally, he commended the amendment of the National Social Investment Programme (NSIP) Act, 2024, aimed at ensuring effective service delivery and better coordination among government agencies in poverty alleviation efforts.
“These initiatives are crucial for strengthening the country’s governance structures, boosting foreign investments, and enhancing economic growth. We are committed to creating a legislative environment that promotes social equity, environmental sustainability, and improved public welfare,” Bamidele concluded.
The Senate Leader’s remarks underscore the National Assembly’s ongoing efforts to promote pro-people reforms that will drive Nigeria’s socio-economic development while ensuring that the country’s democratic institutions remain robust and responsive.
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