Leader of the Senate, Senator Opeyemi Bamidele, has assured Nigerians that the upper chamber of the National Assembly will give urgent attention to the Tax Reform Bills 2024 immediately after the Eid and Easter holidays.
Speaking during an empowerment programme in Ado-Ekiti on Thursday, Bamidele, who represents Ekiti Central Senatorial District, said the Senate is already reviewing all public concerns raised over the proposed bills. He described the reforms as crucial to reshaping Nigeria’s fiscal environment and addressing the inequalities within the current tax system.
According to him, the bills—already passed by the House of Representatives—will offer tax reliefs to low-income earners and small businesses. Under the proposed regime, individuals earning N1 million or less annually will be exempted from tax, while businesses with capital below N50 million will also enjoy tax holidays. Furthermore, Value Added Tax (VAT) will be removed from essential goods and services such as food, education, transportation, and healthcare.
Bamidele noted that the bills propose a corporate tax rate of 27.5% in 2025 and 25% in 2026—figures he described as modest when compared to South Africa’s 27% and Kenya’s 30%.
He also reiterated the National Assembly’s commitment to the ongoing review of the 1999 Constitution, aiming to establish a more efficient, inclusive, and responsive system of governance.
“The constitutional amendment will ensure a governance system that works for all Nigerians, regardless of political, ethnic, or religious background,” Bamidele said.
Highlighting other legislative efforts, Bamidele mentioned the passage of the amended National Social Investment Programme Agency (Establishment) Act, 2024, which seeks to strengthen poverty alleviation structures. He also cited the passage of the Investments and Securities Bill and the Nigeria Data Protection Act Amendment, which now requires social media platforms and bloggers to maintain physical offices in Nigeria to ensure accountability and transparency.
The Senate leader explained that these legislative actions are designed to promote economic growth, social equity, environmental sustainability, and national security.
At the empowerment programme, over 5,000 constituents from five local government areas in Ekiti Central received various items and financial support. These included 10 diesel engine tractors, a caterpillar tractor, 536 sewing machines, 303 chest freezers, and grants of N100,000 each to 1,900 small business owners. Also distributed were educational materials like 40,000 notebooks, 10,000 school bags, 1,000 calculators, and 1,000 math sets.
To support transportation and agriculture, 180 motorcycles, 165 tricycles, 20 mini-buses, 146 organic liquid fertilizers, 57 corn seeders, and 10 engine tractors were handed over to beneficiaries.
Governor Biodun Oyebanji, who was present at the event alongside other dignitaries including Deputy Governor Chief Christianah Afuye and the Ewi of Ado-Ekiti, Oba Rufus Adejugbe, praised Senator Bamidele’s impact.
He said Ekiti State has greatly benefited from President Bola Tinubu’s decision to have Bamidele serve at the federal level.
“This is what Mr. President foresaw. Senator Bamidele is delivering the dividends of democracy on behalf of President Tinubu, and the people of Ekiti are reaping the rewards,” the governor said.
