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The Leader of the Senate, Senator Opeyemi Bamidele, on Thursday assured that the Senate is looking into all issues of public concern relating to the Tax Reform Bills, 2024, which will be addressed immediately after the Eid-el-Fìtr and Easter holidays.
The lawmaker representing Ekiti Central also equally revealed that the review of the 1999 Constitution (as amended) is still on course, saying the process will lead to a more efficient and responsive governance system when concluded.
He made the clarification at an empowerment programme in Ado Ekiti, Ekiti State, for five local government areas in his constituency.
This was disclosed in a statement issued by his media team.
No fewer than 5,000 constituents were empowered with one caterpillar, 10 diesel engine tractors, 536 sewing machines, and 303 chest freezers, while about 1,900 persons received a grant of ₦100,000 each to boost their businesses.
In attendance were Ekiti State Governor Biodun Oyebanji, his deputy, Chief Christianah Afuye, and Speaker Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye and Ewi of Ado-Ekiti, Oba Rufus Adejugbe (Aladesanmi III) among others.
In his address, Bamidele extensively reflected on diverse legislative initiatives that the Senate had promoted since its inauguration on June 13, 2023, to ensure the sustainability of the country’s democracy and the stability of her economy.
The Senate Leader also discussed 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 said, “Under the proposed tax regime, employees earning ₦1,000,000 or below per annum will be completely relieved of tax burden. Besides, all businesses with ₦50m 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 per cent in 2025 and 25 per cent in 2026, which according to development data, is conservative compared to 27 per cent in South Africa and 30 per cent 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.”
Similarly, Bamidele disclosed the resolve of the National Assembly to review the Constitution of the Federal Republic of Nigeria, 1999 (as amended), saying the parliament never relented in its effort to recraft the country’s grundnorm.
The Senate leader explained 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 incentivize 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, Bamidele assured.
According to him, 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 Senator also explained that the Act now guarantees the sustainability of the NSIP as a valuable tool for poverty alleviation in Nigeria, adding that they have provided necessary legislative frameworks and strengthened public institutions with capacities to deepen economic growth.
He said, “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 between 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.
“The Senate also amended the Nigeria Data Protection Act (Amendment) Act, 2023 to mandate social media platforms and bloggers to establish physical offices in Nigeria. The amendment further aims at promoting accountability and transparency within the digital media space. This reflects our efforts to enhance Nigeria’s economic, educational and digital regulatory frameworks.”
Speaking at the event, Oyebanji disclosed that Ekiti State has significantly benefited from the request of President Bola Tinubu that the state should allow Bamidele to serve at the federal level.
The governor noted that the outcome of yielding to Tinubu’s request “is what the people of the state are currently benefiting right now considering the massive empowerment programmes and projects that Senator Bamidele has facilitated to the state.
He said, “I love the way and manner the beneficiaries were selected. Senator Bamidele is delivering the dividends of democracy to the people of the state on behalf of President Tinubu.
“We can now see the benefits. We can now see what Mr. President then saw. Whatever he is doing as a federal lawmaker, he is doing it on behalf of Mr President.”
