The Senate Leader, Opeyemi Bamidele, has highlighted the significance of tax reforms as a cornerstone of the legislative agenda aimed at revitalizing Nigeria’s economy and fostering national progress.
In his Christmas message delivered on Wednesday, Senator Bamidele stressed the necessity of collective efforts to confront the nation’s challenges through innovative and impactful legislation.
Drawing inspiration from the teachings of Jesus Christ, he called for compassion and introspection during the festive season, encouraging Nigerians to embrace hope and play active roles in the country’s development.
He reaffirmed the 10th National Assembly’s commitment to crafting laws that support business growth, attract investments, and ease the economic hardships faced by citizens.
Central to his message was a robust defence of the Tax Reform Bills, 2024. He described the legislation as comprising four critical initiatives designed to improve Nigeria’s economic performance and address inequities.
“Employees earning below ₦1,000,000 annually (₦83,000 monthly) would be exempt from taxes. Start-ups, shared services, and technologically driven businesses would enjoy tax exemptions, and essential services and consumables would be excluded from Value Added Tax,” Senator Bamidele explained.
He added that the proposed reforms include a revised derivation formula to increase VAT allocations to states, ensuring a more equitable distribution of resources.
Citing data, Senator Bamidele outlined how states like Kano and Zamfara would benefit significantly, while high-revenue states like Lagos and Rivers would see reductions in their shares. This shift, he noted, was guided by fairness and equity.
“For instance,” he said, “under the new model, Kano is recommended to receive 6.17%, up from 0.89% currently. Zamfara’s share would rise to 1.21% from 0.05%. Conversely, Lagos would see a reduction from 80.26% to 15.28%, marking an 81% decrease. Rivers’ allocation would decline from 7.74% to 4.6%, a 41% decrease.”
Bamidele acknowledged public concerns about the proposals and assured Nigerians that their voices were being considered.
“Our duty, as democrats, is not just to listen to our constituents, but also to give effect to policy initiatives that will positively impact their lives,” he stated.
The Senate Leader emphasized that the reforms aim to generate revenue while adhering to the principles of justice and equity.
“As Christ, our Lord, has taught us and as the Parliament of the people, we shall never pursue any agenda outside our oath of allegiance or undertake policy initiatives that are adversarial to or conflicting with the interests and welfare of all our constituents and indeed our Fatherland,” he said.
Remarking, Bamidele extended warm wishes to Nigerians during the festive season, saying, “With all my heart, I wish you all happy celebrations in this season of deep reflection. Merry Christmas and Happy New Year in advance.”
