The Senate will prioritise the passage of the Tax Reform Bills 2024 once it reconvenes after the Sallah and Easter holidays, Senate Leader Opeyemi Bamidele has announced.
Bamidele, representing Ekiti Central under the All Progressives Congress, assured Nigerians that the upper legislative chamber would act swiftly on the bills upon resumption.
Speaking during an empowerment programme in Ado Ekiti on Thursday, Bamidele also gave an update on the ongoing review of the 1999 Constitution, noting that the process was progressing smoothly.
He emphasised that the constitutional review seeks to establish a more efficient and responsive governance system for the country.
In a statement released by his Directorate of Media and Public Affairs, Bamidele reflected on the Senate’s legislative activities since its inauguration on June 13, 2023.
He remarked that the chamber has been focused on strengthening democracy and stabilising the economy.
“The urgent need to strengthen our economy is clear,” he stated, highlighting the Senate’s efforts to develop legal frameworks for fiscal and monetary stability, enhance security, curb inflation, and improve governance structures.
Describing the Tax Reform Bills 2024 as “game changers” for Nigeria’s fiscal landscape, Bamidele explained that the proposed measures aim to address inequalities in the current tax system.
According to him, under the proposed reforms, “Individuals earning ₦1,000,000 or below annually will be exempt from taxes while businesses with a capital base of ₦50 million or less will enjoy tax exemptions and essential goods and services, including food, education, transportation, and medical care, will no longer attract Value Added Tax.”
He also outlined the proposed tax rates, specifying a 27.5 per cent rate in 2025 and a 25 per cent rate in 2026.
Bamidele noted that these rates are comparatively lower than those in South Africa (27 per cent) and Kenya (30 per cent), according to development data.
He reassured Nigerians that the House of Representatives had already passed the bills, and the Senate would address any public concerns before giving final approval.
Reaffirming the Senate’s dedication to constitutional review, he stressed that the goal is to ensure a governance system that serves all Nigerians, irrespective of political affiliation, ethnicity, or religion.
He also pointed out that the Senate is actively working to attract foreign direct investment to boost foreign exchange earnings and stabilise the macroeconomic environment.
