The Senate will prioritize the passage of the Tax Reform Bills 2024 once it reconvenes after the Sallah and Easter holidays, Senate Leader Opeyemi Bamidele has said.
Bamidele, who represents Ekiti Central under the All Progressives Congress assured Nigerians that the upper legislative chamber would take swift action on the bills upon resumption.
Speaking during an empowerment programme in Ado Ekiti on Thursday, Bamidele also provided updates on the ongoing review of the 1999 Constitution, stating that the process was progressing smoothly.
He emphasized that the constitutional review aims 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 efforts since its inauguration on June 13, 2023.
He noted that the chamber had been focused on strengthening democracy and stabilizing the economy.
“The urgent need to strengthen our economy is clear,” he said, highlighting the Senate’s efforts to develop legal frameworks for fiscal and monetary stability, enhance security, curb inflation, and improve governance structures.
Bamidele described the Tax Reform Bills 2024 as “game changers” for Nigeria’s fiscal landscape, designed 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, which include a 27.5% tax in 2025 and a 25% rate in 2026.
He pointed out that these rates are lower than those in South Africa (27%) and Kenya (30%), according to development data.
Bamidele assured Nigerians that the House of Representatives had already passed the bills and that the Senate would address any concerns from the public before final approval.
Reaffirming the Senate’s commitment to constitutional review, he stressed that the goal is to ensure a governance system that serves all Nigerians, regardless of political affiliation, ethnicity, or religion.
He further noted that the Senate was actively working to attract foreign direct investment, which he said would help improve foreign exchange earnings and stabilize the macroeconomic environment.
