Senate to Prioritize Tax Reform Bills Post-Sallah and Easter Break

The Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), has announced that the Senate will give top priority to the Tax Reform Bills 2024 as soon as it reconvenes after the Sallah and Easter holidays. Speaking during an empowerment program in Ado Ekiti, Ekiti State, Bamidele emphasized that the upper chamber would promptly address the bills to ensure swift legislative progress.

During the event, Bamidele also provided updates on the ongoing review of the 1999 Constitution, emphasizing that the revision process is proceeding smoothly. He stated that the ultimate goal is to establish a more efficient and responsive governance system for the nation.

Reflecting on the Senate’s activities since its inauguration on June 13, 2023, Bamidele outlined the legislative strides aimed at reinforcing democracy and stabilizing the economy. He noted that the Senate remains committed to enhancing the country’s economic framework through targeted legislative interventions.

Regarding the Tax Reform Bills 2024, Bamidele described them as pivotal to reshaping Nigeria’s fiscal landscape. The proposed reforms include complete tax relief for individuals earning ₦1,000,000 or less annually and tax exemptions for small businesses with capital not exceeding ₦50 million. Additionally, essential services such as food, education, healthcare, and transportation will be exempt from Value Added Tax (VAT).

The tax reform package also proposes a gradual tax rate adjustment, setting the rate at 27.5% for 2025 and 25% for 2026. Bamidele highlighted that these rates remain competitive when compared to other African nations such as South Africa (27%) and Kenya (30%).

Bamidele assured Nigerians that the House of Representatives has already passed the bills and that the Senate would address any concerns raised by the public during the review process. He also reaffirmed the Senate’s commitment to fostering foreign direct investment to strengthen the nation’s foreign exchange earnings and support macroeconomic stability.

Additionally, Bamidele reiterated the Senate’s dedication to completing the constitutional review process without bias, with the aim of creating governance structures that are inclusive and efficient.