The Leader of the Senate, Senator Opeyemi Bamidele, has assured Nigerians that the Senate will give immediate attention to the Tax Reform Bills, 2024 once plenary resumes after the Eid and Easter holidays.
Addressing the gathering, Bamidele emphasized that the Senate is currently reviewing all public concerns related to the bills and reiterated the upper chamber’s commitment to delivering legislation that would redefine the nation’s fiscal environment.
He described the Tax Reform Bills as transformative laws capable of promoting economic justice and reducing inequality. Under the proposed reforms, he stated that employees earning N1,000,000 or less annually will be exempted from paying income tax, while businesses with capital below N50 million will also enjoy significant tax relief.
Additionally, he revealed that Value Added Tax (VAT) will no longer apply to exports and essential goods commonly consumed by the masses.
According to Bamidele, the House of Representatives has already passed the bills, and the Senate is diligently addressing areas of public interest to ensure that the final version reflects the will of the people. He assured that the bills will be considered and passed in the national interest once the Senate reconvenes.
Bamidele also revealed that the National Assembly’s ongoing review of the 1999 Constitution aims to create a more efficient and responsive governance system.
He stated that the constitutional amendment process is being pursued with the objective of ensuring that government institutions work for every Nigerian, regardless of political affiliation, ethnic background, or religious belief.
He highlighted the Senate’s legislative strides since the inauguration of the 10th Assembly on June 13, 2023. He said the Senate has prioritized laws aimed at stabilizing the economy, improving national security, curbing inflation, and strengthening governance.
As part of its broader economic reform agenda, Bamidele pointed out that the Senate passed the Investments and Securities (Repeal and Re-enactment) Bill, 2024, which was recently signed into law by President Bola Tinubu.
The law modernizes the regulatory framework for Nigeria’s capital markets, addresses contemporary financial practices, and introduces regulations for digital currencies and fintech operations.
In the area of social welfare, Bamidele cited the amendment of the National Social Investment Programme Agency (NSIPA) Act, which now establishes a more accountable and coordinated structure for delivering poverty alleviation programmes.
He said the updated law guarantees the long-term sustainability of the NSIP, enhances transparency, and improves service delivery to vulnerable Nigerians.
Further highlighting efforts in digital regulation, Bamidele explained that the Senate also amended the Nigeria Data Protection Act to compel social media platforms and digital content creators, including bloggers, to maintain physical offices in Nigeria.
The move, according to him, is intended to promote accountability, regulate digital media activities, and protect the rights of Nigerian users.
He concluded by stressing that the National Assembly remains focused on creating a legislative environment that supports foreign direct investment, improves the country’s macroeconomic stability, and fosters inclusive development.
Present at the empowerment programme were the Governor of Ekiti State, Biodun Oyebanji; the Deputy Governor, Christianah Afuye; and several political and community leaders who commended Bamidele’s ongoing efforts to empower his constituents and strengthen legislative governance in Nigeria.