On Thursday, Senate Leader, Senator Opeyemi Bamidele, reassured the public that the Senate is thoroughly reviewing all concerns regarding the Tax Reform Bills, 2024. He stated that these issues would be addressed promptly after the Eid-el-Fitr and Easter holidays. The lawmaker, who represents Ekiti Central, also affirmed that the ongoing review of the 1999 Constitution remains on track, aiming to create a more efficient and responsive governance system once completed.
According to a statement released by his media team, Senator Bamidele made these remarks during an empowerment event held in Ado Ekiti for the five local government areas in his constituency. At the event, over 5,000 constituents were empowered with various resources, including one caterpillar, 10 diesel engine tractors, 536 sewing machines, and 303 chest freezers. Additionally, about 1,900 individuals received ₦100,000 grants to support their businesses.
In attendance at the event were Ekiti State Governor Biodun Oyebanji, his deputy, Chief Christianah Afuye, the Speaker of the Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye, and the Ewi of Ado-Ekiti, Oba Rufus Adejugbe (Aladesanmi III), among others.
During his address, Bamidele elaborated on various legislative initiatives that the Senate has undertaken since its inauguration on June 13, 2023, with a focus on ensuring the country’s democracy and economic stability. He highlighted the significant role he has played in shaping and prioritizing key legislative actions, including the introduction of the Tax Reform Bills 2024.
Bamidele explained that the proposed tax system would exempt employees earning ₦1,000,000 or less annually from taxes. Furthermore, businesses with a capital of ₦50 million or less would also benefit from tax exemptions. Additionally, the bill proposes that essential goods and services, including food, education, transportation, and healthcare, would be exempt from Value Added Tax. The reform also suggests tax rates of 27.5% in 2025 and 25% in 2026, which Bamidele noted are conservative when compared to South Africa (27%) and Kenya (30%).
“The House of Representatives has already passed the Tax Reform Bills 2024. The Senate is reviewing all public concerns. Once we resume after the Eid and Easter holidays, we will reconsider the bills, address all concerns, and pass them in the national interest,” he said.
In addition, Bamidele reaffirmed the National Assembly’s commitment to amending the Constitution. He emphasized that the aim of the amendment is to create a governance system that is more efficient and responsive to the needs of all citizens, regardless of political affiliation, ethnicity, or religion.
“The Senate is committed to creating a legal and regulatory environment that attracts foreign direct investment, which will positively impact our foreign exchange earnings and stabilize the macro-economic landscape. This initiative will significantly boost the country’s revenue, improve living standards, and enhance Nigeria’s GDP,” Bamidele assured.
The Senator also discussed the recent amendment of the National Social Investment Programme (NSIP) Act, 2024, which aims to provide a more effective and accountable structure for service delivery and improve coordination among government agencies. He noted that the new framework ensures the sustainability of the NSIP as a tool for poverty alleviation and strengthens public institutions to promote economic growth.
He also highlighted other legislative measures, including the passage of the Investments and Securities (Repeal and Re-enactment) Bill, 2024, signed into law by President Bola Tinubu. The bill is designed to enhance the competitiveness of Nigeria’s securities market and regulate modern financial practices, including digital currencies and fintech companies. Additionally, the Senate amended the Nigeria Data Protection Act to require social media platforms and bloggers to establish physical offices in Nigeria, promoting accountability and transparency in the digital space.
Governor Oyebanji, speaking at the event, acknowledged the benefits Ekiti State has gained from President Bola Tinubu’s request for Senator Bamidele to serve at the federal level. He emphasized that the people of the state are now witnessing the positive results of this decision, especially in terms of empowerment programs and projects facilitated by Bamidele.
“The selection of beneficiaries was done in a fair and thoughtful manner. Senator Bamidele is delivering the dividends of democracy on behalf of President Tinubu. We can now see the tangible benefits of his work, and we understand why the President entrusted him with this role,” Governor Oyebanji concluded.