The Leader of the Senate , Senator Opeyemi Bamidele ( APC Ekiti Central) , declared in Ado Ekiti , Ekiti State on Thursday , that the Senate will pass the Tax reform bills for third reading on resumption from Eid – el – fitr and Easter holidays at the end of this month.
Bamidele who stated this at an empowerment programme for his constituents, added that the review of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) is still on course, saying the process will lead to a more efficient and responsive governance system when concluded.
Persuaded by the urgent need to strengthen the country’s economy, Bamidele observed that the upper chamber had focused mainly on the development of legal frameworks “to stabilise the fiscal and monetary spaces; prioritise security; address consumer price inflation and create more functional governance structures.”
Specifically, the senate leader pointed out prominent roles he had played in the formulation and prioritisation of several significant legislative initiatives, which according to him, included the introduction of the Tax Reform Bills 2024.
He said: ” he tax reform bills “are game changers that will redefine and transform our country’s fiscal environment significantly. When enacted, the bills will address inequality and injustice that characterise our tax system.
“Under the proposed tax regime, Bamidele noted that the employees earning ₦1,000,000 or below per annum “will be completely relieved of tax burden.
“Besides, all businesses with ₦50 million capital or below will now enjoy tax exemptions. Value Added Tax will no longer be placed on exports and essential consumptions by the masses.
“The essential goods and services include food items, education, transportation and medical treatment, among others.
“The bills further propose 27.5% in 2025 and 25% in 2026, which according to development data, is conservative compared to 27% in South Africa and 30% in Kenya.
“The House of Representatives has successfully passed the Tax Reform Bills 2024.
“The Senate is looking into all areas of public concern. When we resume plenary after the Eid and Easter holidays on the 29th of this month, the Senate will consider the bills again; resolve all areas that Nigerians have expressed concerns and pass the bills purely in the national interest.”
He also emphasised the resolve of the National Assembly to review the Constitution of the Federal Republic of Nigeria, 1999 (as amended), saying the parliament never relented effort in recrafting the country’s grundnorm.
The rationale behind the amendment according to him, was designed to evolve “a more efficient and responsive governance system that will serve the interests of all regardless of political bias, ethnicity or religious affiliation.
“The Senate will continue to provide the legal and regulatory environment that will incentivise foreign direct investments.
“We are convinced that this initiative will not only positively impact our foreign exchange earnings, but also stabilise the macro-economic landscape.
“The initiative will, no doubt, boost the country’s revenue generation; improve the living conditions of the people and increase the country’s gross domestic product (GDP),” he added.