By Opeyemi Bamidele
We have reached the end of 2025, a truly defining year marked by far-reaching reforms that crisscrossed nearly all strategic sectors of our economy.
The Senate, indeed the National Assembly, has collaborated with other arms of government to effect the reforms without any prejudice to our constitutionally guaranteed independence.
In the 2025 financial year, we have achieved significant progress by enacting a new tax regime, ending the culture of multiple budgets, working with key stakeholders to review the 1999 Constitution, and recalibrating our electoral regime to be more credible and transparent.
The enactment of the 2025 Tax Reforms Act is the most consequential of all these reforms. Its core intention is to introduce a cohesive tax regime that, from January 1, 2026, will end the era of multiple taxation and improve the lives of the citizenry, especially those at the lowest rung of our national economy.
The Act, duly enacted after multi-levelled consultation with stakeholders across business, political and social interests, does not represent the gloomy picture the opposition forces are painting. Instead, it is a progressively structured response that will address the fiscal and liquidity crises that have long undermined our development aspirations. As with the removal of the petroleum subsidy, Nigerians will soon begin to reap the benefits of the tax reforms.
I appeal to all my compatriots to accept the realistic and foreseeable projections for the new tax obligations that will take effect tomorrow. Rather than taking a cursory look at its details, Nigerians across all socio-economic strata have a duty to study the Tax Reforms Act and be adequately informed about what it intends to achieve, especially as Nigeria aspires to catch up with the rest of the world in modern tax administration.
For us at the National Assembly, we again reaffirm our commitment to nation-building and unalloyed support for the people-centred initiatives driven by the “Renewed Hope Agenda” of President Bola Ahmed Tinubu, GCFR.
Away from the rubber-stamp narrative, in 2026 and beyond, the Senate will not shirk its responsibilities to guide and offer necessary advice to other arms of government, in line with the principle of checks and balances and in the overall interest of our nation and its people.
The new tax law was not intended to inflict economic hardship on ordinary people, as it has been misconstrued in the public space. Rather, it aims to allocate more resources to governments at all levels to deliver strategic infrastructure that will translate into economic prosperity for generations to come.
Nigerians will recall that it took the current National Assembly several months of painstaking scrutiny and late-night meetings to pass the proposed tax reform bills.
The import of this is that our dual objectives of ensuring that the interests of ordinary Nigerians are adequately protected and that Nigeria is not lagging in modern tax administration were ultimately achieved at the end of the exercise. Rather than falling hook, line, and sinker for the deliberate misinformation being peddled by the opposition about the new reforms, I urge every Nigerian to get adequately informed about their ambitious goals and the advantages they offer for our collective good, aiming to take more from the rich to cater for the poor in our midst.
We are also committed to delivering a people-centric constitution that establishes a progressive governance structure for Nigerians. The review of the 1999 Constitution is already at an advanced stage. We are poised to transmit all the proposals to the State Houses of Assembly for consideration.
Before the first half of 2026 ends, we should be able to conclude the constitution review that will devolve more functional powers to the sub-national governments. However, this depends on the state legislatures’ decisions to approve all the proposals.
Also, the Electoral Act (Amendment) Bill, 2025, is at the final stage. The proposal was painstakingly designed to enhance the credibility and transparency of the country’s electoral process. When it becomes effective, the proposed legislation will address the prevailing realities that characterise our political environment.
As soon as we resume plenary in January 2026, we will fast-track the process and transmit it to His Excellency Bola Ahmed Tinubu, GCFR, the President and Commander-in-Chief of the Armed Forces, for presidential assent.
Likewise, the National Security Summit is at its peak. We have concluded public hearings in the country’s six geopolitical zones. Stakeholders, at different levels, have made significant recommendations.
In the first quarter of 2026, the Summit will be held in Abuja as part of oversight obligations to deepen national security by ensuring internal stability across the federation. The outcome of the Summit will complement the federal government’s existing response strategy and the ongoing collaboration with our global partners to combat violent extremism that endangers our peaceful coexistence.
To conclude, the 2026 Appropriation Bill is now at the committee stage. It is our foremost priority, given its significance to our collective well-being. Despite the festive mood, committees are working on the bill day and night. By January 27, the National Assembly will reconvene to deliberate on the outcome of the budget defence, if no contingency arises.
Dear compatriots, we have initiated several far-reaching reforms in the overall interests of all. We are now on the path of economic recovery, which will begin to manifest in the New Year.
As we await the benefits of our reforms, I encourage you all to join forces with the governments in nation-building. I also urge you to continue protecting our fatherland with pride, bearing in mind the patriotic ideals handed down to this generation by our founding fathers as we journey through the New Year, and that Nigeria shall be greater than we met it.
Happy New Year, Dear Compatriots.
*Senator Opeyemi Bamidele, CON, Leader of the 10th Senate, Federal Republic of Nigeri
