By Nathaniel Zacchaeus, Abuja
The Senate leader, Opeyemi Bamidele, has said the Red Chamber is investigating all public concerns related to the Tax Reform Bills 2024.
Therefore, he has assured Nigerians that the upper chamber will consider the bills immediately after the Eid and Easter holidays.
According to a statement by his media office, Bamidele, who is currently representing Ekiti Central Senatorial District, has equally revealed that the review of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), was still on course.
He explained that the process would lead to a more efficient and responsive governance system when concluded.
The Senate Leader revealed yesterday in Ado Ekiti, the Ekiti State capital, during an empowerment programme that benefited at least 5,000 of his constituents across five local government areas in Ekiti Central.
The programme was attended by the state Governor, Mr Biodun Oyebanji; his deputy, Chief Christianah Afuye; the Speaker of the House of Assembly, Adeoye Aribasoye; and the Ewi of Ado-Ekiti, Oba Rufus Adejugbe (Aladesanmi III), among others.
Bamidele extensively reflected on diverse legislative initiatives that the Senate had promoted since its inauguration on June 13, 2023, to ensure the sustainability of the country’s democracy and the stability of her economy.
Persuaded by the urgent need to strengthen the country’s economy, Bamidele observed that the Red Chamber had focused mainly on developing 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 formulating and prioritising several significant legislative initiatives, including the introduction of the Tax Reform Bills 2024.
He explained that the tax reform bills “are game changers that will redefine and transform our country’s fiscal environment significantly.”
When enacted, he said, “The bills will address inequality and injustice that characterise our tax system.”
Under the proposed tax regime, Bamidele noted that the employees earning ₦1m or below per annum “will be completely relieved of the tax burden.
Besides, he said, all businesses with ₦50m capital or below will now enjoy tax exemptions.
He added that the value-added tax will no longer be placed on exports and essential consumption by the masses.
He said, “The essential goods and services include food items, education, transportation and medical treatment.
“The bills further propose 27.5 per cent in 2025 and 25 per cent in 2026, which according to development data, is conservative compared to 27 per cent 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, the Senate will consider the bills again, resolve all areas in which Nigerians have expressed concerns, and pass the bills purely in the national interest.”
Bamidele also emphasised the National Assembly’s resolve to review the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
He said the federal parliament had never relented to recraft the country’s grundnorm.
Bamidele explained the rationale behind the amendment, which 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.
He said, “The Senate will continue providing the legal and regulatory environment to incentivise foreign direct investments.
“We are convinced that this initiative will positively impact our foreign exchange earnings and 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),” Bamidele assured constituents and Nigerians.
He added that the efforts were exemplified in the amendment of the National Social Investment Programme Agency (Establishment) Act, 2024 “to establish an effective and accountable structure for service delivery and adequate coordination among relevant government agencies.”
He said, “The Act now guarantees the sustainability of the NSIP as a valuable tool for poverty alleviation in Nigeria. We have provided necessary legislative frameworks and strengthened public institutions with capacities to deepen social equity and promote economic growth.
“The frameworks are also designed to foster environmental sustainability, encourage greater access to qualitative health care, discourage social dislocation, eliminate terrorism and insecurity, and reduce the gap between the haves and the haves-nots.
“In December 2024, the Senate passed the Investments and Securities (Repeal and Re-enactment) Bill, 2024. The bill, recently signed into law by President Bola Ahmed Tinubu, was reviewed to enhance the competitiveness of Nigeria’s securities market, address modern financial practices and regulate digital currencies and fintech companies.
“The Senate also amended the Nigeria Data Protection Act (Amendment) Act, 2023 to mandate social media platforms and bloggers to establish physical offices in Nigeria.
“The amendment further aims at promoting accountability and transparency within the digital media space. This reflects our efforts to enhance Nigeria’s economic, educational and digital regulatory frameworks,” Bamidele said.
On the occasion, Bamidele empowered 5,000 constituents across five local government areas with one caterpillar tractor, 10 diesel engine tractors, 536 sewing machines, 303 chest freezers, and 1,900 received a grant of ₦100,000 each to boost their businesses.
He further reeled out other empowerment items he facilitated from his constituents, including 1,000 mathematical sets, 10,000 school bags, 1,000 calculators, and 40,000 notebooks for students in public schools within Ekiti Central.
While he distributed 180 motorcycles, 165 tricycles, and 20 minibuses to ease transportation within the senatorial district, Bamidele also distributed 146 organic liquid fertilisers, 57 corn seeders, and 10 engine tractors to farmers.
Speaking at the programme, Oyebanji disclosed that Ekiti State has significantly benefited from President Bola Ahmed Tinubu’s request that the state allow Bamidele to serve at the federal level.
The governor noted that the outcome of yielding to Tinubu’s request “is what the people of the state are currently benefiting from, considering the massive empowerment programmes and projects that Senator Bamidele has facilitated for the state.
“I love the way and manner in which the beneficiaries were selected. Senator Bamidele is delivering the dividends of democracy to the state’s people on behalf of President Tinubu.
“We can now see the benefits. We can now see what Mr. President then saw. Whatever he is doing as a federal lawmaker, he is doing it on behalf of Mr President.”
