Senate Set To Tackle Tax Reform Bills, Constitution Amendment After Festive Break

The Nigerian Senate will commence deliberation on critical Tax Reform Bills and constitutional amendment immediately after the Eid-el-Fitr and Easter holidays, Senate Leader Opeyemi Bamidele has assured Nigerians.

Speaking during a major empowerment programme in Ado Ekiti, the lawmaker representing Ekiti Central provided significant insights into the legislative body’s agenda for addressing these pressing national issues upon resumption of plenary sessions.

“Under the proposed tax regime, employees earning ₦1,000,000 or below per annum will be completely relieved of tax burden. Additionally, all businesses with ₦50 million capital or below will now enjoy tax exemptions,” Senator Bamidele explained to constituents gathered at the event.

The Senate Leader further detailed that Value Added Tax will no longer apply to exports and essential consumption items including food, education, transportation, and medical treatment. He noted that while the House of Representatives has already passed the Tax Reform Bills 2024, “The Senate is looking into all areas of public concern” and will address citizens’ concerns when they reconvene.

Speaking on the constitutional amendment process, Bamidele confirmed that efforts to review the 1999 Constitution remain firmly on track. “The National Assembly never relented in its effort to recraft the country’s grundnorm, he stated, explaining that the amendment aims 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 high-profile empowerment programme saw approximately 5,000 constituents receive various support items including one caterpillar, 10 diesel engine tractors, 536 sewing machines, and 303 chest freezers. Additionally, about 1,900 persons received grants of ₦100,000 each to strengthen their businesses.

Notable dignitaries at the event included Ekiti State Governor Biodun Oyebanji, Deputy Governor Chief Christianah Afuye, Speaker of the Ekiti State House of Assembly Rt. Hon. Adeoye Aribasoye, and the Ewi of Ado-Ekiti, Oba Rufus Adejugbe (Aladesanmi III).

In his remarks, Governor Oyebanji credited President Bola Tinubu’s request for Bamidele to serve at the federal level as significantly beneficial to Ekiti State. “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,” the Governor stated.

Senator Bamidele highlighted other legislative achievements including amendments to the National Social Investment Programme Agency Act to improve service delivery, updates to the Investments and Securities Bill to regulate digital currencies and fintech companies, and modifications to the Nigeria Data Protection Act requiring social media platforms to establish physical offices in Nigeria.

The Senate’s forthcoming action on these vital pieces of legislation is expected to have far-reaching implications for Nigeria’s economic landscape, governance structure, and digital regulatory framework when parliament reconvenes after the holiday period.