Leaders of Senate Senator Opeyemi Bamidele (APC, Ekiti Central) announced that the Senate will resume priorities for the 2024 tax reform bill after Sallah and Easter holidays.
Bamidel assured the Nigerians that the upper room would take action on the statement once the holiday was over.
Naija News The report said Senate leaders made the announcement in a mandate program by Ado Ekiti in Ekiti on Thursday.
Bamidele also reiterated that the ongoing review of the 1999 Constitution (as amended) is proceeding smoothly. He stressed that the goal of the constitutional review is to establish a more effective and responsive governance system for the country after the process is completed.
In a statement issued by his Bureau of Media and Public Affairs, Bamidele has reflected on the ongoing legislative measures in the Senate since taking office on June 13, 2023.
He stressed efforts to strengthen national democracy and stabilize the economy.
“The urgent need to strengthen our economy is clear,” Bamiddle said that noting that the Senate’s focus is on developing a legal framework to stabilize fiscal and monetary space, prioritizing security, addressing inflation and establishing a functional governance structure.
Bamidele also talked about the tax reform bill of 2024, calling them “game changers” in Nigeria’s fiscal environment. He stressed that these bills are designed to address inequality and injustice in the current tax system.
Under the proposed tax system, individuals who earn 1,000,000 or less per year will be completely exempt from taxes.
Businesses with capital of 50 million or less will enjoy tax exemptions, while basic goods and services such as food, education, transportation and health care will no longer attract value-added tax (VAT).
The proposed tax reform also includes a tax rate of 27.5% in 2025 and 25% in 2026. Based on development data, Bamidel noted that these tax rates are lower than those in South Africa (27%) and Kenya (30%).
He assured Nigerians that the House of Representatives had passed the bill and that once the bill was reviewed, the Senate would resolve any public issues.
Bamiddle reiterated the Senate’s commitment to reviewing the 1999 Constitution, emphasizing the goal of establishing a more effective and responsive governance system that serves all Nigerians, which is related to political bias, race or religion.
In addition, Bamiddle stressed the Senate’s efforts to promote FDI, which he believes will have a positive impact on Nigeria’s foreign exchange income and stabilize the macroeconomic environment.
