Senator Opeyemi Bamidele, Leader of the Senate, has announced that the Senate will prioritize the Tax Reform Bills 2024 immediately after resuming from the Sallah and Easter holidays. He assured Nigerians that these bills, aimed at addressing inequities in the current tax system, would be given urgent attention.
Speaking in Ado Ekiti, Ekiti State, during an empowerment program benefiting over 5,000 constituents, Bamidele emphasized the Senate’s focus on creating a more responsive and efficient governance system. He also highlighted the ongoing review of the 1999 Constitution, stressing that it was on track and would contribute to a more effective governance structure.
The proposed Tax Reform Bills include exemptions for individuals earning ₦1,000,000 or less annually, as well as tax relief for businesses with a capital of ₦50 million or less. Additionally, essential goods and services, such as food, education, transportation, and medical care, will be exempt from Value Added Tax (VAT). The bills also propose lower tax rates compared to other African nations, with a planned 27.5% tax rate in 2025 and 25% in 2026.
Bamidele assured Nigerians that the House of Representatives had already passed the bills, and the Senate would consider them after the holiday period, addressing any public concerns.
During the empowerment program, Bamidele distributed various items to support his constituents, including tractors, sewing machines, chest freezers, grants, school supplies, and farming equipment. He also provided motorcycles, tricycles, and mini buses to improve transportation in the region.
Ekiti State Governor, Biodun Oyebanji, praised Bamidele for his contributions to the state and commended his efforts on behalf of the people of Ekiti and Nigeria. He emphasized that Bamidele’s actions align with President Bola Ahmed Tinubu’s vision for national development.
