Senate has given a fresh update on 1999 Constitution Amendment and Tax Reform Bills in Nigeria.
NewsOnline Nigeria reports that the Leader of the Senate, Opeyemi Bamidele, has disclosed that the Senate is currently reviewing all issues of public concern relating to the Tax Reform Bills, 2024, assuring Nigerians that the upper chamber will consider the bills immediately after the Eid and Easter holidays.
This Nigeria news platform understands that Bamidele, who represents Ekiti Central, also revealed that the review of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), is still ongoing, stating that the process would lead to a more efficient and responsive governance system upon completion.
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He made these statements in Ado Ekiti, Ekiti State, on Thursday during an empowerment programme that benefited no fewer than 5,000 of his constituents across five local government areas in Ekiti Central.
Present at the programme were Ekiti State Governor, Biodun Oyebanji and his deputy, Christianah Afuye, among others.
During the programme, Bamidele extensively reflected on the diverse legislative initiatives that the Senate had promoted since its inauguration on 13th June 2023, aimed at ensuring the sustainability of the country’s democracy and the stability of its economy.
Acknowledging the urgent need to strengthen the country’s economy, Bamidele observed that the upper chamber had primarily focused on developing legal frameworks “to stabilise the fiscal and monetary spaces, prioritise security, address consumer price inflation, and create more functional governance structures.”
He explained that the tax reform bills “are game-changers that will significantly redefine and transform our country’s fiscal environment. When enacted, the bills will address inequality and injustice that characterise our tax system.”
Under the proposed tax regime, Bamidele noted that employees earning N1,000,000 or less per annum “will be completely relieved of tax burdens. Moreover, all businesses with a capital of N50 million or less will now enjoy tax exemptions. Value Added Tax will no longer be applied to exports and essential consumption by the masses.”
According to him: “The House of Representatives has successfully passed the Tax Reform Bills 2024. The Senate is reviewing all areas of public concern. When we resume plenary after the Eid and Easter holidays, the Senate will consider the bills again, resolve all concerns raised by Nigerians, 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 explained that the rationale behind the amendment was to develop “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 to provide the legal and regulatory environment that will incentivise foreign direct investments. We are confident that this initiative will not only positively impact our foreign exchange earnings but also stabilise the macroeconomic landscape.”
“The initiative will undoubtedly boost the country’s revenue generation, improve the living conditions of the people, and increase the country’s Gross Domestic Product (GDP).”
He added that these 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 ensure adequate coordination among relevant government agencies.”
He said further: “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 the capacity to deepen social equity and promote economic growth.
“The frameworks are also designed to foster environmental sustainability, encourage greater access to quality healthcare, reduce social dislocation, eliminate terrorism and insecurity, and narrow the gap between the haves and the have-nots.
“In December 2024, the Senate passed the Investments and Securities (Repeal and Re-enactment) Bill, 2024. The bill, which was 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 to promote accountability and transparency within the digital media space. This reflects our efforts to enhance Nigeria’s economic, educational, and digital regulatory frameworks.”
