By Abbanobi -Eku Onyekachi, Abuja
The Senate Leader, Senator Opeyemi Bamidele, has assured Nigerians that the upper chamber will consider the Tax Reform Bills, 2024, immediately after the Eid and Easter holidays. Bamidele made this disclosure in Ado Ekiti, Ekiti State, during an empowerment program that benefited over 5,000 of his constituents.
The Tax Reform Bills, aimed at redefining and transforming Nigeria’s fiscal environment, propose several key changes, including: Employees earning ₦1,000,000 or below per annum will be completely relieved of tax burden, while businesses with ₦50 million capital or below will enjoy tax exemptions.
Value Added Tax (VAT) will no longer be placed on exports and essential consumptions by the masses, including food items, education, transportation, and medical treatment and; The bills propose 27.5% in 2025 and 25% in 2026, which is conservative compared to other countries like South Africa and Kenya.
Bamidele emphasized that the Senate is committed to providing a legal and regulatory environment that will incentivize foreign direct investments, boost revenue generation, and improve living conditions.
In addition to the tax reform bills, Bamidele also revealed that the review of the 1999 Constitution is still ongoing, aimed at evolving a more efficient and responsive governance system.
At the empowerment program, Bamidele distributed various items, including tractors, sewing machines, and grants, to support his constituents. Ekiti State Governor, Mr. Biodun Oyebanji, praised Bamidele’s efforts, saying that the state has significantly benefited from his service at the federal level.
