The Leader of the Senate, Opeyemi Bamidele, has disclosed that the Senate is looking into all issues of public concern relating to the Tax Reform Bills, 2024, assuring Nigerians that the upper chamber will consider the bills immediately after Eid and Easter holidays.
Bamidele, currently representing Ekiti Central, has equally revealed that the review of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) is still on course.
He said the process will lead to a more efficient and responsive governance system when concluded.
He made these revelations 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.
At the programme were Ekiti State Governor, Biodun Oyebanji; Deputy Governor of Ekiti State, Chief Christianah Afuye; Speaker Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye and Ewi of Ado-Ekiti, Oba Rufus Adejugbe (Aladesanmi III), among others.
During the programme, Bamidele extensively reflected on diverse legislative initiatives that the Senate had promoted since its inauguration on June 13, 2023 to ensure the sustainability of the country’s democracy and the stability of her economy.
Persuaded by the urgent need to strengthen the country’s economy, Bamidele observed that the upper chamber had focused mainly on the development of legal frameworks “to stabilise the fiscal and monetary spaces; prioritise security; address consumer price inflation and create more functional governance structures.”
Specifically, the senate leader pointed out prominent roles he had played in the formulation and prioritisation of several significant legislative initiatives, which according to him, included the introduction of the Tax Reform Bills 2024.
He explained that the tax reform bills “are game changers that will redefine and transform our country’s fiscal environment significantly. When enacted, the bills will address inequality and injustice that characterise our tax system.”
Under the proposed tax regime, Bamidele noted that employees earning ₦1,000,000 or below per annum “will be completely relieved of tax burden. Besides, all businesses with ₦50 million capital or below will now enjoy tax exemptions. Value Added Tax will no longer be placed on exports and essential consumptions by the masses.
“The essential goods and services include food items, education, transportation and medical treatment, among others. The bills further propose 27.5% in 2025 and 25% in 2026, which according to development data, is conservative compared to 27% in South Africa and 30% in Kenya.
“The House of Representatives has successfully passed the Tax Reform Bills 2024.
“The Senate is looking into all areas of public concern. When we resume plenary after the Eid and Easter holidays, the Senate will consider the bills again; resolve all areas that Nigerians have expressed concerns and pass the bills purely in the national interest.”
Bamidele also, emphasised the resolve of the National Assembly to review the Constitution of the Federal Republic of Nigeria, 1999 (as amended), saying the parliament never relented effort in recrafting the country’s grundnorm.
Bamidele explained the rationale behind the amendment, which, according to him, was designed 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 Senate will continue to provide the legal and regulatory environment that will incentivise foreign direct investments. We are convinced that this initiative will not only positively impact our foreign exchange earnings, but also stabilise the macro-economic landscape.
“The initiative will, no doubt, boost the country’s revenue generation; improve the living conditions of the people and increase the country’s gross domestic product (GDP),
Bamidele assured constituents and Nigerians at large.
He added that the 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 adequate coordination among relevant agencies of government.
“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 capacities to deepen social equity and promote economic growth.
“The frameworks are also designed to foster environmental sustainability; encourage greater access to qualitative health care; discourage social dislocation; eliminate terrorism and insecurity and reduce 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, recently signed into 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 at promoting accountability and transparency within the digital media space. This reflects our efforts to enhance Nigeria’s economic, educational and digital regulatory frameworks,” Bamidele further said.
Also, at the programmes on Thursday, Bamidele empowered a good number of constituents across five local government areas with one caterpillar tractor, 10 diesel engine tractors, 536 sewing machines, 303 chest freezers and 1,900 received a grant of ₦100,000 each to boost their businesses.
Also Read
Bamidele further reeled out other empowerment items he facilitated from his constituents to include 1,000 mathematical sets, 10,000 school bags, 1,000 calculators and 40,000 notebooks for students in public schools within Ekiti Central.
While he doled out 180 motorcycles, 165 tricycles and 20 mini buses to ease transportation within the senatorial district, Bamidele also distributed 146 organic liquid fertilizers, 57 corn seeders and 10 engine tractors for farmers.
Speaking at the programme, Oyebanji disclosed that Ekiti State has significantly benefited from the request of President Bola Ahmed Tinubu that the state should allow Senator Bamidele to serve at the federal level.
The governor noted that the outcome of yielding to Tinubu’s request “is what the people of the state are currently benefiting right now considering the massive empowerment programmes and projects that Senator Bamidele has facilitated to the state.
“I love the way and manner the beneficiaries were selected. Senator Bamidele is delivering the dividends of democracy to the people of the state on behalf of President Tinubu. 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.”
Post Views: 4
Follow The Eagle Online Channel on WhatsApp
