356
By Tracy Moses
The Senate will address key legislative issues including the tax reform bills and a review of the 1999 Constitution (as amended) when it resumed plenary duties on April 29, 2025, the Senate Leader, Opeyemi Bamidele has said.
Senator Bamidele (APC, Ekiti Central) stated this in Ado Ekiti, the Ekiti State capital on Thursday.
He also emphasized that the ongoing review of the 1999 Constitution of the Federal Republic of Nigeria (as amended) is progressing as planned, with the aim of creating a more effective and responsive system of governance upon completion.
Speaking at an empowerment event that benefited over 5,000 constituents from five local government areas in Ekiti Central, Senator Opeyemi also highlighted the various legislative efforts made by the Senate since its inauguration on June 13, 2023, to support the sustainability of Nigeria’s democracy and the stability of its economy.
At the event were notable figures such as Ekiti State Governor, Mr. Biodun Oyebanji; Deputy Governor, Chief Christianah Afuye; Speaker of the Ekiti State House of Assembly, Rt. Hon. Adeoye Aribasoye; and the Ewi of Ado-Ekiti, Oba Rufus Adejugbe (Aladesanmi III), among others.
Senator Bamidele, speaking on the need to bolster the nation’s economy, highlighted that the Senate had primarily focused on crafting legal frameworks aimed at stabilising the fiscal and monetary sectors.
He specifically pointed to his influential role in the development and prioritisation of key legislative initiatives, with a notable example being the Tax Reform Bills of 2024.
He also spoke on how these proposed tax reforms would revolutionise the country’s fiscal landscape. Once enacted, Bamidele stated, the bills would address the systemic inequality and unfairness present in the nation’s tax system.
Under the new tax proposals, he revealed that employees earning ₦1,000,000 or less annually would be completely exempt from taxes. Additionally, businesses with a capital of ₦50 million or less would be granted tax exemptions, while exports and essential consumer goods would no longer be subject to Value Added Tax.
“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, ” the Ekiti lawmaker added.
Bamidele, also hinted of 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.
He explained the rationale behind the amendment, which according to him, is 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 betweens the haves and the haves-not.
“In December 2024, the Senate passed the Investments and Securities (Repeal and Re-enactment) Bill, 2024. The bill, 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 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.
At the event, Bamidele empowered constituents across five local government areas with a caterpillar tractor, 10 diesel engine tractors, 536 sewing machines, 303 chest freezers and 1,900 persons received a grant of ₦100,000 each to boost their businesses.
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, Gov Oyebanji disclosed that Ekiti State has significantly benefited from the request of President Bola Tinubu that the state should allow 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,” he added.