… Says Amendment of 1999 Constitution Still on Course
... Empowers Over 5,000 Constituents with Tractors, Farm Implements, Others
By Henry Umoru
ABUJA – The Leader of the Senate, Senator Opeyemi Bamidele (APC, Ekiti Central), has announced that upon resumption from the Sallah and Easter holidays, the Senate will consider the Tax Reform Bills 2024. He assured Nigerians that the upper chamber would prioritize the bills immediately after the holiday period.
Bamidele also reiterated that the ongoing review of the 1999 Constitution (as amended) is still on track, emphasizing that the process is aimed at creating a more efficient and responsive governance system once completed.
He made these remarks in Ado Ekiti, Ekiti State, on Thursday during an empowerment programme that benefitted over 5,000 constituents across five local government areas in Ekiti Central.
In a statement released by his Directorate of Media and Public Affairs, Bamidele reflected on several legislative initiatives promoted by the Senate since its inauguration on June 13, 2023, including efforts to strengthen the country’s democracy and stabilize the economy.
Bamidele emphasized the urgent need to strengthen the economy, highlighting the Senate’s focus on developing legal frameworks to stabilize the fiscal and monetary spaces, prioritize security, address inflation, and create functional governance structures.
He pointed out the significant role he played in the formulation of the Tax Reform Bills 2024, which he described as “game changers” for Nigeria’s fiscal environment. According to Bamidele, the bills will address the inequalities and injustices in the current tax system.
Under the proposed tax regime, individuals earning ₦1,000,000 or below per annum will be completely relieved of tax. Additionally, businesses with a capital of ₦50 million or less will enjoy tax exemptions, and Value Added Tax (VAT) will no longer apply to essential goods and services like food, education, transportation, and medical treatment.
Bamidele explained that the bills propose a tax rate of 27.5% in 2025 and 25% in 2026, which, according to development data, is lower than South Africa’s 27% and Kenya’s 30%. He assured Nigerians that the House of Representatives has already passed the bills and that the Senate will consider them after the holidays, addressing any public concerns.
Bamidele reaffirmed the Senate’s commitment to reviewing the 1999 Constitution, stating that the goal is to create a more efficient and responsive governance system that serves the interests of all Nigerians, regardless of political bias, ethnicity, or religion.
He further emphasized the Senate’s efforts to boost foreign direct investments, which he believes will positively impact Nigeria’s foreign exchange earnings and stabilize the macro-economic environment.
At the empowerment programme, Bamidele distributed various items to over 5,000 constituents, including:
1 caterpillar tractor
10 diesel engine tractors
536 sewing machines
303 chest freezers
1,900 ₦100,000 grants
Additionally, Bamidele provided 1,000 mathematical sets, 10,000 school bags, 1,000 calculators, and 40,000 notebooks for public school students in Ekiti Central. He also distributed 180 motorcycles, 165 tricycles, and 20 mini buses to improve transportation, as well as 146 organic liquid fertilizers, 57 corn seeders, and 10 engine tractors for farmers.
Speaking at the programme, Ekiti State Governor, Mr. Biodun Oyebanji, praised Bamidele for his contributions to the state. He noted that Ekiti State has significantly benefited from President Bola Ahmed Tinubu’s request for Bamidele to serve at the federal level.
Oyebanji highlighted that the people of the state are already seeing the results of Bamidele’s efforts, particularly through the empowerment programs and projects he has facilitated. He added that Bamidele’s actions align with President Tinubu’s vision, and the governor commended the senator for his work on behalf of the people of Ekiti and Nigeria.
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