Senate Majority Leader Opeyemi Bamidele has stated that the proposed tax reform bills will offer significant relief to low-income earners and small businesses in Nigeria.
Bamidele made the remarks in Ado Ekiti, the capital of Ekiti State, on Thursday during an empowerment programme for his constituents.
He emphasized that the Senate is reviewing public feedback on the tax reforms and will address the concerns after the Eid and Easter holidays.
The Senate leader highlighted that the reforms would address disparities in the tax system, with plans to exempt Nigerians earning up to N1 million annually from taxes.
“Under the proposed tax system, individuals earning N1,000,000 or less per year will be fully relieved of their tax obligations,” Bamidele explained.
He also announced that businesses with capital below N50 million would be granted tax exemptions, while Value Added Tax (VAT) would no longer apply to exports or essential goods consumed by the public.
Essential items such as food, education, transportation, and medical services will be VAT-free under the new reforms.
Bamidele described the tax reform bills as “game changers” that would dramatically transform Nigeria’s fiscal landscape.
“The House of Representatives has passed the tax reform bills, and the Senate is carefully reviewing public concerns,” he said.
“Once we resume plenary after the holidays, the Senate will consider the bills, address any issues raised by the public, and pass them in the national interest.”
He also reaffirmed the Senate’s commitment to reviewing the 1999 Constitution, noting that the process is ongoing and aims to establish a more efficient and responsive system of governance.
“The amendment is designed to create a governance structure that benefits all Nigerians, irrespective of political, ethnic, or religious background,” he added.
Bamidele further emphasized the Senate’s work on creating legal frameworks to stabilize fiscal and monetary policies, improve security, and address rising consumer prices.
“The Senate is committed to fostering an environment that encourages foreign direct investment,” he said, believing that these efforts will positively affect foreign exchange earnings and stabilize the macro-economic environment.