Senate to consider Tax Reform Bills – Senate Leader

The Leader of the Senate, Sen. Opeyemi Bamidele, has said that the Senate will look into all issues of public concerns relating to the Tax Reform Bills, 2024.

He also assured Nigerians that the upper chamber will consider the bills immediately after Eid-El-Fitir and Easter holidays.

Bamidele made this known on Thursday in Abuja in a statement by his Directorate of Media and Public Affairs

He equally said that the review of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) is still on course saying the process will lead to a more efficient and responsive governance system when concluded.

Persuaded by the urgent need to strengthen the country’s economy, Bamidele said 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,” he said.

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 said 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 the employees earning N1,000,000 or below per annum “will be completely relieved of tax burden.

“Besides, all businesses with N50 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,” he said.