Ado Ekiti – Senate Leader Opeyemi Bamidele confirmed the Senate will consider the Tax Reform Bills 2024 after the upcoming holidays. He gave this assurance during an empowerment event in Ekiti State on Thursday. The event benefited around 5,000 constituents. Notable attendees included Ekiti Governor Biodun Oyebanji and the Ewi of Ado-Ekiti, Oba Rufus Adejugbe.
Key Provisions and Impact
Bamidele described the Tax Reform Bills as potential game changers for Nigeria’s financial system. He stated the Senate is reviewing public concerns related to the legislation. The bills aim to fix unfairness in the tax system. They offer relief for low-income earners and small businesses. Under the plan, individuals earning N1 million or less annually would pay no income tax. Businesses with capital up to N50 million would also receive tax exemptions. Furthermore, Value Added Tax (VAT) would be removed from exports and essential items like food, education, transport, and medical care. Bamidele noted the proposed corporate tax rates (27.5% in 2025, 25% in 2026) are moderate compared to other nations.
Constitutional Review Also Planned
Beyond the Tax Reform Bills, Bamidele mentioned the Senate’s commitment to constitutional review. He stated the goal is a more efficient government system serving all Nigerians fairly. The Senate leader assured continued efforts to create laws that attract foreign investment, increase revenue, and improve living standards.
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