Senate Majority Leader, Opeyemi Bamidele, has assured that the proposed tax reform bills will provide significant relief for low-income earners and small businesses across Nigeria.
Bamidele shared his views in Ado Ekiti, Ekiti State’s capital, on Thursday during an empowerment program for his constituents.
He explained that the Senate is currently reviewing public concerns regarding the proposed reforms and plans to address these issues after the Eid and Easter holidays.
The Senate leader emphasized that the reforms aim to rectify imbalances within the tax system, with a provision to exempt Nigerians earning N1 million or less annually from taxes.
“Under the new tax structure, individuals earning N1,000,000 or less per year will be completely relieved of tax obligations,” Bamidele said.
Additionally, businesses with a capital base of N50 million or less would benefit from tax exemptions, and Value Added Tax (VAT) would no longer apply to exports or essential items purchased by the public.
Goods and services such as food, education, transportation, and healthcare will also be exempt from VAT under the proposed changes.
Bamidele referred to the tax reform bills as “game changers,” capable of fundamentally reshaping Nigeria’s fiscal landscape.
“The House of Representatives has already passed the reform bills, and the Senate is addressing public concerns,” he noted.
“After the holidays, when the Senate reconvenes, we will review the bills, resolve any issues raised by Nigerians, and pass them in the national interest.”
He further reiterated the Senate’s commitment to ongoing constitutional amendments, aimed at creating a more effective and responsive governance system.
“The amendment is designed to build a governance framework that serves all Nigerians, regardless of political, ethnic, or religious affiliation,” Bamidele added.
Bamidele also highlighted the Senate’s ongoing efforts to strengthen fiscal and monetary policies, enhance security, and combat rising inflation.
“The Senate will continue to ensure the legal and regulatory environment fosters foreign direct investment,” he stated, confident that these initiatives would boost foreign exchange earnings and stabilize Nigeria’s broader economic outlook.