…….Constitutional Amendment Still on Course Empowers Over 5,000 Constituents with Farm Equipment, Grants
The Senate Leader, Opeyemi Bamidele, has assured Nigerians that the Senate will prioritize the consideration of the 2024 Tax Reform Bills upon resumption from the Eid and Easter holidays. He also reaffirmed the ongoing review of the 1999 Constitution, emphasizing that the process aims to enhance governance efficiency and responsiveness.
Bamidele, representing Ekiti Central, made these statements in Ado Ekiti, Ekiti State, during an empowerment program benefiting over 5,000 constituents across five local government areas. The event was attended by Ekiti State Governor Biodun Oyebanji, Deputy Governor Chief Christianah Afuye, Speaker of the Ekiti State House of Assembly Rt. Hon. Adeoye Aribasoye, and the Ewi of Ado-Ekiti, Oba Rufus Adejugbe (Aladesanmi III), among others.
Legislative Initiatives for Economic Stability
Addressing the gathering, Bamidele highlighted the Senate’s legislative efforts since its inauguration on June 13, 2023, to sustain democracy and stabilize the economy. He emphasized the Senate’s commitment to strengthening Nigeria’s fiscal framework, ensuring security, curbing inflation, and creating more functional governance structures.
He specifically underscored the importance of the Tax Reform Bills, describing them as transformative policies poised to reshape Nigeria’s fiscal landscape. “These bills will address the inequalities and inefficiencies in our tax system,” he stated.
Under the proposed reforms:
Employees earning ₦1 million or below annually will be exempt from taxation.
Businesses with a capital base of ₦50 million or below will enjoy tax exemptions.
VAT will no longer apply to exports and essential goods, including food, education, transportation, and medical services.
Corporate tax rates will be adjusted to 27.5% in 2025 and 25% in 2026—figures that remain competitive compared to South Africa’s 27% and Kenya’s 30%.
“The House of Representatives has already passed the Tax Reform Bills. The Senate will address public concerns and pass the bills purely in the national interest after resumption,” Bamidele assured.
Commitment to Constitutional Review and Economic Growth
Bamidele reiterated the National Assembly’s commitment to amending the 1999 Constitution to create a governance system that transcends political, ethnic, and religious divisions. He also emphasized the Senate’s role in fostering an environment conducive to foreign direct investment (FDI), noting that such initiatives would bolster Nigeria’s foreign exchange earnings and economic stability.
He highlighted recent legislative advancements, including:
Amendment of the National Social Investment Programme (NSIP) Act (2024): Strengthening poverty alleviation initiatives.
Passage of the Investments and Securities Act (2024): Enhancing market competitiveness and regulating digital finance.
Amendment of the Nigeria Data Protection Act (2023): Mandating social media platforms and bloggers to establish physical offices in Nigeria, ensuring digital accountability.
Massive Empowerment for Constituents
During the empowerment program, Bamidele distributed an array of support items to constituents, including:
Agricultural Equipment: 1 caterpillar tractor, 10 diesel-powered tractors, 146 organic liquid fertilizers, 57 corn seeders, and 10 additional engine tractors.
Business and Educational Support: 536 sewing machines, 303 chest freezers, 1,000 mathematical sets, 10,000 school bags, 1,000 calculators, and 40,000 notebooks for public school students.
Transport Solutions: 180 motorcycles, 165 tricycles, and 20 mini-buses to enhance mobility within Ekiti Central.
Financial Grants: ₦100,000 each for 1,900 small business owners.
Governor Oyebanji Lauds Bamidele’s Impact
Ekiti State Governor Biodun Oyebanji praised Bamidele’s contributions, crediting President Bola Ahmed Tinubu’s decision to allow him to serve at the federal level for the positive impact on the state.
“I admire the selection process for the beneficiaries. Senator Bamidele is delivering the dividends of democracy on behalf of President Tinubu. We can now see the benefits of that decision,” Oyebanji stated.
With the Senate set to resume deliberations on critical national issues, Bamidele reaffirmed its dedication to enacting policies that enhance economic stability, improve governance, and uplift Nigerians.
