Kehinde Fajobi
Senate Leader Opeyemi Bamidele has defended the proposed Tax Reform Bills, 2024, describing them as a crucial part of Nigeria’s economic recovery strategy.
In his Christmas message on Wednesday, the senator highlighted the reforms as innovative legislative measures aimed at fostering fairness, equity, and justice.
Bamidele reassured Nigerians that the reforms would create a more inclusive and balanced tax system.
He stated, “Employees earning below ₦1,000,000 annually or ₦83,000 monthly would be exempt from taxes.
“Start-ups, shared services, and technologically driven businesses would also enjoy tax exemptions, and essential services and consumables would be excluded from Value Added Tax.”
The senator explained that the proposed reforms include a new derivation formula that will increase VAT allocations to less-represented states, ensuring fairer resource distribution.
“Credible data show that Kano’s share will rise from 0.89% to 6.17%, and Zamfara’s from 0.05% to 1.21%. However, high-revenue states like Lagos and Rivers will experience reductions to balance equity,” he said.
Bamidele acknowledged public concerns about the initiatives but stressed that the National Assembly remains committed to ensuring the reforms benefit all Nigerians.
“Our duty, as democrats, is not just to listen to our constituents but also to enact policies that will positively impact their lives,” he said.
He further assured, “We will never pursue an agenda outside our oath of allegiance or undertake initiatives conflicting with the interests and welfare of Nigerians. The Tax Reform Bills are guided solely by equity and justice.”
The Senate Leader concluded by wishing Nigerians a reflective Christmas and a prosperous New Year, saying, “Merry Christmas and Happy New Year in advance.”