As the nation transitions into the 2026 fiscal year, the majority leader of the 10th Senate, Opeyemi Bamidele, has declared that Nigeria is now positioned for a total economic turnaround.
In a New Year’s Eve statement issued on Wednesday, Bamidele described 2025 as a “defining year” that saw the National Assembly and the Executive collaborate on transformative reforms across tax administration, electoral credibility, and constitutional reviews.
He identified the 2025 Tax Reforms Act as the most consequential achievement of the year.
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He confirmed that the new unified tax regime will commence January 1, 2026, effectively ending the era of multiple taxation that has long burdened businesses and low-income earners.
Dismissing “gloomy” narratives from opposition forces, Bamidele argued that the Act is a progressive response to Nigeria’s liquidity crisis.
“The new tax law was not initiated to inflict hardship,” he clarified. “Rather, it aims to take more from the rich to cater for the poor while bringing resources to the government for strategic infrastructure.”
Bamidele disclosed that two other landmark pieces of legislation were nearing completion as part of efforts to deepen Nigeria’s democratic governance.
He said the review of the 1999 Constitution had reached an advanced stage, with proposed amendments set to be transmitted to State Houses of Assembly.
According to him, the Senate expects to conclude the process by the first half of 2026, with a focus on devolving more functional powers to sub-national governments.
He also revealed that the Electoral Act (Amendment) Bill 2025, which is aimed at strengthening transparency and credibility in the electoral process, was close to completion.
Bamidele pledged that the Senate would fast-track its passage and transmission for presidential assent as soon as plenary resumes in January.
On the issue of national stability, he announced that the National Security Summit has concluded its public hearings across the six geo-political zones.
Bamidele said a grand summit is scheduled for the first quarter of 2026 in Abuja to harmonize recommendations for a more robust internal security framework.
Regarding the ₦58.47 trillion 2026 Appropriation Bill, Bamidele confirmed that it is currently at the committee stage.
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Despite the holidays, he said legislative committees are working “day and night” to ensure the budget is ready for deliberation when the National Assembly reconvenes on January 27, 2026.
Bamidele urged Nigerians to study the details of the new Tax Act and remain patriotic as the gains of the “Renewed Hope Agenda” begin to manifest.
“We are now on the path of economic recovery,” Bamidele stated. “Nigeria shall be greater than we met it.”
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