Senate Majority Leader, Opeyemi Bamidele, has reassured Nigerians that President Bola Tinubu’s tax reform bills are integral to the National Assembly’s agenda for economic recovery and sustainable development.
In his Christmas message shared on his X page yesterday, Bamidele highlighted the legislature’s commitment to creating an enabling environment where businesses can thrive effortlessly, investors feel confident to bring in their capital, and citizens experience relief from unnecessary burdens.
He stressed the importance of shaping a Nigeria where future generations can take pride, emphasising that legislative efforts are focused on building a prosperous and equitable nation.
Bamidele underscored the need for collaborative action to tackle Nigeria’s economic challenges, with a focus on innovative and impactful legislative reforms that drive growth and development.
He reinforced the National Assembly’s determination to support the federal government’s economic vision, ensuring that the tax reforms not only generate revenue but also foster economic resilience and improved livelihoods for all Nigerians.
“This is the season to renew our resolve to faithfully stand with the political leadership for the renewal of hope. This is the season to halt the search for pastures that are never green, but the time to join hands together to build our nation with conviction and rebrand her for the ceaseless inflow of global capitals and the endless troupe of global tourists.
“This is the spirit behind key legislations and reforms we have promoted in the 10th National Assembly. From the Tax Reform Bills, 2024 to National Minimum Wage Act, 2024, Investment and Securities Act, 2024 and National Ranches Commission Establishment Bill, 2024, among others”, he said.
He stated that the assembly are pursuing the reforms out of genuine love for their countrymen, as commanded by Christ our Lord.
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He emphasised that this intention is especially evident in the case of the 2024 tax reform, a package of four carefully designed initiatives aimed at reversing the nation’s troubling economic indicators.
He further noted that the house assembly has taken public concerns about the tax reforms seriously, conducting a critical review of the specific areas raised by citizens.
The Ekiti-born politician stressed that legislators have a duty not only to listen to their constituents but also to implement policy initiatives that will positively transform their lives.
The politician added, “For the record, the tax reform bills, when finally enacted, utterly exempt all employees earning N1,000,000 annually or N83,000 monthly; exempt start-ups, shared services and technology-driven services from taxation and recommend zero VAT on essential services and consumptions.
“Even though I reviewed the derivation formula to 60%, this proposal is guided purely by the principles of equity, fairness and justice. The new model will eventually guarantee a significant increase in VAT distributable to every state of the federation.
“As credible data have shown, for instance, the new model recommends 6.17% to Kano compared to 0.89% currently due to it. It recommends 1.21% for Zamfara compared to 0.05%. Currently, Lagos gets 80 26%, but the new model only recommends 15 28%, representing an 81% decrease.
“Under the new model also, Rivers’ share will decline from 7.74% to 4.6%, accounting for 41%. With these figures, the narrative around the new derivation model is utterly incorrect and unfounded.
He stressed that the legislators would never pursue any agenda that deviates from their oath of allegiance or engage in policy initiatives that conflict with the interests and welfare of all Nigerians.
