Nigeria Senate to Review Tax Reform Bills Post-Holiday, Eyes Amendments

The Nigerian Senate is set to review the Tax Reform Bills 2024 after the Eid-el-Fitr and Easter holidays, according to Senator Opeyemi Bamidele. The review aims to address public concerns and ensure the bills serve the national interest. Bamidele stated that the proposed tax regime includes tax relief for employees earning ₦1,000,000 or below annually, and tax exemptions for businesses with capital of ₦50 million or less. Value Added Tax (VAT) will be removed from exports and essential goods and services like food, education, transportation, and medical treatment. The bills propose corporate income tax rates of 27.5% in 2025 and 25% in 2026. The National Assembly is also reviewing the Constitution to create a more efficient governance system. Amendments to the National Social Investment Programme Agency (Establishment) Act, 2024, aim to enhance poverty alleviation efforts. Amendments to the Nigeria Data Protection Act (Amendment) Act, 2023, mandate social media platforms and bloggers to establish physical offices in Nigeria to promote accountability. Ekiti State Governor Biodun Oyebanji acknowledged the benefits the state has received due to Senator Bamidele's role at the federal level.