Senate Leader Opeyemi Bamidele has addressed concerns surrounding the Tax Reform Bills of 2024, asserting that the new derivation model is built on principles of equity and fairness. Speaking in his Christmas message on Wednesday, Bamidele reassured Nigerians of the Senate’s commitment to reforms that will enhance the country’s economic landscape and improve citizens’ welfare.
Bamidele emphasized the need for collective efforts to rebuild Nigeria, urging citizens to support the government’s policies and legislative initiatives. Highlighting the essence of Christmas, he called on Nigerians to reflect on Christ’s teachings of love, care, and sacrifice while extending compassion to the less privileged.
The Senate Leader clarified misconceptions about the proposed tax reforms, stating that the model aims to redistribute Value Added Tax (VAT) revenues more equitably among states. For instance, under the new model, Kano would see an increase from 0.89% to 6.17%, while Lagos’ share would drop significantly from 80.26% to 15.28%. The reforms also include exemptions for low-income earners and essential services, reflecting sensitivity to public concerns.
Bamidele further noted that the Senate is focused on creating an enabling environment for businesses and investments through legislation like the Investment and Securities Act and the National Minimum Wage Act. These reforms, he said, are designed to stimulate economic growth, attract global capital, and ensure the prosperity of future generations.
He concluded by urging Nigerians to maintain hope and faith in the country’s potential, stressing that collaborative efforts between the government and citizens are vital for national progress. “This is the season to stand with our leaders for the renewal of hope and to join hands in building a nation we can all be proud of,” he said.
