Bamidele urges Nigerians to embrace new tax regime, says economy poised for full recovery

By Henry Umoru

The Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), has appealed to Nigerians to embrace the new tax obligations scheduled to take effect from January 1, 2026, saying the reforms position the country for full economic recovery after years of fiscal challenges.

In a personally signed New Year statement issued on Wednesday, Bamidele urged citizens across all socio-economic groups to study and properly understand the Tax Reforms Act rather than rely on what he described as misinformation and superficial interpretations circulating in the public space.

According to him, the 2025 Tax Reforms Act is one of the most consequential reforms enacted by the 10th National Assembly and is aimed at ending multiple taxation, improving revenue generation and enhancing the quality of life of Nigerians, particularly those at the lower end of the economic ladder.

“We have come to the end of 2025, a truly defining year marked by far-reaching reforms that cut across nearly all strategic sectors of our economy,” Bamidele said. “The National Assembly has worked collaboratively with other arms of government to deliver these reforms while maintaining its constitutionally guaranteed independence.”

He listed major achievements of the legislature in the outgoing year to include the enactment of a new tax regime, the abolition of multiple budgets, progress on the review of the 1999 Constitution, and reforms to strengthen the credibility of Nigeria’s electoral system.

Bamidele explained that the new tax law, which comes into effect from January 1, 2026, was designed to create a cohesive and modern tax administration system capable of addressing long-standing fiscal and liquidity challenges. He dismissed claims by opposition figures that the law would worsen hardship, insisting that it was a progressive framework developed through extensive consultations with stakeholders across business, political and social sectors.

“The Act does not represent the gloomy picture being painted by opposition forces,” he said. “Rather, it is a structured response that will address fiscal crises that have undermined our development aspirations. As with the removal of petroleum subsidy, Nigerians will soon begin to reap the fruits of these tax reforms.”

The Senate Leader stressed that the new tax regime was not intended to inflict hardship on ordinary Nigerians but to mobilise resources for the provision of strategic infrastructure that would drive long-term economic prosperity. He noted that the National Assembly subjected the tax reform bills to months of rigorous scrutiny and consultations to ensure that the interests of citizens were protected.

Bamidele reaffirmed the Senate’s support for President Bola Ahmed Tinubu’s Renewed Hope Agenda, pledging that the legislature would continue to play its constitutional role of checks and balances while supporting people-centred policies.

He also disclosed that the review of the 1999 Constitution was at an advanced stage and would soon be transmitted to state Houses of Assembly, expressing optimism that the process would be concluded in the first half of 2026, subject to state-level approvals.

On electoral reforms, he said the Electoral Act (Amendment) Bill, 2025, was nearing completion and would be fast-tracked for transmission to the President for assent once the Senate resumes plenary in January 2026.

Bamidele further revealed that preparations for a National Security Summit were at their peak, following public hearings held across the six geo-political zones. He said the summit, scheduled for the first quarter of 2026, would complement the Federal Government’s efforts and international collaborations to address insecurity and violent extremism.

He added that the 2026 Appropriation Bill had reached the committee stage, with lawmakers working round the clock despite the festive period, noting that the National Assembly would reconvene on January 27 to deliberate on the budget.

“As we await the gains of our reforms, I encourage Nigerians to join hands with government in nation-building,” Bamidele said. “We are now on the path of economic recovery, and its positive impact will begin to manifest in the New Year.”

The post Bamidele urges Nigerians to embrace new tax regime, says economy poised for full recovery appeared first on Vanguard News.