By Jane Okafor, Abuja
Ahead of the commencement of its implementation January 1, 2026, the National Assembly has advised Nigerians to face the reality of the new tax laws introduced by the President Bola Tinubu-led administration and embrace it.
The federal lawmakers also justified the far-reaching and audacious reforms undertaken in 2025 by the 10th National Assembly, describing the outgoing year as a defining period marked by bold legislative actions aimed at economic recovery, institutional strengthening, and improved governance.
In a statement issued on Wednesday in Abuja, the Senate Leader, Senator Opeyemi Bamidele, said the Senate, in collaboration with other arms of government, played a central role in advancing critical reforms while maintaining its constitutionally guaranteed independence.
Senator Bamidele identified the major achievements recorded in the 2025 legislative year as the enactment of a new tax regime, the elimination of multiple budgeting practices, progress in the review of the 1999 Constitution, and ongoing reforms of the nation’s electoral framework to enhance transparency and credibility.
He described the 2025 Tax Reforms Act as the most consequential of the reforms, noting that it was designed to introduce a unified and modern tax system that will take effect from January 1, 2026.
“The core intention of the Act is to end the era of multiple taxation and improve the quality of life of Nigerians, particularly those at the lowest rung of the economic ladder,” he said.
He explained that the law was enacted after extensive consultations with stakeholders across business, political, and social sectors, stressing that it does not represent the “gloomy picture” as being painted by opposition groups.
Rather, he described the Act as a progressive response to long-standing fiscal and liquidity challenges that have hindered national development, adding that Nigerians would soon begin to reap the benefits, just as with the removal of petroleum subsidies.
The Senate Leader urged Nigerians to study the new tax law and understand its objectives, instead of relying on what he described as misinformation.
“The new tax law was not initiated to inflict hardship on ordinary Nigerians,” Bamidele said. “Its goal is to mobilise resources for infrastructure development that will translate into economic prosperity for generations to come, taking more from the rich to care for the poor.”
On constitutional reform, Bamidele disclosed that the review of the 1999 Constitution is at an advanced stage, with proposals set to be transmitted to State Houses of Assembly.
He expressed optimism that the process would be concluded before the end of the first half of 2026, subject to approval by state legislatures, noting that the amendments were aimed at devolving more powers to sub-national governments.
He also revealed that the Electoral Act (Amendment) Bill, 2025 was nearing completion and would be fast-tracked for presidential assent once the National Assembly resumes plenary in January 2026.
According to him, the proposed amendments were intended to address prevailing political realities and strengthen the credibility of Nigeria’s electoral process.
Bamidele further disclosed that preparations for a National Security Summit have reached an advanced stage, following public hearings held across the six geo-political zones.
He said the summit, scheduled for the first quarter of 2026 in Abuja, would complement existing security strategies and support ongoing collaboration with international partners in combating violent extremism.
On the 2026 Appropriation Bill, the Senate Leader said the proposal was currently at the committee stage, with lawmakers working through the festive period to ensure timely passage.
“By January 27, the National Assembly will reconvene to deliberate on the outcome of the budget defence, barring any unforeseen contingencies,” he said.
Reaffirming the Senate’s commitment to the Renewed Hope Agenda of President Tinubu, Bamidele stressed that the legislature would continue to provide guidance, oversight, and constructive advice in line with the principles of checks and balances.
“As we step into the New Year, we are on the path of economic recovery,” he said, urging Nigerians to support government efforts and remain committed to nation-building.
He appealed to citizens to uphold patriotic ideals and work collectively towards a stronger Nigeria, expressing confidence that the gains of the reforms would begin to manifest in 2026.
“Happy New Year, dear compatriots,” Bamidele added.
