Senate Leader: After Sweeping Reforms, Nigeria Poised for Economic Recovery In 2026

• Assures Nigerians tax reforms will ease hardship

Sunday Aborisade in Abuja

Leader of the Senate, Senator Opeyemi Bamidele, on Wednesday declared that Nigeria is now firmly positioned for full economic recovery following what he described as far-reaching reforms undertaken by the National Assembly in collaboration with other arms of government.

In a New Year message to Nigerians, Bamidele said 2025 marked a defining moment for the country with landmark interventions spanning fiscal policy, constitutional review, electoral reforms, national security and budgetary discipline.

He identified the enactment of the 2025 Tax Reforms Act as the most consequential of the reforms, stressing that the new law would end multiple taxation and usher in a modern, cohesive tax regime from January 1, 2026.

According to him, the legislation was designed to improve the welfare of ordinary Nigerians, particularly those at the lower rungs of the economy, contrary to claims by opposition figures that it would worsen hardship.

“The Tax Reforms Act does not represent the gloomy picture being painted in some quarters. It is a progressive response to Nigeria’s long-standing fiscal and liquidity challenges, and Nigerians will soon begin to reap its benefits, just as with the removal of petroleum subsidy,” Bamidele said.

He urged Nigerians to study the provisions of the new tax law rather than rely on misinformation, noting that its underlying principle was to expand government revenue in a way that takes more from the rich to support the poor and fund strategic infrastructure.

The Senate Leader said the reforms reflected the National Assembly’s dual commitment to protecting citizens’ interests while ensuring Nigeria keeps pace with global best practices in governance and economic management.

Bamidele reaffirmed the Senate’s support for President Bola Ahmed Tinubu’s Renewed Hope Agenda, while insisting the legislature would continue to exercise its constitutional role of oversight and checks and balances beyond 2025.

“We are not a rubber-stamp parliament. In 2026 and beyond, the Senate will continue to guide and advise other arms of government in the overall interest of the Nigerian people,” he said.

On constitutional reforms, Bamidele disclosed that the review of the 1999 Constitution was at an advanced stage, with proposals expected to be transmitted to State Houses of Assembly soon.

He expressed optimism that the exercise, which aims to devolve more powers to sub-national governments and deepen federalism, would be concluded before the end of the first half of 2026, subject to approval by state legislatures.

He also announced the Electoral Act (Amendment) Bill, 2025 was nearing completion and would be fast-tracked for presidential assent early in 2026.

According to him, the proposed amendments are intended to enhance the credibility and transparency of Nigeria’s electoral process and align it with contemporary political realities.

On national security, the Senate Leader said preparations for a National Security Summit had 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 government strategies and strengthen collaboration with international partners in tackling violent extremism and internal insecurity.

Bamidele further revealed that work on the 2026 Appropriation Bill was ongoing at the committee level, with lawmakers working through the festive period to ensure timely passage.

He said the National Assembly would reconvene on January 27 to consider the outcome of budget defence sessions, barring unforeseen circumstances.

Bamidele said Nigeria had entered a phase where the gains of the reforms would begin to manifest in the New Year, calling on citizens to support government efforts and remain committed to nation-building.

“We are on the path of recovery. Together, with shared sacrifice and patriotism, Nigeria will be greater than we met it,” he said.