We have come to the end of 2025, a truly defining year marked with far-reaching reforms that criss-crossed nearly all strategic sectors of our economy. The Senate, indeed the National Assembly, has collaborated with other arms of government to effect the reforms without any prejudice to our constitutionally guaranteed independence. In the 2025 financial year, we have achieved quite a lot in enacting a new tax regime; ending the culture of multiple budgets; working with key stakeholders to review the 1999 Constitution and in recalibrating our electoral regime to be more credible and transparent.
The enactment of the 2025 Tax Reforms Act, for instance, is perhaps the most consequential of all these reforms. Its core intention is to introduce a cohesive tax regime that will, from January 1, 2026, end the era of multiple taxation and ensure improved life for the citizenry, especially for those at the lowest rung of our national economy.
The Act, duly enacted after multi-levelled consultation with stakeholders across business, political and social interests, does not represent the gloomy picture the opposition forces are painting. Rather, it is a progressively structured response that, we believe, will address fiscal and liquidity crises that have for long undermined our development aspirations. Like the case of petroleum subsidy removal, Nigerians will soon begin to reap the fruits of the tax reforms.