Criticism of the bill as shielding the perpetrators of serious crimes, including homicides, and the potential for political maneuvers, means its passage is uncertain. A vote is expected later today.
The amnesty is part of President Macky Sall's response to the turmoil sparked by his last-minute postponement of the presidential election, originally scheduled for February 25.
The poll delay triggered deadly protests in the traditionally stable West African country, which is still awaiting a new election date.
Senegal’s Constitutional Council could announce a new date at any moment.
Adding to the air of uncertainty, it is still unclear what will happen if an election is not held before the end of Sall's term on April 2.
An amnesty law could plunge the country further into the unknown.
Questions have swirled around whether an amnesty would be applied to imprisoned opposition figure Ousmane Sonko, and what this would mean for his possible return to the presidential race.
The bill would grant an amnesty for "all acts likely to be classified as criminal or correctional offences committed between February 1, 2021, and February 25, 2024, both in Senegal and abroad, relating to demonstrations or having political motivations."
The text's rapporteur, Abdoulaye Diagne, on Wednesday said acts of torture were excluded from the scope of the law.
Senegal witnessed several episodes of deadly unrest between 2021 and 2023, mainly triggered by a bitter stand-off between Sonko and the state. Dozens were killed, hundreds injured, and hundreds more arrested in riots which saw clashes with security forces and major damage to property.
Sonko, who came third in the 2019 presidential election, has been detained since July 2023 and was disqualified from this year's presidential race.
Senegal experienced renewed deadly unrest in February after the delay to the election.
The presidency has said the amnesty is intended to "calm the political and social climate."
Dozens of opponents could be freed as soon as the law is published, but many political and social actors oppose to the bill. They fear it will be used to exonerate government and security officials for the deaths of protesters.
The bill is also not unanimously supported by the president's parliamentary camp, which holds a precarious majority.
A section of civil society and the opposition continues to demand an election before April 2, with a new rally called on Wednesday in the capital Dakar.
Sall on Monday received the conclusions of a "national dialogue" recommending elections be held on June 2 and suggesting he remain in office until his successor is installed.
The president, who has been in power since 2012 but is not seeking re-election, has said he will seek the opinion of the Constitutional Council