In 2024, President Bola Ahmed Tinubu implemented transformative policies aimed at addressing Nigeria’s pressing economic and social challenges.
These initiatives spanned various sectors, from labour reforms to education and energy, reflecting his administration’s commitment to national development.
Below are eight significant actions taken by the Tinubu administration during the year:
1. Increase in Minimum Wage
On 29 July, President Tinubu approved an increase in the national minimum wage from ₦30,000 to ₦70,000. This long-awaited reform followed extensive negotiations between government officials, labour unions, and private sector stakeholders. Encouragingly, several state governors pledged to exceed the ₦70,000 benchmark, marking a significant step toward improving workers’ welfare.
2. Student Loan Act
On 3 April 2024, President Tinubu signed the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024. This law aims to expand access to higher education and develop the functional skills of Nigerian youths. It also established the Nigerian Education Loan Fund (NELFUND), which provides financial assistance to students enrolled in tertiary institutions.
3. Reinstatement of the National Anthem
On 29 May, the President signed the National Anthem Act 2024, officially reinstating “Nigeria, We Hail Thee” as the national anthem. This anthem was Nigeria’s official song until it was replaced in 1978, and its return has sparked conversations about national identity and heritage.
4. Judicial Salary Increase
In response to long-standing demands, President Tinubu approved a 300% increase in the salaries and allowances of judicial officers. This move, signed into law on 13 August, aims to enhance the welfare of judges and promote fairness in the judiciary.
5. Electricity Sector Reforms
The Electricity Act (Amendment) Bill 2024, signed on 9 February, introduced sweeping reforms to Nigeria’s electricity sector. Key provisions include:
– Allocating 5% of power companies’ annual operating budgets to host community projects.
– Establishing a new Transmission System Operator to manage and expand the national grid.
– Creating an open market platform for competitive electricity trading among stakeholders.
6. Crude-for-Naira Initiative
On 1 October 2024, the Federal Government launched a groundbreaking policy allowing crude oil and refined products to be traded in naira. Approved by the Federal Executive Council under President Tinubu’s leadership, this initiative aims to strengthen the local currency while ensuring crude oil sales to domestic refineries occur in naira.
7. Local Government Financial Autonomy
On 11 July 2024, the Supreme Court upheld the financial independence of Nigeria’s 774 local governments in a landmark ruling. This judgement, supported by the federal government, reinforces the autonomy of local councils, empowering them to manage their resources and drive grassroots development.
8. Resumption of Operations at Port Harcourt Refinery
After a five-year hiatus, the Port Harcourt Refinery resumed operations on 26 November 2024. The Nigerian National Petroleum Company Limited (NNPCL) announced that the facility had begun producing petroleum products, representing a milestone in efforts to reduce Nigeria’s reliance on imported fuel.
These policies underscore President Tinubu’s commitment to tackling Nigeria’s structural challenges and driving sustainable growth across critical sectors.
