In 2024, President Bola Ahmed Tinubu’s administration introduced bold reforms to address Nigeria’s long-standing economic and social challenges. 

Key initiatives include approving an increase in the minimum wage from ₦30,000 to ₦70,000 and signing the Student Loan Bill into law, among others. 

Here is a list of the administration’s major policies and actions in 2024: 

1. Minimum Wage Bill: President Tinubu, on 29 July, approved a minimum wage increase from ₦30,000 to ₦70,000, ending months of deliberations between government authorities, labour unions, and the private sector. Following Tinubu’s signing of the bill, several governors have vowed to pay more than ₦70,000 to workers in their states. 

2. Student Loan Bill: President Bola Tinubu, on Wednesday, 3 April 2024, signed into law the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024. The Act seeks to guarantee sustainable higher education and functional skills development for all Nigerian students and youths. The Act also established the Nigerian Education Loan Fund (NELFUND), which provides financial aid to students pursuing higher education in tertiary institutions. 

3. National Anthem Act 2024: On 29 May, President Tinubu signed the National Anthem Act 2024, reinstating “Nigeria, We Hail Thee” as the country’s national anthem. This anthem was originally in use until 1978. 

4. Judicial Office Holders’ Salaries and Allowances Bill: On 13 August, President Tinubu signed a bill to increase the salaries and allowances of judges by 300 per cent. There have been calls for judges’ salaries to be raised. 

5. Electricity Act (Amendment) Bill 2024: Signed into law on 9 February, this bill introduces several reforms to the Nigerian electricity sector. These reforms include: 

Host Community Development: 5% of power-generating companies’ annual operating expenditures will be set aside for infrastructure projects in host communities. 

Transmission System Operator: A new entity responsible for operating, maintaining, and expanding the national grid. 

Open Market Platform: A platform allowing competitive electricity trading among market participants. 

6. Crude-for-naira deal: The Federal Government commenced the sale of crude oil and other refined products in naira on 1 October 2024. The Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced earlier in September that the Federal Executive Council, under the leadership of President Bola Tinubu, approved the sale of crude to local refineries in naira, along with the corresponding purchase of petroleum products in naira. 

7. LG financial autonomy: On 11 July 2024, the Supreme Court delivered a landmark judgement affirming the financial autonomy of Nigeria’s 774 Local Government Councils. The seven-member panel, led by Justice Mohammed Garba, unanimously upheld a suit brought by the federal government aimed at reinforcing the independence of local governments across the country. 

8. Port Harcourt Refinery: The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday, 26 November, announced that the Port Harcourt Refinery has commenced operations. After shutting down for five years, the Port Harcourt Refinery has resumed production of petroleum products.

[TheNation]