Ten things that shaped Tinubu’s 2024 presidency

Controversial tax bills, autonomy of local governments, nationwide hunger protests and expansionary budgets were among 10 things that shaped President Bola Tinubu’s administration in 2024.

Beginning the year with his ‘Renewed Hope’ mantra, Tinubu signed the N28.7 trillion 2024 appropriation bill on January 1, after which he charged the ministries, departments and agencies (MDAs) to “take responsibility and provide monthly budget performance reports to the Ministry of Budget and Economic Planning, which would gauge performance.”

The president also mandated Wale Edun, minister of finance and coordinating minister of the economy, to hold regular reviews with the Economic Management Team, which he was to lead, and expanded to include major private sector players like Aliko Dangote, president of the Dangote Group; Tony Elumelu, chairman of Heirs Holding, and 30 others.

In a bold decision to tackle graft, Tinubu, later, in January, suspended Betta Edu, the then minister of humanitarian affairs and poverty alleviation, over an alleged diversion of over N585 million of public funds found in a private account, said to have been diverted on her instructions.

Tinubu then directed the Economic and Financial Crimes Commission (EFCC) to investigate those allegations, while he created an inter- ministerial team to reform government institutions that ran the National Social Investments Programmes (NSIP), especially the Grant for Vulnerable Groups, that aimed to tackle poverty.

In May, the Federal Executive Council (FEC), approved a new visa policy that reduced processing time within 48 hours and eliminated human contacts.

In July 2024, the federal government secured a Supreme Court ruling, barring state governments from an age-long practice of withholding funds allocated to local government areas (LGAs), as well as interfering with the tenure of elected local government chairmen. This landmark decision ensured independence for the LGAs.

Having secured that judgment, the federal government swiftly established an inter-ministerial committee whose primary goal was to ensure that local government’s full autonomy was implemented.

Also in July, and after a painstaking negotiation with the organised labour, President Tinubu approved a N70,000 minimum wage. As part of measures to ensure seamless implementation of the minimum wage, the Federal Executive Council, on July 15, mandated Atiku Bagudu, minister of budget and economic planning, to forward a bill to amend the 2024 budget, raising spending by N6.2 trillion – from the initial ₦28.7 trillion to ₦35.055 trillion.

However, the over 100 percent raise in minimum wage was not sufficient to sway Nigerians who took to the streets on August 1, 2024, to protest the cost of living crisis driven by what they called ‘Tinubu’s harsh economic policies.’

It was estimated that Nigeria lost over N700 billion to the protests which lasted for just three days as against 10 days earlier planned.

Aside the massive destruction of public properties, looting and vandalisation of national assets, the protests saw young Nigerians hoisting foreign flags, which saw a push-back by security agencies leading to the death of some of the protesters.

Read also: Tinubu urged to reduce corporate tax to 19%, VAT to 7.5%

In order to strengthen his administration, President Tinubu, in October, sacked five of his ministers, appointed seven and re- assigned 10, in a cabinet reshuffle that relied on the report by the Presidential Policy Coordination Unit headed by Hadiza Bala Usman.

Usman’s task was basically to assess ministers’ performance through a citizen tracker platform. That reshuffle also saw the creation of a new Ministry of Livestock Development for the first time.

Another major reform that shaped Tinubu’s Presidency in 2024 was the introduction of the tax reform bills, which were aimed at addressing anomalies in Nigeria’s tax administration and boosting the nation’s revenues.

The reforms have, since introduction, elicited controversy, especially around the principles of derivation in the collection of Value Added Tax (VAT) under the new tax regime.

The controversy arose from the perception that the proposed formula would lead to lower revenue for some states. However, the 5 percent to be ceded by the federal government can be set aside for equalisation transfers to cater for any shortfall to a state under the new model.

Promoters insist that this would ensure that no state is worse off in the short term while significantly enhancing economic activities and revenue for all states in the medium to long term.

By the end of 2025, President Tinubu presented a record N49.7 trillion budget to the National Assembly. The expenditure framework was tagged, ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity.’

In 2024, President Tinubu’s international trips helped to reposition Nigeria as a key player on the global stage, with a focus on fostering growth and innovation in critical sectors.

In 19 months, both the president and his vice, Kashim Shettima, had embarked on a total of 43 trips abroad, across 23 countries, according to BusinessDay findings.

During his South Africa visit, for instance, Tinubu was able to secure visa-free entry for Nigeria’s tourists and business men and women. The country also promised to assist Nigeria’s quest of becoming a G20 member.

The United Arab Emirates (UAE) also relaxed visa ban on Nigerians on account of his engagements with that country’s government during his visits.

While visiting China, President Tinubu secured a funding commitment from the Chinese government to complete the Ibadan-Abuja-Kaduna-Kano railway segments.

China is providing funding through the China Development Bank for the ongoing Kaduna-Kano section of the Lagos-Kano, Ibadan-Abuja sections of the rail project on the back of the renewed cooperation between the two countries on the Belt and Road Initiative.

In 2024 also, Tinubu hosted foreign leaders, including the German President, Frank-Walter Steinmeier, who visited Nigeria in early December 2024, as part of a three- nation’s visit to Africa.

Earlier in November, he had hosted Shri Narendra Modi, prime minister of the Republic of India on a state visit to Nigeria.

In January, Antony Blinken, the 71st United States secretary of state, had visited Nigeria as part of efforts to strengthen Nigeria’s relationship with the United States of America.

Tinubu also played host to David Lammy, the United Kingdom secretary of state for Foreign, Commonwealth and Development Affairs, early November, 2024, amongst other notable global leaders.

The visits, presidency said, reinforced global recognition of Nigeria’s growing influence, particularly in the West African sub-region.