In 2024, President Bola Tinubu made significant strides in reshaping Nigeria’s socio-economic landscape by signing several key bills into law.
These legislative actions target various sectors including education, regional development, national security, and workers’ welfare. Below are some of the most notable bills signed by the President:
1. Defence Corporation Bill
On February 9, 2024, President Tinubu signed the Electricity Act (Amendment) Bill, 2024 into law. This bill aims to address the developmental challenges faced by host communities of power-generating companies (GENCOs). It mandates that five percent of the annual operating expenditures of GENCOs from the preceding year be allocated to the development of these host communities. A key aspect of the bill is that the funds will be managed by a reputable Trustee/Manager jointly appointed by the GENCOs and the host communities, ensuring transparency and effective infrastructure development.
2. National Student Loan Bill
In April 2024, President Tinubu signed the National Student Loan Re-enactment Bill into law, which established the Nigerian Education Loan Fund (NELFUND). This fund is designed to provide financial assistance to students pursuing tertiary education. Initially proposed in 2023, the bill faced delays but was finally enacted in April 2024, providing much-needed financial support to students and helping ease the burden of tuition costs across the country.
3. ₦70,000 New Minimum Wage Bill
On July 2024, President Tinubu approved the National Minimum Wage Amendment Bill, 2024, which increased the national minimum wage from ₦30,000 to ₦70,000. This adjustment comes in response to years of agitation by labor unions, including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC). The bill also includes provisions for the periodic review of wages every three years to ensure that salaries keep pace with inflation and the cost of living. The increase is expected to alleviate economic pressure on workers, particularly in the face of rising living costs.
4. Returning the Old National Anthem Into Law
On May 29, 2024, President Tinubu signed the National Anthem Bill, 2024, which reinstated the old national anthem, “Nigeria, We Hail Thee.” While this bill sparked significant public debate and criticism, with some viewing it as a diversion from pressing economic issues, the move reflects the government’s commitment to honoring Nigeria’s historical identity. Critics argue that the country’s challenges require more immediate focus, but the decision nonetheless holds symbolic significance.
5. Bill for Establishment of the National Center for the Control of Small Arms and Light Weapons
On September 17, 2024, President Tinubu signed into law the National Center for the Control of Small Arms and Light Weapons Bill. This initiative, championed by the National Security Adviser, Nuhu Ribadu, aims to curb the proliferation of illegal arms within Nigeria. By establishing a dedicated center, the government is reinforcing its commitment to enhancing national security and tackling the growing challenges of violent crime fueled by illicit weapons.
6. North-West and South-East Development Commission Bills
On July 24, 2024, President Tinubu signed two critical regional development bills into law, creating the South-East Development Commission and the North-West Development Commission. These commissions are tasked with managing and overseeing the allocation of funds for vital infrastructure projects in their respective regions. The South-East Commission will focus on issues such as erosion control and road rehabilitation, while the North-West Commission will address the region’s infrastructure deficits. These initiatives aim to boost development in these areas and foster regional equity.
Conclusion
President Tinubu’s legislative actions in 2024 reflect his administration’s focus on addressing long-standing socio-economic issues in Nigeria. From education and workers’ welfare to national security and regional development, these laws are poised to leave a lasting impact on the country’s progress. While some measures, such as the reinstatement of the old national anthem, have been met with mixed reactions, the overall set of reforms marks a significant step toward a more structured and equitable future for Nigeria.
