After a highly controversial election in February 2023 and the heated post-election drama, Bola Ahmed Tinubu was sworn in on May 29, 2023, as the 16th President of the Federal Republic of Nigeria.
From student loans to cybersecurity taxation, we take a stroll down memory lane to highlight how events have unfolded in the past year under the Tinubu-led administration.
May 2023
At his inaugural speech, President Tinubu’s first official decision was to remove the fuel subsidy, stating that Nigeria needed to redirect the subsidy funds to nation building. This led to a sharp increase in petrol prices from ₦195 to around ₦660 per litre, and a resultant increase in inflation in the months that followed.
Read: Fuel Subsidy: Tinubu Went off Script, and Nigerians Are Facing the Brunt
June 2023
As the war for access to fuel raged on, the President added a twist with foreign exchange. The CBN announced that the exchange rate will be unified, merging all forex market segments into a single window determined by market forces. The Central Bank Governor, Godwin Emefiele, was also suspended. This came following his decision to redesign the naira notes which influenced the disastrous cash scarcity of January 2023.
In the same month, President Tinubu introduced the student loan bill and signed the Nigeria Data Protection Bill 2023 into law to establish a legal framework for safeguarding personal information.
The story: Tinubu Wants Obazee to Investigate CBN. But He Has a Dark Past
July 2023
President Tinubu shifted his focus on infrastructure development to create jobs, and address housing and road deficits.
As the newly appointed chairman of the ECOWAS, he was also a core part of the decisions regarding the Niger Junta, which changed Niger’s political climate. Tinubu received backlash for his initial suggestion of a military response. Subsequently, the ECOWAS resorted to placing bans on the Niger Republic.
Let’s not forget that he promised us palliatives in this month too. We’re still waiting for our credit alerts.
The story: Tinubu Has Gifts for Nigerians. What Are They?
August 2023
President Tinubu announced a rollout of Compressed Natural Gas (CNG)-powered buses to cushion the impact of high transportation costs after the fuel subsidy removal. The President also released his ministerial nomination list which saw some reshuffling and an increase in youth leaders. They were inaugurated on August 21, 2023.
The story: Nigeria’s Ministers and Their Portfolios in 2024
September/October 2023
These were the twin months of drama and vindication for the President who had been facing court challenges over his victory as Peter Obi and Atiku Abubakar accused him of electoral manipulation. The tribunal started in September but somehow dragged into November.
In October, allegations of drug trafficking and money laundering against him were also declared null and unfounded.
In what seemed like a hope sparker, the president declared a cash transfer program for the poor and an N-Power program for unemployed graduates. Both of which, much like the palliatives of July, are now non-functional.
On October 1, 2023, President Tinubu released a statement awarding ₦35,000 provisional wage for all treasury-paid federal government workers for six months. He also announced that it will commence payment of ₦75,000 to ₦15 million households at ₦25,000 per month, for a three-month period from October-December 2023 among other financial schemes.
The Story: The Presidential Election Tribunal: What You Should Know
November 2023
Nigerians dragged their president over alleged national budget padding and a plan to buy a presidential yacht. The president denied this and claimed that the demand was made by the Nigerian Navy.
The NLC, TUC and other associations went on strike in response to a physical assault on their leader, Comrade Joe Ajaero. The Federal Housing Authority also embarked on a demolition spree in the Festac area of Lagos state.
The Story: Key Takeaways from President Tinubu’s ₦2.1 Trillion Supplementary Budget
December 2023
The President announced the commencement of a feeding programme for primary school pupils. The program has been in a hiccup state from the start.
January 2024
The Vice President, His Excellency, Kashim Shettima, commissioned a 37-man committee to review the 2019 Minimum Wage. Prior to this, On October 1, 2023, the president had awarded a ₦30,000 relief fund to treasury-paid workers. This marked the beginning of a thread of tension-laced discussions with no end in sight.
The story: About Nigeria’s Plan to Increase the Minimum Wage
February 2024
The NLC went on a two-day strike because of the minimum wage and general economic difficulties. In a bid to solve this, the 37-man minimum wage committee finally convened for the first time in March.
March 2024
Under the leadership of President Tinubu, the ECOWAS lifted the sanctions placed on Niger Republic, while minimum wage discussions continued as the NLC proposed ₦615,000. There was also a massive blackout in parts of the federation as the national grid fell, and underwater submarine cables were compromised leading to a four-day internet downtime. The Federal Government announced the commencement of a 700 km Lagos-Calabar coastal highway construction through the minister of works, David Umahi.
The story: Why the ECOWAS Lifted All Sanctions on the Republic of Niger
April 2024
Tinubu’s whereabouts were unknown for over a week after returning from a trip to Saudi Arabia in April 2024. The vice president was also out of the country at the time, causing a stir.
Fuel scarcity made a comeback, with prices going as high as ₦1000 per litre at fuelling stations. NNPCL dispelled rumours of trying to increase fuel prices and stated that the hike was as a result of logistics issues. However, VOA stated that the scarcity was a result of debts. The ministry of power implemented theElectricity Tariff Hike, another policy that saw mixed reactions from Nigerians.
The story: Yet Another Fuel Scarcity: How Are Remote Workers Coping?
May 2024
The Office of the National Security Advisor (ONSA) entered the limelight for a Cybersecurity levy CBN imposed on electronic transactions. This sparked outrage on social media until it was eventually suspended. Landmark Beach and other businesses on the Lekki coastline were demolished for an interstate highway project under the direction of the minister of works, David Umahi for a coastal highway project but the demolished sites were eventually mapped out of the plan in a bid to avoid damaging submarine network cables.
The President also set out to commission road and infrastructure projects such as the remodelled third mainland bridge, apapa bridge and national library among others, to mark his first year in office.
The NLC gave the minimum wage committee a May 31 deadline to reach an agreement and implement a new minimum wage.
The story: Is NLC Winning The Minimum Wage Negotiations?
With the many trials and tribulations Nigerians have faced in the past year, one can only imagine how the next three years of President Tinubu’s administration will go.
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