Since taking office in 2023, President Bola Tinubu has implemented several significant policies aimed at reforming Nigeria’s economy and governance. President Tinubu’s focus on economic reforms, security, and governance restructuring.....KINDLY READ THE FULL STORY HERE▶
However, the administration has faced challenges, particularly in managing the fallout from the removal of the fuel subsidy and handling inflation
Some of the key policies and decisions include:
1. Removal of Fuel Subsidy
One of Tinubu’s first major decisions was the removal of the fuel subsidy, which had long been a burden on Nigeria’s finances. This policy freed up resources that were previously used to subsidize fuel prices but led to increased fuel costs for consumers.
2. Unification of the Exchange Rate
Tinubu implemented a policy to unify Nigeria’s multiple exchange rates into one. This move was aimed at enhancing transparency and boosting confidence in the Naira by allowing market forces to determine the exchange rate.
3. Signing of the Student Loan Act
Tinubu signed a bill into law that allows students to access loans for their education. The law aims to improve access to higher education by enabling students to pay for tuition through a loan system.
4. Tinubu Signs Electricity Bill
He signed the electricity bill into law, which allows states, companies, and individuals to generate, transmit, and distribute electricity. This policy is geared towards improving access to electricity across Nigeria.
5. Dissolution of Governing Boards
In June 2023, Tinubu dissolved the boards of federal government parastatals, agencies, and institutions as part of his reforms to streamline governance.
6. Appointment of New Security Chiefs
Tinubu retired the previous service chiefs and appointed new ones as part of efforts to revamp Nigeria’s security architecture.
7. Abolishment of Funding for Professional Bodies
To reduce government expenditure, Tinubu’s administration announced that from 2024, professional bodies would no longer receive budgetary allocations and would need to be self-funded.
8. Foreign Exchange Reforms
The Central Bank of Nigeria, under Tinubu’s directive, moved to a managed float of the Naira, shifting away from a fixed exchange rate regime.
9. Anti-corruption Measures
Tinubu suspended the former Central Bank Governor and the Chairman of the Economic and Financial Crimes Commission (EFCC), indicating his administration’s focus on addressing inefficiencies and corruption within key government institutions.
10. Implementation of New Minimum Wage
President Bola Tinubu in July signed the National Minimum Wage Amendment Bill 2024 into law.
Naijaonpoint reported that the President signed the bill midway into the Federal Executive Council meeting on Monday, 29th July, 2024.
With the signing of the bill, the new national minimum wage has now become law, and Nigerian workers would be entitled to the payment of a minimum monthly wage of ₦70,000.
11. Tinubu Approves Implementation Of Import Duty Waiver On Food Items
President Bola Tinubu on the 14th of August, 2024 approved the implementation of zero percent import duty and exemption of value-added tax (VAT) on basic food items.
The approval was confirmed in a letter forwarded by the ministry of finance to the Nigeria Customs Service (NCS).
12. President Tinubu Introduce New Withholding Tax Policy
President Bola Tinubu on the 2nd of July, 2024 approved a simplified and business-friendly withholding tax regime.
The move is part of the ongoing fiscal policy and tax reforms by the federal government aimed at addressing identified challenges in the tax system.
13. FG Approves Two New Agencies, Ignores Oronsaye Report
President Bola Tinubu, alongside the legislative arm of government have continued to push for establishment of new ministry, agencies and commissions, months after the President called for the full implementation of the Stephen Oronsaye’s report.
The two new commissions were approved by the President from February 26, 2024 to date.
These two are the South East Development Commission and North West Development Commission.
14. President Tinubu Inaugurates Committee To Stop Farmers-Herders Clashes, Establishes Livestock Ministry
President Bola Tinubu, on the 9th of July, 2024 inaugurated a presidential committee on livestock known as the Renewed Hope Livestock Reform Implementation Committee at the State House in Abuja.
Naijaonpoint reports that the aim of the committee is to provide lasting solutions to the frequent clashes between farmers and herders in different parts of the country.
15. Tinubu Suspend Import Duties On Food, Drugs
The Cordinating Minister of Health and Social Welfare, Muhammad Ali Pate, on Tuesday, June 28, announced that President Tinubu in a transformative move to revitalize Nigeria’s health sector signed an Executive Order aiming to increase local production of healthcare products (pharmaceuticals, diagnostics, devices such as needles and syringes, biologicals, medical textile, etc.).
The Order yet to be codified, according to Pate, introduced zero tariffs, excise duties and VAT on specified machinery, equipment and raw materials, aiming to reduce production costs and enhance our local manufacturers’ competitiveness.
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