With barely 48 hours until the end of 2024, attention is being shifted to outstanding people and events that shaped the outgoing year as we present highlights of some personalities and events that shaped the outgoing year.
President Bola Tinubu
President Bola Tinubu who initiated the twin reforms of fuel subsidy and elimination of the country’s multiple exchange rates in 2023, used every opportunity he had in 2024 to explain to Nigerians the benefits of his policies. He kept on assuring the public that the inconveniences occasioned by the reforms were temporary and that the citizens would reap the benefits in the years ahead. Also, the President intensified his foreign trips in his bid to woo foreign investors. He also rejigged his cabinet during the year in a bid to enhance public service delivery.
Aliko Dangote
The outgoing year saw the coming on stream of the Dangote Refinery, which effectively ended the country’s decade of the importation of refined petroleum products.
The new 650,000 barrel-a-day oil refinery in Nigeria owned by Alhaji Aliko Dangote, Africa’s richest man has been widely described as a game changer as it is expected to boost the country’s forex earning, boost employment and help the country save the huge billions of dollars.
Olawale Edun
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, is tasked with the monumental challenge of revitalising the nation’s economy amidst global challenges and uncertainties.
His unwavering commitment to reform was evident in the outgoing year as he gradually laid the groundwork for transformative changes by driving broad-ranging fiscal reforms. These are geared towards improved fiscal governance, revenue transformation, and economic growth.
Olayemi Cardoso
Governor of the Central Bank of Nigeria, Olayemi Cardoso in 2024 faced the daunting task of steering the nation’s monetary policy amidst a challenging economic landscape. Undoubtedly, his first year has been marked by some achievements and challenges that have tested his leadership and the institution’s resilience. Some of these challenges include a forex liquidity crisis exacerbated by limited dollar inflows, a volatile naira exchange rate and the scarcity of the nation’s currency.
Siminalayi Fubara
The Governor of Rivers State, Siminalayi Fubara’s attempt to maintain the political control of Rivers State in 2024 pitched him against his godfather, Nyesom Wike, who is the Minister of the Federal Capital Territory. Fubura, who is determined to assert control over his government and the party structure that brought him into office, is proving he was well-schooled in the shenanigans of Nigerian political office holders. The local government election held this year is one major highlight.
Taiwo Oyedele
Taiwo Oyedele is the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. A former partner at PwC Nigeria, Oyedele has played a pivotal role in shaping tax reform discussions under the current administration.
He has emphasised practical solutions to address inefficiencies in Nigeria’s tax system and policy formulation to enhance overall effectiveness.
His proposed changes are contained in the four tax reform bills President Tinubu transmitted to the National Assembly for consideration in September 2024.
However, Oyedele’s technocratic vision faces resistance from state governors, particularly regarding proposed changes to Value Added Tax allocation.
Peter Obi
Peter Obi, a member of the Labour Party and the presidential candidate of the party in the 2023 Nigerian presidential election continues to keep his hope of getting to the presidency alive with characteristic political moves befitting of his leadership style and persona. While it seems his ‘Obidients’ waves have gone to rest, the former two- term governor of Anambra State remains active in the political space this year, making speeches that speak to the heart of the people. This seem to be paying off as a coalition of Northern groups, under the umbrella of Northern Obidients Youth Assembly, warned against alleged plots to sabotage Peter Obi’s legacy following the internal wrangling within the Labour Party,
Festus Keyamo
In a significant move to enhance Nigeria’s aviation standards, the Minister of Aviation and Aerospace Development, Festus Keyamo, continues to drive his five-point agenda focused on advancing safety, infrastructure, support for local operators, human capacity development, and revenue generation in the sector.
Under Keyamo’s guidance, Nigeria’s aviation infrastructure has made significant upgrades, with improved airport facilities and enhanced safety measures.
He has also increased connectivity by establishing new routes and flight frequencies, thereby boosting tourism and job creation through strategic investments.
Ngozi Okonjo-Iweala
Ngozi Okonjo-Iweala was during a special General Council meeting on November 29, 2024, reappointed Director General of the World Trade Organisation by the General Council for a second four-year term, which will commence on September 1, 2025.
In recent years, the WTO has played a vital role in helping Members navigate pressing global challenges, including the pandemic, conflict, and heightened geopolitical tensions.
The Director General is deeply committed to working alongside the talented and dedicated staff of the WTO to build a more inclusive, equitable, and rules-based multilateral trading system that benefits all.
Olubunmi Tunji-Ojo
The Minister of Interior, Olubunmi Tunji-Ojo, was no doubt one of those that shaped the outgoing year with the series of innovations he introduced around his ministry.
Today, the ministry is leveraging advanced technology such as biometrics, artificial intelligence, and advanced surveillance systems, to enhance security and operational efficiency across its various departments and agencies.
This initiative includes the integration of digital tools and platforms to streamline administrative processes, improve data management, and facilitate real-time intelligence sharing among security agencies. Few days ago, the Ministry launched the e-Gate system, which is expected to help enhance national security.
Financial autonomy for Local Governments
One of the major issues that challenged the judiciary in 2024, was the landmark judgment of the Supreme Court, which on July 11, ordered the direct payment of federal monthly allocations due to Local Government Areas.
This was because the state governments had over two decades disbursed the funds paid into a joint account at their whims and caprices, contrary to the constitutional provisions.
This development has marked a turning point in council administration, even though not all the governments had complied. This certainly is one of the issues that will be carried over into the New Year.
Kano Emirate crisis
The crisis rocking the Kano Emirate started after the death of the former Emir of Kano, Ado Bayero, 15 years ago. After his demise, Rabiu Kwankwaso, who was the governor of the state at that time enthroned Mohammed Sanusi II as the Emir of Kano.
But Sanusi was removed from the throne in 2020 by a former governor of the state, Abdullahi Ganduje, now National Chairman of the ruling All Progressives Congress. It was not going to end there.
Thus, after Governor Abba Yusuf’s governorship victory was declared in the 2023 elections, it was evident Sanusi was coming back and indeed, his return to the highly respected throne, was perfected by the state House of Assembly.
Yusuf also signed another bill, the Kano State Emirate Council Establishment Bill 2024 into law. The law re-established three of the previously dissolved emirates of Rano, Gaya, and Karaye while excluding the Bichi Emirate.
But Emir Aminu Ado Bayero, who was installed after the removal of Sanusi, refused to vacate the throne based on court order, creating serious scenes that almost denigrated the throne, allegedly on the backing of some federal security agencies. But as far as this matter is concerned, it has yet to come to a final close.
Return to old National Anthem
In 2024, a bill to restore the old national anthem was introduced at the federal parliament and passed within one week — exceptionally fast-paced in Nigeria, where most bills take several months to be considered. Nigeria replaced its national anthem, “Arise, O Compatriots” with “Nigeria, We Hail Thee”.
President Bola Tinubu said the old anthem represented the beauty of Nigeria’s diversity. He also teased critics, who objected to the old anthem being written by a British expatriate, saying it was Britain, who named the country Nigeria, yet the country’s identity remains.
Between the governors and EFCC
On November 15, the Supreme Court delivered a remarkable judgment, where it declared that the anti-corruption agencies such as EFCC, ICPC, and NFIU, had legal powers to investigate and prosecute alleged corruption cases of states and local governments. This followed attempts by some governors to stop the anti-graft body from trying them. For the umpteenth time, however, the court has spoken. This matter is concluded.
Emergence of Justice Kekere-Ekun as CJN
The outgoing year witnessed the swearing-in of Justice Kudirat Kekere-Ekun as the second female Chief Justice of Nigeria on August 23.
Born May 7, 1958, Kekere-Ekun, barring any unforeseen circumstances will also be one of the longest-serving CJN, as her tenure is expected to end by May 7, 2028, when she attains the compulsory retirement age of 70 years.
Aside from Justice Uwais, who spent 11 years as CJN from 1995 to 2006, all others had since spent between one, two, and three years, with some not even completing their tenure because of resignation or sicknesses.
Edo and Ondo governorship elections
The gubernatorial elections in Edo and Ondo States attracted considerable attention as political parties fiercely contested for state control. It was also an exercise that many have reckoned would cue in 2027, revealing the level of preparedness of the electoral body, INEC.
The outcome of the exercise in Edo saw the All Progressives Congress’ Monday Okpebholo pull the highest votes to defeat his closest challenger and candidate of the People’s Democratic Party, Asue Ighodalo. Labour Party’s Olumude Akpata, came a distant third.
In Ondo, the incumbent, Lucky Aiyedatiwa clinched the victory with a wide margin. Aiyedatiwa polled 366,781 to defeat his closest rival, Agboola Ajayi of the PDP, who got 117,845.
Political analysts said it was the biggest electoral defeat since the state was created in 1976. The PDP in both states is in court challenging the results declared by INEC.
National grid nightmare
The Nigerian power sector suffered frequent grid collapses this year, which plunged the entire nation into darkness at every incident. Since January 2024 till date, the power grid solely in the hands of the Federal Government recorded 12 collapses.
Stakeholders in the sector have always blamed the frequent grid collapses on a multiplicity of factors, including aged and ageing infrastructure, lack of the required investment, gas supply constraints, huge government indebtedness to generation companies (Gencos), gas suppliers, and distribution companies.
Transmission Company of Nigeria, which is the sole grid manager, has also attributed the rampant grid breakdowns to a lack of SCADA as well as sabotage by vandals.
Recapitalisation of banks
On March 28, 2024, the Central Bank of Nigeria issued a circular announcing a new recapitalisation policy for commercial, merchant, and non-interest banks in Nigeria, effective from April 1, 2026.
Regional commercial banks are to increase their regulatory capital to a minimum of N50 billion; national banks, N200 billion; and banks with international authorisation, N500 billion. The minimum capital requirement for merchant banks has been reviewed upward to N50 billion, regional non-interest banks are to have N10 billion or more, and national non-interest banks are to raise their capital to N20 billion at the minimum.
As of October 22, 2024, five Nigerian banks had raised a combined sum of N1.27 trillion in capital as part of the recapitalisation drive. These are Guaranty Trust Holding Company, which raised N400.5 billion; Access Holdings, N350.1 billion; Zenith Bank, N289.1 billion; Fidelity Bank, N127.1 billion; and FCMB Group, which raised N110.9 billion.
Controversial Tax Reform Bills
President Bola Tinubu, on October 3, 2024, transmitted some tax reform bills to the National Assembly for their consideration. The bills were the Nigeria Tax Bill, Nigeria Revenue Service (Establishment) Bill, Nigeria Tax Administration Bill, and Joint Revenue Board (Establishment) Bill.
The fiscal legislation has passed a second reading on the floor of the Senate amid tension while deliberations on them had been put on hold in the House of Representatives.
The Senate Committee on Finance, which was given a six-month mandate to work on the bills by organising a public hearing, has not been able to achieve meaningful progress, three weeks after the panel started work.
The development is currently generating tension in the upper legislative chamber as the Northern and the South-east senators had demanded more time to enable their members to carry out wider consultations with their constituents.
At the moment, senators from the South West and South South geopolitical zones have said there was no need for further consultations since the Finance Committee would provide a forum for interested stakeholders to air their views during the public hearing.
#Endbadgovernance protests
Rising costs of living, insecurity, dissatisfaction with government policies, and pervasive poverty engulfed the nation in 2024 and also stoked nationwide protests.
The protest that was held countrywide in August was dubbed #EndBadGovernance. The widespread demonstrations, especially among youth, were driven by concerns over economic mismanagement and the removal of the fuel subsidy, alongside calls for greater accountability and social justice.
New minimum wage
The Federal Government formally approved the implementation of the N70, 000 new minimum wage for federal public servants during the year under review.
However, its implementation has been gradual across the states, and some states still have not adopted it.
The legislation increased the country’s minimum wage from N30, 000 to N70, 000. The law also provided for a review of the minimum wage every three years.
The last minimum wage of N30, 000 was signed by former President Muhammadu Buhari in 2019. Before the enactment of the new minimum wage act, the federal government and organised labour held a series of meetings.
Israel-Hamas war
After Hamas, a Palestinian armed group and political movement in the Gaza Strip, on October 7, 2023, attacked Israel, killing about 1,200 people and taking more than 250 hostages, Israel launched a massive military offensive against the militant group.
It started with air strikes and was followed by a ground invasion. Since then, the two sides have been at war. The sympathy extended to Hamas by Hezbollah has also extended the war to Lebanon, which is under attack by Israel.
More than 43,600 people in Gaza – mostly civilians, the majority of whom were women and children – had been killed in the fighting, according to the Hamas-run health ministry. The UN said most of the 2.3 million population had been forced from their homes and that there were “catastrophic” levels of food insecurity.
On November 21, 2024, the UN-backed International Criminal Court issued arrest warrants on the Israeli Prime Minister, Benjamin Netanyahu, and former defence minister Yoav Gallant, together with a former Hamas commander, citing allegations of war crimes and crimes against humanity.
Trump’s historic comeback
Despite assassination attempts, criminal convictions, and a change in political opponent, Republican Donald Trump, was unstoppable as he went on to win the 2024 presidential election.
Trump swept to a decisive victory after winning several crucial battleground states, to defeat his Democratic rival, Kamala Harris, even in the popular votes.
In less than three weeks from now, the 45th president of the US will become the 47th at his inauguration at the US Capitol, on January 20.
Russia-Ukraine War
All through 2024, the Russia-Ukraine War never left the pages of the newspapers and other media outlets.
The war, which started on February 22, 2022, has led to massive loss of lives and destruction of property. With no end in sight, the war is still raging with both sides massively getting assistance from other countries to prosecute the battle.