President Bola Tinubu made some significant steps in 2024 include signing several bills into law, each addressing critical gaps in the nation’s socio-economic framework.
Below are the highlights of some of the major bills Tinubu signed in 2024, which span education, regional development and workers’ welfare.
1. Defence Corporation Bill: On Febuary 9, 2024, Tinubu signed the Electricity Act (Amendment) Bill, 2024, into law.
This was made known in a statement by the former Special Adviser to the President on Media and Publicity, Ajuri Ngelale.
The Bill seeks to address the development and environmental concerns of host communities, and sets aside five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year for the development of their respective host communities.
The Bill further provides that the funds set aside for the development of host communities will be received, managed, and administered for infrastructure development in the host communities by a reputable Trustee/Manager to be jointly appointed by the respective GENCO and their host community.
2. National Student Loan Bill: President Tinubu signed the National Student Loan Re-enactment bill into law in April.
The President signed the bill in a short ceremony at the State House on Wednesday in the presence of the Senate President, Godswill Akpabio, Deputy President of the Senate, Barau Jibrin, and the Chief of Staff to the President, Femi Gbajabiamila.
The bill established the Nigerian Education Loan Fund (NELFUND), designed to provide financial aid to students in tertiary institutions.
Initially introduced in 2023, the scheme’s implementation faced repeated delays before its relaunch in April.
3. ₦70,000 New Minimum Wage Bill: Tinubu signed the National Minimum Wage Amendment Bill 2024 into law in July.
The approval of the minimum wage from ₦30,000 to ₦70,000, was a response to prolonged agitation from labour unions in the country. The legislation also mandates a review of wages every three years, ensuring that pay keeps pace with inflation.
