This article reflects on the achievements and challenges of President Tinubu's first year in office, highlighting key policy milestones like the Students Loan Fund and Consumer Credit Corporation that aim to empower Nigerians and stimulate economic growth. It also discusses the implementation of a new electricity framework granting state governments greater autonomy in energy markets.
As the first full year of President Tinubu ’s administration, 2024 has come with its unique share of challenges and triumphs. As we look back at the ongoing year, this is the perfect time to reflect on the President’s vision for a transformed Nigeria and how 2024 has provided numerous opportunities to manifest that vision.
On so many fronts, the outgoing year has brought significant policy and legislative milestones that are helping to cement the very foundations of the President’s grand vision for Nigeria. Take the examples of the Students Loan Fund and the Consumer Credit Corporation, two institutions targeted at putting more resources in the pockets of the Nigerian people, empowering them to turn their dreams into opportunities. With the Students Loan Fund, we are seeing, for the first time in decades, Nigerian students at tertiary level, getting targeted federal assistance to pursue their academic ambitions, through long-term loans (and stipends) that are designed to not be burdensome in any way. In less than one year, more than 300,000 Nigerian students have already benefited.With the Consumer Credit scheme, we are seeing affordable financing being made available to workers, to enable them afford life’s necessities. Every developed country is built around a functioning credit system that fuels consumer spending and translates into economic growth. Nigeria is now finally on that path. Also in 2024, we also saw the first steps in the implementation of a new electricity framework in the country, conferring the State governments with greater agency and responsibility. Building on a recent constitutional amendment, the President signed into law the 2024 Electricity Act that is now guiding a pioneering set of States into rolling out their own regulated electricity markets. Indeed, for Nigeria to be truly able to achieve economic development, we must allow the subnational governments more room for real economic impac
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