PULSE LIST: 5 times Tinubu got it right in 2024

In 2024, President Bola Tinubu’s government made several impactful decisions that have shaped Nigeria’s political and economic landscape. Despite facing numerous challenges, his administration has implemented key reforms to address long-standing issues such as economic inefficiency, governance transparency, and international relations.

These actions have garnered praise and criticism but undeniably reflect a shift towards tackling Nigeria’s structural challenges. Tinubu’s approach in 2024 has been marked by bold policy changes and strategic decisions, from economic overhauls to vital diplomatic agreements.

His government’s focus on structural reforms, particularly in the economy and local governance, has started to yield positive results, positioning Nigeria for potential growth in the coming years.

This report highlights five notable instances in 2024 when Tinubu’s government got it right, showcasing its successes in areas that matter most to Nigerians.

1. Securing Local Government Financial Autonomy

In July 2024, the Supreme Court ruled that it is unconstitutional for state governors to withhold funds allocated to local government areas (LGAs). This landmark decision mandates that LGAs receive their allocations directly from the Federation Account, ensuring financial independence.

Following this ruling, President Tinubu's government has demonstrated a commitment to implementing the judgment. In October 2024, he assured that his administration would enforce the Supreme Court's decision as part of efforts to promote political economy. 

To facilitate this transition, the federal government established an Inter-Ministerial Committee in August 2024. The committee's primary goal is to ensure that local governments are granted full autonomy, allowing them to function effectively without interference from state governments.

These actions reflect a concerted effort by President Tinubu's administration to empower local governments, thereby promoting grassroots development and enhancing democratic governance in Nigeria.

2. Enhancement of Foreign Exchange Reserves

Under Tinubu's leadership, Nigeria's foreign exchange reserves grew from $35.14 billion in May 2023 to $38.05 billion by September 2024. This increase occurred despite settling valid foreign exchange forwards and deploying substantial funds to defend the naira's international value.

This is despite largely clearly all valid forwards of foreign exchange and deploying millions, if not billions, of dollars to defend the international value of the naira.

The growth in the FX reserves means a vote of confidence in the authorities as well as their policies. Despite this, the naira has not appreciated in value, and Nigerians like their naira strong. 

Furthermore, the average Nigerian has not seen this achievement translating to a better life for himself and his family.

3. Reduction in Debt Service-to-Revenue Ratio

The government reduced the percentage of revenue spent on debt servicing from 97% to 68% over 13 months. 

This improvement was facilitated by clearing legitimate outstanding foreign exchange obligations of about $5 billion without adversely impacting government programs.

The administration's commitment to implementing tax reforms, eliminating fuel subsidies, and embracing initiatives such as the Finance Act amendments has improved revenue generation.

By curbing borrowings and prioritising concessional loans, Tinubu’s team aims to balance debt obligations with fiscal responsibility.

However, challenges persist as Nigeria continues to navigate inflation, currency volatility, and the global economic landscape.

While the reduction is commendable, sustaining this trajectory requires consistent policy implementation, accountability, and economic diversification to shield revenues from external shocks. Tinubu’s success here will determine Nigeria’s long-term fiscal resilience.

4. International Relations & Foreign Direct Investment

President Tinubu’s administration has made notable strides in international relations, reflecting a strategic focus on strengthening Nigeria’s global partnerships. 

During a state visit to China in September 2024, President Tinubu and President Xi Jinping elevated bilateral relations to a comprehensive strategic partnership. This collaboration encompasses infrastructure development, human resources, and nuclear energy, aiming to bolster Nigeria's economic growth and regional stability.

In November 2024, President Tinubu's state visit to France marked the first by a Nigerian leader in over two decades. The visit resulted in agreements to enhance infrastructure development and food security, including a €300 million investment plan targeting critical sectors such as healthcare, transportation, and renewable energy.

Additionally, Nigerian banks expanded operations into the French market, signalling strengthened economic ties.

Furthermore, the state visit of German President Frank-Walter Steinmeier to Nigeria underscored a commitment to deepening bilateral relations. Discussions focused on economic cooperation, security, and energy, reflecting a mutual interest in fostering development and stability.

5. Security

Since assuming office in May 2023, President Tinubu has prioritised enhancing Nigeria's security landscape. A significant move in this direction was the appointment of new security and intelligence chiefs.

In August 2024, he appointed Ambassador Mohammed Mohammed as the Director-General of the National Intelligence Agency (NIA) and Adeola Ajayi as the Director-General of the Department of State Services (DSS).

These appointments were part of a broader strategy to revitalise Nigeria's security architecture. Under the new leadership, there has been a notable reduction in internal insurrections and kidnappings. Reports indicate that over 5,000 kidnapped individuals have been freed, and more than 11,000 terrorists and insurgents have been neutralised or captured.

Furthermore, the military has intensified operations against armed groups. In the third quarter of 2024, dozens of militia leaders were eliminated, and hundreds of fighters were neutralised.

This offensive has led to the rescue of numerous hostages and the arrest of suspected terrorists, contributing to a decline in violent activities across the country.

President Tinubu's administration has also focused on strengthening international security collaborations. In November 2024, Nigeria and India agreed to deepen ties in maritime security and counter-terrorism, aiming to address threats in the Indian Ocean and the Gulf of Guinea.

These initiatives reflect a comprehensive approach to tackling Nigeria's security challenges, combining internal reforms with international partnerships to enhance the nation's safety and stability.