In the next 48 hours, we should be saying our final goodbye to the year 2024. It has been one hell of a journey navigating through the year for most Nigerians. Many have died, millions of others are struggling to keep their heads above water. Still, we should give thanks to God that we survived and are still counted amongst the living.
Now is the time to do a postmortem on the year so that we can all plan ahead for the new year. What are those things we did that made the year so tough for many? What could we have done better? And what do we need to do differently so that we can expect different results?
For most Nigerians, two reforms carried out by the Bola Tinubu’s administration in 2023 had a devastating impact on their lives in 2024. These are the fuel subsidy removal as well as the floating of the Naira. At the beginning of the year, the average price of fuel in Nigeria was N668 per litre. By December ending, it had jumped beyond the N1,000 mark except for the Christmas and New Year bonanza announced by Dangote Refinery. In the same period under review, the average price of diesel was N1,153 per liter which was a 39.11 per cent increase from the previous year in 2023. In December 2024, the price of diesel still hovers around N1,200- N1,300.
In Nigeria, fuel is more like the engine room that holds the arteries of our entire body and once the price of fuel goes up, it would affect every other thing. It is therefore no surprise that the price of foodstuffs and other household items recorded a sharp increase in the year.
Inflation rose to an alarming 33.95% in November, 2024, up from 22.41% in May, 2023. The cost of basic commodities such as food, fuel, and transportation has nearly doubled, pushing millions below the poverty line. The ripple effects are evident everywhere. Transport fares have tripled, food prices are beyond the reach of many families, and small businesses are folding under the weight of operating costs. According to the National Bureau of Statistics, unemployment rose from 33.3% in Q1 2023 to 40% in Q3 2024, leaving millions without a source of income. For many Nigerians, survival has become a daily struggle, with no immediate relief in sight.
Our Commander-in-chief spoke to us last week and declared that he has no regret introducing the twin ‘deadly’ policies. He said that they are bitter pills that we must swallow so that the future of our yet unborn children would be guaranteed. I believe him 100 per cent, but he should be told that there may be no future if those that would birth those kids die through hunger and starvation.
He spoke about his friend who owns five limousines but has now been forced to park those fuel-guzzling dinosaurs at home for a smaller and fuel-efficient Honda. Good. But he must be aware that there are many of his compatriots who, inadvertently do not have jobs and cannot even afford the cost of transportation to go in search of one. He must be aware also, that there are several public servants that now sleep in their offices and only go home on Fridays to be with their families for the weekend due to high cost of transportation. Some go to work twice or thrice in a week, and we dare not complain of low productivity.
While Nigerians are reeling under the yoke of the present administration’s policies, politicians are already scheming and calculating how 2027 would pan out for them and their parties. That is how we roll in this part of the world. In 2024, the political war for the control of oil-rich Rivers State between former governor Nyesom Wike and the present Governor, Siminalayi Fubara, raged on for the most part of the year, with the people of Rivers State the greatest losers in the imbroglio.
Wike, who was appointed as Minister of the Federal Capital Territory by Tinubu, insisted that Fubara was bent on destroying his political structure and for that, the state has been boiling from one political crisis to another, or from one court room to another, to the extent that governance was almost grounded to a halt in the state.
Also in the year, the Supreme Court gave a landmark ruling granting full autonomy to Local Government Councils. The development is seen as a significant step towards upholding the tenets of democracy and encouraging grassroots development. For decades, state governments have enjoyed control of the finances, deciding how elections and governance are administered in local areas, but with the autonomy, the state is denied such privilege, with the law mandating that federal allocations be paid directly to local government accounts and elections held independent of state control. Despite the Court judgment however, state governors are kicking back, with some hurriedly conducting council elections after several years of appointing sole administrators at the local level.
Also this year, after several months of intense negotiation with the Nigerian Labour Congress (NLC), President Tinubu bowed to labour and increased Nigeria’s minimum wage from N30,000 to N70,000. Some state governors even decided to pay beyond the new minimum wage for their workers as they know that even the new minimum wage cannot take workers anywhere. With a bag of rice selling above N100,000, the new minimum wage cannot be described as a living wage.
Few weeks after assuming power, Tinubu set up the Presidential Committee on Fiscal and Tax Reforms, led by Taiwo Oyedele, to carry out a comprehensive tax reform for the country. In the year under review, Oloyede and his committee proposed four key tax bills to streamline Nigeria’s taxation system, eliminate double taxation, and promote private sector investment. These bills; the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill focus on harmonizing revenue administration, enhancing compliance, and increasing disposable incomes through targeted tax exemptions.
The proposed tax reforms signal a significant shift in Nigeria’s fiscal policy, aiming to ease financial burdens on businesses, support households, and drive economic development. A central feature of these reforms is the planned reduction in corporate income tax rates from 30% to 25% over the next two years. This change is expected to enable businesses to reinvest profits, innovate, and expand. Additionally, small businesses with annual turnovers of N50 million or less will benefit from a complete exemption from corporate income tax, VAT, and withholding tax.
The reforms also extend significant advantages to workers and households, particularly those in lower income brackets. Workers earning below the minimum wage will be exempted from personal income tax, while over 90% of employees in both public and private sectors are expected to experience reduced tax obligations. Moreover, essential goods and services such as food, education, healthcare, and renewable energy will attract a 0% VAT, while rent and public transportation will be entirely VAT-exempt. These provisions aim to lower the cost of living, particularly for low-income households, enhancing their financial stability and well-being.
Further changes aim to simplify and harmonize the tax system, but has met stiff resistance from lawmakers from the North arguing that the proposed tax reform is against the region. For now, the bills have been stepped down by the National Assembly, while intense horse-trading is presently ongoing.
The #EndBadGovernace protests that started on August 1 swept through the nation but it was not as resounding as the 2020 #EndSars protests. Scheduled to last for 10 days, the End Bad Governance protests petered out after just a few days as already wary Nigerians trooped to the streets once more in search of their daily bread.
Few days to Christmas, ugly incidents of stampedes reared its ugly head in three different locations and over 70 Nigerians, half of whom were children paid with their lives. They were in search of handouts of cash and foodstuff when they met their untimely deaths.
On the international arena, some Nigerians continue to make the country proud of their exploits. Ngozi Okonjo-Iweala was reappointed as the World Trading Organization (WTO) Director-General on 29th November, 2024, by the General Council of the WTO. This reflects her excellent leadership of the body and demonstrates Nigeria’s capability to produce world-class leaders steering the realm of business and governance on the international scene.
Kemi Badenoch, born in Britain, but of Nigerian parentage, was also elected leader of Britain’s Conservative Party, an opposition party of the Labour Party. Her amazing performance in the British parliament is widely recognized. Being the First female black opposition leader, she will have the privilege to lead the United Kingdom as the first black Prime Minister if her party gains control of the Parliament.
The 2024 Confederation of African Football (CAF) Awards brought Nigeria back to the limelight in the Sport arena, as Ademola Lookman and Chiamaka Nnadozie took the CAF Player of the Year (Men) and Goal Keeper of the Year (Women). Nigeria’s female National team, The Super Falcons also won the team of the year award for the female category.
However, despite a substantial N12 billion budget allocated to Team Nigeria, their performance fell far short of expectations, leaving Nigerians baffled and deeply disappointed at the Paris Olympics as we came back home without a single medal. But the Nigerian contingent to the Para-Olympics did console the nation with an outstanding performance.
Chidimma Adetshina made history during the year as the first Nigerian to secure the first runner-up position at the 73rd Miss Universe pageant held in Mexico City, Mexico. Born in Soweto, South Africa, to a Nigerian father and a Mozambican mother, Adetshina’s journey to the Miss Universe stage was marked by controversy and resilience. Her initial participation as a contestant for Miss Universe South Africa 2024 ended amid xenophobic abuse and scrutiny over her nationality, leading to her withdrawal from the competition. She was invited to participate for Nigeria, her paternal country of origin, where she proudly outdid other international contestants.
The international arena witnessed turbulent times in 2024, with political shifts and societal changes across nearly every continent, including the Middle East and Europe, including world’s superpower, the United States of America, which elected Donald Trump as its President for the next four years.
In South Asia, Bangladesh, formerly East Pakistan, a student-led movement resulted in the toppling of Sheikh Hasina Wajid’s iron-fisted rule.
In the Levant region of the Middle East, rebel forces, backed by the United States and Turkey, liberated Syria from the repressive rule of President Bashar al-Assad. Meanwhile, conflict continued to escalate across Arab countries. The Benjamin Netanyahu-led Israeli government killed around 47,000 Palestinians – mostly children – in the Gaza Strip under the pretext of combating Hamas, following the October 7 attack, which had killed over 1,400 Israelis.
The aftermath of the Israel-Gaza conflict extended into Lebanon and Syria, sparking a series of high-profile assassinations, including Hamas military leader, Yahya Sinwar, and political leader, Ismail Haniyeh in Gaza and Tehran, as well as Hezbollah leader, Hassan Nasrallah.
The year saw dramatic political developments in the U.S., including the historic return of Donald Trump to the presidential race. On July 13, Trump survived an assassination attempt during his campaign, when a bullet grazed his ear. The attacker was killed at the scene.
The Gaza conflict, which began in 2023, escalated throughout 2024, with Israeli bombings continuing over the year. On July 30, Hamas leader, Ismail Haniyeh was killed in an Israeli attack in Tehran. On September 23, Israel launched a direct attack on Lebanon.
On September 27, Hezbollah leader Hassan Nasrallah was killed in an Israeli airstrike, followed by the death of Hamas leader, Yahya Sinwar in October.
Throughout the year, Israeli aggression and Zionist terrorism in the Middle East, particularly in Gaza and Lebanon, reached new heights. High-profile resistance leaders from Hamas and Hezbollah were killed, including Ismail Haniyeh, Yahya Sinwar, Hassan Nasrallah, and Fawad Shukr.
In 2024, the Ukraine-Russia war entered a critical phase, with both sides intensifying military campaigns amid shifting international dynamics. Ukraine, bolstered by continued Western military aid and advanced weaponry, launched counteroffensives to reclaim occupied territories, making significant gains in the East. Russia, facing internal dissent and economic sanctions, escalated drone and missile attacks targeting Ukrainian infrastructure, deepening the humanitarian crisis.
Diplomatic efforts for peace remained elusive, as geopolitical divides widened, with NATO doubling down on support for Ukraine and Russia seeking closer ties with China and Iran.
On July 5, the UK held general elections, which resulted in Keir Starmer’s Labour Party winning power after 14 years. Rishi Sunak lost leadership of the Conservative Party following the election, marking a significant shift in the UK’s political landscape.
As we eagerly look forward to 2025, it is hoped that our leaders will put in place policies that would ameliorate the sufferings of most Nigerians and rule over us with the fear of God.
Happy New Year in advance.
