Bola Ahmed Tinubu

2025 Major Reforms Tax Reform Acts (Nigeria Tax Act, Admin Act, JRB Act, NRSE Act) Four omnibus tax bills signed June 26, 2025. Raised PIT exemption floor to ₦800K/yr; restructured VAT-sharing formula; consolidated FIRS into Nigeria Revenue Service; created Joint Revenue Board; phased corporate tax cuts. Effective January 2026. Completed 2024 Major Reforms ·₦70,000/month New National Minimum Wage — ₦70,000/month Signed July 29, 2024 after months of negotiation with NLC/TUC. More than doubled the previous ₦30,000 floor set in 2019. Five-year review cycle. Completed 2024 Rail Port Harcourt-Aba narrow-gauge re-launch (Dec 2024) Dec 2024 reopening of the rehabilitated 84 km Port Harcourt-Aba commuter rail — first segment of the $3.02bn Eastern Rail to enter service. Daily commuter runs via 6 stations; capacity 4,000+ passengers/day. Completed 2024 Roads & Bridges Opebi-Mende-Maryland-Ojota Link Bridge (Lagos) Commissioned 2024. Eases traffic between major Lagos commercial hubs. Completed 2024 Oil & Gas ·↳ began under Buhari Port Harcourt Refinery Phase 1 restart (60,000 bpd) Old Port Harcourt refinery restarted operations November 2024 after years offline. ~60,000 bpd initial capacity. Warri restart announced December 2024. Completed 2024 Power & Energy ·$1.3bn ·↳ began under Jonathan Zungeru Hydropower Commissioning (700 MW) Commissioned February 2024 after a decade of construction. Adds 700 MW to the national grid, lifting installed hydro capacity by 35%. Largest hydropower project commissioned in Nigeria since Kainji 1968. Completed 2023 Major Reforms Petrol Subsidy Removal Announced in inaugural speech May 29, 2023. Pump price rose from ₦185/L → ₦617/L overnight; later ~₦1,000+/L. Saved an estimated ₦4tn/year in fiscal outflows but triggered cost-of-living shock. Completed 2023 Major Reforms Naira Floatation CBN unified multiple FX windows June 14, 2023. Naira depreciated from ~₦460/$1 to ₦750+/$1 immediately; later ₦1,500+/$1. Aimed at ending parallel-market dollar drain. Completed 2023 Power & Energy Electricity Act 2023 — state market rollout Signed June 9, 2023. Enables states to legislate, generate, transmit and distribute electricity. Triggered the launch of state electricity markets: Enugu (Jan 2024), Ekiti, Ondo, Imo, Edo, Lagos, Plateau, Oyo. Ends federal monopoly framework. Completed 2024 Roads & Bridges ·~$13bn total (estimated) Lagos-Calabar Coastal Highway (700 km) — Phase 1 Flagship project of the Renewed Hope Agenda. Will link 9 coastal states (Lagos, Ogun, Ondo, Delta, Edo, Bayelsa, Rivers, Akwa Ibom, Cross River). 30 km Phase 1 Section 1 commissioned May 2025. Financing: $747m (Sec 1) + $1.126bn (Sec 2) closed July & Dec 2025. Under way 2024 Roads & Bridges Sokoto-Badagry Super Highway Trans-Nigerian highway linking northwest (Sokoto) to southwest (Badagry, Lagos). ~64 km cleared, ~30 km sand-filled, 4 km double-lane concrete pavement laid as of late 2025. Under way 2024 Roads & Bridges Calabar-Abuja Super Highway East-west connectivity legacy road. Phase 1 in progress. Under way 2024 Roads & Bridges Akwanga-Jos-Bauchi-Gombe Road dualisation North-central / North-east connector. Dualisation under the Renewed Hope road network programme. Under way 2024 Major Reforms ·₦500bn intl tier Bank Recapitalisation 2024–2026 CBN circular March 2024 raised minimum capital: International ₦500bn, National ₦200bn, Regional ₦50bn, NIB ₦20bn. 24-month deadline (March 2026). Echoes Obasanjo-era 2005 consolidation but at 10× scale. Under way 2024 Oil & Gas Crude-Oil-for-Naira Deal with Dangote Refinery October 2024: NNPC supplies Dangote Refinery with crude oil priced in Naira (rather than USD). First settlement (~76,000 bpd) delivered November 2024. Reduces FX pressure + locks in domestic value chain. Under way 2024 Major Reforms North-East Development Commission (NEDC) — expanded mandate 2024 amendment expanded the NEDC scope + capitalisation to address infrastructure deficits, IDP returnee resettlement, and economic revival in the six North-East states recovering from Boko Haram conflict. Under way 2024 Roads & Bridges Renewed Hope Cities (housing programme) Federal Ministry of Housing programme — 50,000 housing units across major cities (Lagos, Abuja, Kano, Karsana). PPP-financed. First Karsana batch handed over 2024. Under way 2024 Roads & Bridges CNG-powered student/transport bus rollout (5,500+ buses) Tinubu-era post-subsidy palliative — 5,500+ CNG buses procured for inter/intra-state transport via Pi-CNG + states. Eased commuter costs after the May 2023 petrol-price shock. Under way 2024 Aviation & Ports Lagos / Anambra dry-port + cargo-terminal upgrades Tinubu-era 2024 push to operationalise cargo terminals at Lagos (MMIA cargo apron), Abuja, Kano, and Anambra — designed to capture AfCFTA freight share. Customs cargo-clearing modernisation ran in parallel. Under way 2024 Aviation & Ports National MRO (Maintenance, Repair, Overhaul) Centre — Lagos Apr 2024 ground-breaking on Nigeria's first commercial-scale aircraft MRO at MMIA Lagos. Designed to keep ~$2bn/yr in MRO spend (currently flown out to Ethiopia/Egypt/UAE) inside Nigeria; partners include Ethiopian Airlines + Boeing/Airbus. Under way 2023 Oil & Gas ·$200m (Phase 1) Presidential CNG Initiative (Pi-CNG) Launched August 2023 to convert vehicles + roll out CNG stations after subsidy removal. Target: 1 million vehicles converted, 100+ CNG stations by 2027. Under way 2023 Education & Social Student Loan (Access to Higher Education) Act + NELFUND Signed June 12, 2023 (later amended April 2024). Created the Nigerian Education Loan Fund (NELFUND) offering interest-free tuition + upkeep loans to undergrad/HND students at federal/state institutions. Disbursements began May 2024. Under way 2023 Major Reforms ·₦6.10tn collected (2024) Customs Reform — Adeniyi era Appointment of Bashir Adewale Adeniyi (June 2023) as CGC delivered record revenue: ₦3.20tn in 2023, ₦6.10tn in 2024 (90% YoY). Digitisation, single-window port, Time Release Studies. Revenue surge funded major federal road allocations. Under way 2023 Aviation & Ports Bilateral Air Services Agreements — 11 new BASAs (2023-2025) 11 new Bilateral Air Service Agreements signed since May 2023 (UAE, Saudi Arabia, Ethiopia, Qatar, Türkiye, Kenya, etc.) — restored Emirates Lagos/Abuja routes (suspended 2022). Lifted the dollar-trapped-funds embargo that had grounded foreign carrier revenue. Under way 2021 Rail ·$1.96bn Kano-Maradi cross-border SGR (284 km in Nigeria) — 90% completion May 2025 milestone — Kano-Maradi SGR civil works hit 90% on the Nigerian leg (284 km). $1.96bn project connects Kano to Maradi, Niger Republic — first cross-border standard-gauge between any two African states. CCECC + Mota-Engil. Under way