We are now in the year 2024. Our democracy has entered its 25th unbroken year since 1999. Nigeria’s population continues to grow just as does her various problems. But the new sheriff in town, President Bola Ahmed Tinubu promises to renew our hope in the country. He has now already signed the 2024 fiscal budget into law on the very first day of the year, a feat that underscores his commitment to delivering on the mandate he has been given and the National Assembly’s tireless work to vet and pass the budget.
But beyond these seemingly low-hanging fruits that the president is reaping, what does the 2024 landscape look like for average Nigerians struggling to make ends meet in the face of rising inflation and general hardship experienced in every nook and cranny of the country?
Let us find out in this exploratory essay that aims to traverse through the country’s tapestry for hints of what the year 2024 will be like.
Fuel Subsidy Gone for Good or Bad?
It has now been seven months since the fuel Subsidy has been removed in Nigeria and the ripple effect of that policy has manifested in every aspect of Nigerians’ daily life. There are no provisions for the Subsidy in the 2024 budget which means Nigerians will only have to brace for more impact.
The palliative measures being put in place to cushion the effects of the removal have been so far abysmal and ineffective. The poor are given few measures of rice and pasta and told to go home and manage.
Transportation costs have risen and the president’s promise of introducing buses that use compressed natural gas on our roads is yet to materialize. There is every indication that these buses will begin plying on the roads of major Nigerian cities within the year which will make 2024 the beginning of Nigeria’s revolution of gas fueling in automobiles.
Still, as part of the Subsidy on transportation, the federal government provided 50% reduction on transport fare to travelers who visited different parts of the country to celebrate Christmas and New Year. The question then arises, will Nigerian Muslims be provided the same Subsidy on transportation later in April 2024 when they are celebrating the Eid-Il-Fitr? We will find out in due course.
What will be the fate of Dangote’s refinery which received its first and second shipment of crude oil in December 2023? The year 2024 will provide us answers as to how having the largest single-train refinery in our country can boost our revenue earnings and influence the local market. That is an interesting area which all Nigerians will be looking forward to with held breaths.
However, the signs aren’t looking favorable so far with some fuel marketers claiming that the actual price of fuel in 2024 should be 1,200 per liter. That is a 600% increase from its price this time in 2023. There are also concerns that the government is still subsidizing fuel under a fancy term titled “under recovery”. In any case, Nigerians will do well to prepare for all eventualities as far as the price of fuel is concerned.
The Student Loans will Start
Six months after signing the student loan policy into law, Nigerian students hope to begin tapping from this loan by January 2024. A sum of 5 Billion Naira has been earmarked for the policy while another 50 billion has been voted under the service wide vote for the same student loan.
Students from some universities such as Ahmadu Bello University have already started paying for their tuition fees as early as 2nd January 2024, with no student loan in sight. When will we begin to see the first set of Nigerian students actually getting these loans? Whenever that happens, one thing we can be sure of is that the year 2024 will mark the beginning of these student loans which has the potential of revolutionizing education finance in the country.
Governors will Go, Governors will Come
Sometime in January 2024, the Supreme Court of Nigeria will pass its verdict on the famous and controversial legal case of the Kano Governorship election. By the time you’re reading this, Abba Kabir may have sealed his fate as an executive governor of Kano state or become a former governor while Nasiru Gawuna of APC gets sworn in as governor in an event that will resonate throughout the country. Whatever the outcome of the Kano case is, it will provide really valuable lessons for Nigerians on how to conduct future elections that are free and fair.
Some governors will be exiting office in 2024 as they find their next stop in the political landscape. One of such Governors is Yahaya Bello of Kogi state. Other states such as Edo will be looking to elect a new governor later this year as the political arena continues to take proper shape ahead of 2027.
Rivers state will remain an interesting state to observe how things will unfold in 2024. Governor Simnilaya Fubara’s tussle with the present FCT Minister will continue to shape the politics of the state as the two political giants continue to drag it out of control over the political structure of such an important and oil-rich state. For the benefit of Nigeria, the purported peace brokered by the National Security Adviser should subsist.
Will Labour and Workers Smile?
The Nigerian Labour Congress needs no introduction when it comes to being at loggerheads with the Nigerian government over matters that concern the welfare of Nigerian workers. In November 2023, Labour threatened strike action and tested the waters with a two-day warning strike before the government called them to the table for negotiations and promises. The Federal Government’s 35,000 Naira supplementary wage to all workers for six months has not seen a smooth sail so far with workers complaining of only getting paid once. If there is of no payment or reasonable commitment is made towards increasing the minimum wage, 2024 will be a year in which Labour will do what they know best (strike).
On whether workers will smile, there are many indications that the answer is negative. Already, many Nigerian professionals are continually seeking to leave the country in what has now been coined the “Japa syndrome”. 2024 may yet again record record-breaking numbers of Nigerian professionals traveling out to where their services may be more adequately compensated. Health professionals are the most common participants in Japa and recently the tech guys and engineers are increasingly joining the bandwagon.
The inflation caused by many policies of the past 8 years have made the current minimum wage practically insufficient to sustain a single man, talk more of men with families. 2024 has to be the year another minimum wage review will come to life, 5 years after the last one in 2019.
Africa will have new soccer Champions
The African cup of nation which is billed to start on 13th January, 2024 will provide another chance for Nigeria to try and reclaim the title after 10 years of trying without luck. The tournament which will be held in Ivory Coast will have countries such as Morocco (the first African country to reach the world cup semi-final), Egypt (which has the highest number of Afcon titles), Senegal (the reigning African champions) and Algeria (who have reached the finals in two consecutive tournaments).
It promises to be an exhilarating contest in Ivory Coast later this month and Nigerians will rally behind their country for a chance to smile amidst the heaps of horrors that have come to define everyday existence in the country.
Go Naijaaaa!
Conclusion
The lenses through which we can glimpse at what 2024 holds for Nigeria are many and inexhaustible. One thing that many Nigerians are sure of is that it is not going to be easy and Nigeria being a prayerful country, mosques and churches will have no shortage of faithfuls trooping in. Although the National Hajj Commission has lamented on low payment for the annual Islamic pilgrimage to Makka by Muslim faithfuls due to the financial situation in the country, Nigerians will continue to send their prayers for a better and prosperous Nigeria wherever they are.
