In a bid to address the widespread clamour against hunger and hardship in the country, the Federal Government of Nigeria has released a whopping ₦570 billion to the 36 states to expand livelihood support to their citizens. This was disclosed by President Bola Tinubu in a nationwide broadcast on Sunday.

The President also revealed that the Federal Government’s coffers had accumulated a total fiscal revenue of ₦9.1 trillion in the first half of 2024, marking a significant increase from the previous administration. “Also, more than ₦570 billion has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefited from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit,” the President stated.

Tinubu attributed the revenue increase to efforts in blocking leakages, introducing automation, and mobilising funding creatively, all without placing an additional burden on the people. He noted that productivity in the non-oil sector is gradually increasing, reaching new levels and capitalising on the opportunities presented by the current economic environment.

The President also highlighted his administration’s achievements in reducing Nigeria’s debt burden, with revenue on debt service declining from 97% in 2023 to 68% in 2024. He said the country has cleared legitimate outstanding foreign exchange obligations of about $5 billion “without any adverse impact on our programmes.”

Tinubu’s administration has invested in the Compressed Natural Gas (CNG) initiative to power the transportation economy and bring costs down. He explained that this would save over ₦2 trillion a month, previously used to import Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), and free up resources for more investment in healthcare and education.

In a move to address the concerns of protesters involved in the nationwide protest that started on August 1, 2024, Tinubu said his administration was ready to listen and address their concerns. He also announced plans to distribute one million conversion kits at extremely low or no cost to commercial vehicles that transport people and goods, which currently consume 80% of the imported petrol and diesel.

The CNG initiative is expected to reduce transportation costs by approximately 60% and help curb inflation. Tinubu expressed optimism that his administration’s efforts would rebuild the foundation of the economy and carry Nigeria into a future of plenty and abundance.

Keyword Tags:

Nigeria, Federal Government, President Bola Tinubu, Revenue, Debt Burden, Compressed Natural Gas, Livelihood Support, Nano-Grants, Economic Growth, Productivity, Non-Oil Sector, Debt Service, Foreign Exchange, Transportation Economy, Healthcare, Education, Protest, Conversion Kits,

Nigeria’s Federal Government releases ₦570 billion to states to address hunger and hardship, boasts of ₦9.1 trillion revenue in H1 2024, and announces initiatives to reduce debt burden and increase economic growth.