FG announces ₦570bn grant to States to combat hardship, hunger

In a national address on Sunday, President Bola Tinubu outlined significant strides in Nigeria’s economic recovery, reporting that the Federal Government accumulated ₦9.1 trillion in fiscal revenue during the first half of 2024.

This marks a considerable increase compared to the previous administration’s earnings. Tinubu attributed the surge in revenue to efforts in plugging financial leakages, implementing automation, and creatively mobilizing funds, all without imposing additional burdens on the populace.

The President also announced the release of over ₦570 billion to the 36 states, aimed at expanding livelihood support programs for citizens. Additionally, he revealed that 600,000 nano-businesses have already benefited from government grants, with plans to extend this support to 400,000 more businesses.

Tinubu highlighted a significant reduction in Nigeria’s debt burden, noting that the revenue-to-debt service ratio had declined from 97% in 2023 to 68% in 2024. He also stated that Nigeria has settled legitimate foreign exchange obligations amounting to $5 billion without hindering the country’s ongoing programs.

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Despite Nigeria’s abundant oil and gas resources, the President criticized the previous reliance on oil-based petrol and the neglect of natural gas. To address this, Tinubu’s administration has launched a Compressed Natural Gas (CNG) Initiative, which aims to power the transportation sector and reduce costs.

This initiative is expected to save over ₦2 trillion monthly by reducing dependence on imported petrol and diesel, freeing up resources for investment in critical sectors like healthcare and education.

The President also reassured citizens that his administration is open to addressing the concerns of protesters involved in the ongoing nationwide demonstrations, emphasizing the government’s commitment to listening and responding to public grievances.