In response to widespread outcry over hunger and hardship, the Federal Government has allocated ₦570 billion to the 36 states for expanding livelihood support. President Bola Tinubu announced this on Sunday, revealing that total fiscal revenue for the first half of 2024 reached ₦9.1 trillion, a notable increase from the previous administration’s earnings.
“Also, more than N570bn has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefitted from our nano-grants. An additional 400,000 more nan0-businesses are expected to benefit,” the President stated.
The President stated that Nigeria’s debt burden has decreased, with debt service revenue dropping from 97 percent in 2023 to 68 percent in 2024. He mentioned that the country has cleared about $5 billion in legitimate foreign exchange obligations without impacting its programmes.
This debt reduction has given Nigeria greater financial freedom, allowing for increased spending on essential social services like education and healthcare. Despite Nigeria’s abundant oil and gas resources, the President noted that his administration inherited a country overly reliant on oil and neglectful of its gas resources while subsidizing fuel costs. This prompted his administration to invest in Compressed Natural Gas.
“Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy. We were also using our hard-earned foreign exchange to pay for and subsidise its use.
“To address this, we immediately launched our Compressed Natural Gas Initiative to power our transportation economy and bring costs down. This will save over N2tn a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education,” Tinubu stated.
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