FG allocates N570bn grants to states amid rising hunger, hardship
Following the ongoing protests against hunger and economic challenges in the country, the Federal Government has announced the release of ₦570 billion to all 36 states aimed at enhancing livelihood support for their citizens.
President Bola Ahmed Tinubu, while addressing the country Sunday, shared that the government recorded an impressive ₦9.1 trillion in total fiscal revenue for the first half of 2024, a notable increase when compared to the previous administration’s earnings.
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The President said: “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 explained that there had been a reduction in Nigeria’s debt burden with revenue on debt service declining from 97 per cent in 2023 to 68 per cent in 2024.
He said the country has cleared legitimate outstanding foreign exchange obligations of about $5bn “without any adverse impact on our programmes.”
Proofreading by Fa’izatu Aliyu Doma, Journalist at Neptune Prime.
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