FG releases ₦570bn grants to States over hardship/hunger

Following the protest against hunger and hardship in the country, the Federal Government said it has released ₦570bn to the 36 states to expand livelihood support to their citizens.

President Bola Tinubu, while addressing the country on Sunday, also disclosed that ₦9.1tn was accumulated as total fiscal revenue to the Federal Government’s coffers during the first half of 2024, marking a significant increase from what was earned by the previous administration.

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.”