FG RELEASES N570 BILLION GRANTS TO STATES FOR EXPANSION OF LIVELIHOOD SUPPORT
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The federal government said that it has granted ₦570 billion to the 36 states in order to increase livelihood support for their inhabitants, in response to the protests against hunger and hardship in the nation.
In addition, President Bola Tinubu revealed during his Sunday speech to the nation that the Federal Government’s coffers received ₦9.1 trillion in total fiscal revenue in the first half of 2024—a substantial increase above fiscal revenue received by the previous government.
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.
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He said the country has cleared legitimate outstanding foreign exchange obligations of about $5bn “without any adverse impact on our programmes.”
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