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Friday, August 9, 2024
Federal Government Boosts State Support and Revenue Amid Economic Reforms in Nigeria
In response to increasing concerns about hunger and hardship, Nigeria's Federal Government has released ₦570 billion to all 36 states for livelihood support. President Bola Tinubu announced this during a recent address, revealing that the Federal Government generated ₦9.1 trillion in revenue in the first half of 2024. This marks a significant improvement compared to the previous administration.
President Tinubu highlighted the government's achievements, noting that debt servicing has been reduced from 97% to 68%. This reduction has enabled increased spending on crucial social services such as education and healthcare. Additionally, the administration has launched a Compressed Natural Gas (CNG) initiative to lower transportation costs and reduce the country's reliance on imported petrol and diesel.
The President assured Nigerians that the government is addressing the concerns of recent protesters and emphasized efforts to enhance productivity in the non-oil sector. This approach aims to ensure long-term economic growth and stability without imposing additional burdens on citizens.
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