Following increased clamour against hunger and hardship in the country, the Federal Government says it has released ₦570 billion to the 36 states of the Federation to support to citizens.
President Bola Tinubu who stated this while addressing the country on Sunday, also disclosed that ₦9.1 trillion 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 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 had cleared legitimate outstanding foreign exchange obligations of about $5 billion without any adverse impact on its programmes.
According to the President, the debt reduction has provided the country with greater financial freedom, allowing for increased spending on essential social services such as education and healthcare.