The Federal Government in response to widespread clamor against hunger and hardship in the country says it has released N570bn to the 36 states to expand livelihood support to their citizens.
President Bola Tinubu while addressing the country on Sunday, also disclosed that N9.1tn 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 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 the government’s programmed.
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.
