The Federal Government has released N570bn to the 36 states to expand livelihood support to their citizens, President Bola Tinubu announced on Sunday.
He also revealed that Nigeria spends N2tn monthly to import Premium Motor Spirit, popularly called petrol, and Automotive Gas Oil, otherwise known as diesel.
Tinubu stated this during his nationwide broadcast to Nigerians, as he 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.
“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 stated.
He noted that despite Nigeria’s abundant oil and gas resources, his administration met a country that was dependent only on oil, neglecting its gas resources while subsidising the cost of fuel.
As a result, he said his administration invested in Compressed Natural Gas to change the narrative.
