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President Bola Tinubu, in a nationwide broadcast on Sunday, disclosed significant financial developments, including the release of N570 billion to the 36 states to enhance livelihood support for citizens. This move aims to alleviate economic pressures on Nigerians.
The President also revealed staggering fuel import costs, stating that Nigeria spends a whopping N2 trillion monthly on Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel). This expense highlights the country’s substantial reliance on imported fuel.
Additionally, Tinubu announced a notable increase in federal revenue, with N9.1 trillion accumulated in the first half of 2024. This surpasses earnings from the previous administration, indicating a positive trend in government revenue.
The President further highlighted his administration’s support for small businesses, stating that 600,000 nano-businesses have benefited from nano-grants, with an additional 400,000 expected to receive support. This initiative aims to stimulate economic growth and development at the grassroots level.
“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 nano-businesses are expected to benefit,ā the President stated.
Overall, Tinubu’s announcements underscore his government’s efforts to address economic challenges, enhance livelihood support, and promote small business growth, while also acknowledging the significant financial burden of fuel imports.
Tags: Bola Tinubu, Nigeria, Economy, Businesses, Fuel, Imports, Nigeria
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