FG Releases ₦570bn Grants To State Governments

The Federal Government has announced a release of ₦570bn to the 36 states in the country to expand livelihood support to their citizens.
The President, made this declaration while addressing the country on Sunday, stating that 600,000 nano-businesses have also benefitted from the nano-grants provided by the Federal Government, as well as an additional 400,000 more nan0-businesses.
He also 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.
Tinubu, in his address stated the country has cleared legitimate outstanding foreign exchange obligations of about $5bn without any adverse impact on any programmes of the federal government.
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.