In a bold move to tackle economic hardship and hunger, the Nigerian Federal Government has announced the release of ₦570 billion in grants to all 36 states. President Bola Tinubu, addressing the nation on August 4, 2024, emphasized that this substantial funding aims to support citizens grappling with severe economic challenges.

President Tinubu reported a remarkable increase in fiscal revenue, with ₦9.1 trillion accumulated in the first half of 2024, significantly surpassing the previous administration’s earnings. He highlighted that over 600,000 nano-businesses have already benefited from these funds, with an additional 400,000 businesses set to receive support.

In his address, Tinubu also outlined a reduction in Nigeria’s debt burden, noting that the revenue spent on debt service had dropped from 97% in 2023 to 68% in 2024. He revealed that the administration had cleared approximately $5 billion in forex commitments without impacting crucial programs.

The President announced the introduction of the Compressed Natural Gas (CNG) Initiative, designed to reduce fuel import costs and save over ₦2 trillion monthly. This initiative aims to reallocate resources to critical sectors such as healthcare and education, leveraging Nigeria’s vast gas resources that have been previously overlooked in favor of oil.

Tinubu assured the public that his administration is open to addressing the concerns of protesters involved in recent demonstrations. He also highlighted efforts to boost productivity in the non-oil sector and announced the distribution of CNG conversion kits to reduce transportation costs and curb inflation, with conversion centers being established nationwide.

This announcement comes as Nigeria continues to struggle with its dependency on imported petroleum products despite its substantial oil reserves, due to low refining capacity. The government’s comprehensive approach aims to mitigate the economic crisis, enhance social services, and improve the quality of life for Nigerians.