The Federal Government has released N570bn to the 36 states to expand livelihood support to their citizens.
President Bola Tinubu who announced this during his nationwide broadcast, also revealed that Nigeria spends N2tn monthly to import Premium Motor Spirit, popularly called petrol, and Automotive Gas Oil, otherwise known as diesel.
Tinubu said 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.
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.
The president added that his administration would distribute one million kits of extremely low or no cost to commercial vehicles that transport people and goods, and who currently consume 80 per cent of the imported petrol and diesel.