Tinubu Announces N570bn Allocation to States for Citizen Support

President Bola Tinubu announced on Sunday that the Federal Government has given N570bn to the 36 states to help improve the lives of their citizens. He also mentioned that Nigeria spends N2tn each month on importing petrol and diesel.

During his nationwide address, Tinubu said that the government’s total income for the first half of 2024 was N9.1tn, a big increase from what the previous government earned.

“More than N570bn has been given to the 36 states to help their citizens, and 600,000 small businesses have received our grants. Another 400,000 small businesses will also benefit,” the President said.

Tinubu pointed out that even though Nigeria has a lot of oil and gas, the country has relied too much on oil and ignored its gas resources, while also subsidizing fuel costs. To fix this, the government invested in Compressed Natural Gas (CNG).

“We are blessed with both oil and gas, but we found a country relying only on oil-based petrol, ignoring its gas resources. We were spending our foreign exchange to pay for and subsidize fuel.

To fix this, we launched our Compressed Natural Gas Initiative to power our transportation and reduce costs. This will save over N2tn a month and allow us to invest more in healthcare and education,” Tinubu said.

Netizens Reaction

Omo Kogi: Why not instruct CBN to pay it directly into every citizens accounts. Citizens with Double accounts will get One pay and that’s where BVN comes in.

RealFejiro: We are in big trouble. Tinubu and the APC don’t understand basic economics. This is not a sustainable solution for Nigeria.

Instead of creating jobs and attracting more foreign investors, which would generate employment opportunities, they believe this approach will help Nigeria.

For years, they have been distributing handouts, but this strategy does not aid in our progress. This is a truly terrible situation caused by the wicked APC government.

Ishow_leck: Tackle how? State government has nothing to do to relieve this hardship. This money could have been used to subsidize the fuel and other things. All these state’s government will sit on and share this money. I think the Federal government are trying their best, but the state government are doing the most at this point.

DamilareOdules: And the state government will pocket the money because that’s exactly what the FG expected them to do. Ask them what happened to the COVID-19 palliative they received from the FG in December 2023.

ChabbaFlorence: #570bn for what, exactly ? We are asking that you reduce fuel price, electricity tariff, make INEC truly independent, and take away the hike in school fees, among other demands……. Now, who will benefit from this? In the long run, will the money not finish? Na wa o