President Bola Tinubu has announced the release of N570 billion to state governors to tackle hunger and economic hardship.
The announcement was made during a televised address to the nation on Sunday, following nationwide protests against economic hardship.
In addition to the N570 billion, the federal government has established an N200 billion Consumer Credit Corporation to fund Nigerians’ credit purchases. This initiative, he said aims to make life easier for millions of households by providing access to essential products without immediate cash payments.
Tinubu said, “I encourage more of our vibrant youth population to take advantage of this opportunity. We established the Consumer Credit Corporation with over N200bn to help Nigerians to acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions.
“This week, I ordered the release of an additional N50bn Naira each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC.”
He added, “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.”
The president further said, “We have also built 10 MSME hubs within the past year, created 240,000 jobs through them and 5 more hubs are in progress which will be ready by October this year.
“Payments of N1bn each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth.”
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