State governors got over N6 trillion more in 2024 – Tinubu

President Bola Tinubu has said that federal revenue allocation to states “increased by increased by over N6 trillion in 2024”, due to the economic reforms undertaken by his administration in the last two years.

He made the assertion in his mid-term report, saying the increased revenue made it possible for “subnational governments” to “reduce their debt burden, meet salaries and pension obligations on a timely basis, and invest more in critical infrastructure and human capital development.”

Another feat President Tinubu said his administration recorded in the last two years is improved debt profile. He said that though his government’s foreign exchange revaluation “pushed our debt-to-GDP ratio to around 53%”, the country’s debt service-to-revenue ratio dropped from nearly 100% in 2022 to under 40% by 2024.”

“We paid off our IMF obligations and grew our net external reserves by almost 500% from $4 billion in 2023 to over $23 billion by the end of 2024,” the President said. Equally citing tax reform, Tinubu claimed that Nigeria’s tax-to-GDP ratio rose from 10% to over 13.5% by the end of 2024, describing it as “a remarkable leap in just one year.”

Sounding confident of his policy results, President Tinubu said, “This was not by accident” but “deliberate improvement in our tax administration and policies.” He added that his government plans to eliminate multiple taxes to enable “small businesses to grow and join the formal economy.”

Tinubu said the tax reforms would protect low-income households” and increase workers’ “disposable income.