Economy
Senate Wants 20% of National Budget For Constituency Projects
By Dipo Olowookere
The Nigerian Senate is requesting for 20 percent of the national budget earmarked for constituency projects ostensibly to be handled by them.
These projects are what the lawmakers use as their empowerment programmes in their various areas.
These include construction of feeder roads, boreholes, market stalls, schools rehabilitation, sewing machines, grinding machines, knitting machines, motorcycles, tricycles and others.
Already, a bill to make this a law for the executive to do this has passed second reading at the Senate.
If this bill becomes law, it means the constituency projects will get at least N1.4 trillion from the proposed N7.3trillion budgeted for 2017 fiscal by President Muhammadu Buhari pending approval from the National Assembly, which will get the appropriation from Mr Buhari next Wednesday.
At the floor of the Senate on Thursday, where the bill was debated, its sponsor, Mrs Stella Oduah, noted that, “One of the unique features of our democratic journey so far is the concept of ‘Constituency Projects’.
“Available statistics show that 70 percent of Nigerians live in the rural areas and the intention of the bill is to ensure that good governance is delivered to these crucial areas.
“The bill is also intended to correct the top-bottom approach of governance and replace it with the bottom top approach. Constituency project in recent time is one of the ways to attract federal presence to our people.”
Mrs Oduah argued that if not for these projects, majority of federal constituencies would not have a single federal project due to lopsided nature of project allocation in the budget.
“The constituency project is not peculiar to Nigeria alone. There are similar mechanisms in other developing countries.
“For instance, the constituency development fund has been institutionalized in Kenya, Uganda, India and Tanzania,” the former Aviation Minister turned Senator said.
Also, the Chief Whip of the Senate, Mr Olusola Adeyeye said, “This is not money given to Senators or Reps, it is money meant for specific projects. At the moment, it is N100 billion for 109 Senatorial Districts and 360 Federal constituencies. That is 1.5 percent of the Federal Budget.”
In his remark, the Senate President, Mr Bukola Saraki, said constituency projects ensure equity in the distribution of federal projects.
“I don’t think there is anything that ensures equity in the country like the constituency projects. Our responsibility is to provide the projects to our constituencies, full stop,” Mr Saraki said.
The Senate President then referred the bill to the committees on Finance and Appropriation for further legislative actions with a 4-week time frame.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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