Economy
FAAC Disburses N906.955bn from October Revenue to FG, States, LGs
By Aduragbemi Omiyale
From the N1.345 trillion generated by Nigeria from different sources in October 2023, the sum of N906.955 billion was shared to the federal, states and local governments by the Federation Account Allocation Committee (FAAC) at a meeting held on Wednesday, November 23, 2023.
This is according to a communiqué issued at the end of the gathering last night by FAAC.
The amount disbursed, according to the statement, comprised a statutory revenue of N305.070 billion, Value Added Tax (VAT) of N323.446 billion, Electronic Money Transfer Levy (EMTL) of N15.552 billion, Exchange Difference of N202.887 billion and Augmentation of N60.000 billion.
In the month under review, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies and EMTL increased significantly, while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.
It was disclosed that the funds went down to N906.955 billion from N1.345 trillion after deducting N386.081 billion as total transfers, interventions and refunds, and removing N53.483 billion as the cost of collection.
Of the N906.955 billion, the federal government received N323.355 billion, state governments got 307.717 billion and the local government councils were given N225.209 billion, while N50.674 billion was shared to the relevant states as 13 per cent of mineral revenue.
Also, from the N305.070 billion distributable statutory revenue, the federal government received N147.574 billion, the state governments went home with N74.852 billion and the councils received N57.707 billion, while the relevant states got N24.937 billion as derivation revenue.
Further, From the N323.446 billion VAT revenue, FAAC shared N48.517 billion to the federal government, N161.723 billion to the state governments and N113.206 billion to the councils.
In addition, of the N15.552 billion EMTL, the federal, state, and local governments got N2.333 billion, N7.776 billion and N5.443 billion, respectively.
It was disclosed that from the N202.887 billion Exchange Difference revenue, the federal government went away with N93.323 billion, the state governments got N47.334 billion, and the 774 local government areas received N36.493 billion, while N25.737 billion was given to the relevant states as derivation revenue.
According to the communiqué, the central government got N31.608 billion from the N60.000 billion augmentation, the 36 states got N16.032 billion, and the councils shared N12.360 billion.
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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