Economy
Cross River Slashes N1.1trn ‘Olympotic Meristemasis’ Budget by 91%
By Adedapo Adesanya
The Cross River State Government has slashed its 2020 budget of N1.1 trillion by 91 per cent to N147.1 billion and sent it to the state House of Assembly for deliberations.
This was announced by the state’s Commissioner for Finance, Mr Asuquo Ekpeyong, on Monday in Calabar at a media briefing.
Mr Ekpeyong said the downward review of the budget stylised as the Budget of Olympotic Meristemasis became necessary due to the effect of COVID-19 pandemic which made the over N1 trillion naira proposed earlier by the government unrealistic.
“As we are all aware of the current pandemic ravaging the entire world, the situation has come with both health and economic challenges.
“As a state, Cross River is not in isolation; we are affected economically. We have decided to review the 2020 appropriation to tally with the present economic realities.
“We have forwarded a reviewed budget of N147, 130, 166, 966 to the State Assembly for deliberations,” Mr Ekpenyong said.
The Commissioner said that the government had also taken some far-reaching humanitarian measures to cushion the effects of the pandemic on the residents of the state.
He said the state government is also mindful of extortionist agents who still go ahead to illegally collect taxes from those exempted from paying.
He said the tax exemption policy had been put in place and an anti-taxation committee set up to implement it, adding that anyone caught violating the policy would be prosecuted.
Also speaking at the briefing, the Chairman of the state Internal Revenue Service (IRS), Mr Okpanke Ogar, said Governor Ben Ayade had approved some incentives for individual taxpayers and businesses in the state.
He highlighted some of the incentives to include, tax exemption for individuals in the public sector who earn less than N100,000 monthly.
“Others exempted are the self-employed, including artisans, hawkers, commercial motorcycle riders, taxi drivers, barbers/hairdressers and restaurant owners.
“Tourism revenue, sale of tickets by various agencies and Local governments have also been put on rebate till November,” he said.
The chairman noted that although the measures would drastically affect the revenue profile of the state for 2020, the action was in the best interest of the people.
“In 2019, we generated N22 billion, but all these taxes abating, it will surely affect our internally generated revenue for this year. But the governor has done this in the interest of the people,” Mr Ogar said.
Last year, Governor Ben Ayade had proposed to spend N1,100,167,507.09 in the 2020 financial year.
He explained that: “The budget of Olympotic Meristemasis is a budget that believes in the spiritual force which is the third energy. Meristemasis is the active growth of a young variant plant in extension, the state.
“So, olympotic as it is, Meristemastic as it is, it is also having sociological agglutination. So I believe that the budget of olympotic meristemasis would catalyse into existence, a great opportunity for us all to put our hands and legs on the paddle and speed it off.”
Cross River State was the last state to officially declare a coronavirus case in Nigeria and as at the time of this report, it has 40 cases on record, out of which nine have been discharged and three casualties.
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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