Economy
Cross River to Spend 67% of 2021 Budget on Recurrent Expenditure
By Adedapo Adesanya
Cross River State Governor, Mr Ben Ayade, has presented the 2021 appropriation bill to the State House of Assembly tagged Budget of Blush and Bliss with a total estimate of N277 billion.
The sum of N192,511,985,550 representing 67 per cent of the entire budget is earmarked for recurrent expenditure while N88,196,500 representing 33 per cent is for capital expenditure.
The Governor explained the reason for allocating 67 per cent of the total budget for paying salaries and others, noting that it was because of the cumulative impact of the disasters that characterised the year 2020.
This according to Mr Ayade, the huge amount of money is expected to meet the immediate and physical needs of Cross River residents in the aftermath of the COVID-19 and #EndSARS protest, which later resulted into the destruction of properties in the state.
Speaking at the session, he said, “I decided along with my executive council, after due consultation, that the budget of next year will focus more on the humanitarian perspective.
“We have decided to shift focus from infrastructure, from big projects and refocus on the people.”
“So, this is the people’s budget. This budget takes care of unemployment, takes care of the issues of security consistent with the provisions of the Constitution in Section 14 sub Section 2,” the governor said during the presentation.
He said further that “we have decided to focus so much on agriculture, youth employment, social housing, and youth skill development.”
The budget has a provision for the establishment of Neighbourhood Security Watch which is aimed at dealing with the issues of neighbourhood protection and create employment for youths.
Explaining the reason for the title of the budget, Mr Ayade said: “Blush because we are going through a situation where our face is red and in pain. It is blush because we are coming away from our big dreams of kinetic crystallization, from our Olimpotic Agenda and reducing ourselves to a consumptive effort just to reflect the mood of the times.”
He also condoled with residents of Cross River who in the course of the recent arson and vandalism in the state suffered any form of loss.
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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