Economy
NASS to Pass N16.39trn 2022 Budget Before Year-End
By Adedapo Adesanya
The National Assembly (NASS) has promised to scrutinise and pass the 2022 budget presented by President Muhammadu Buhari at a joint legislative sitting today, Thursday, October 7, before the end of the year.
The Senate President, Mr Ahmed Lawan, gave this assurance while giving his opening speech at the budget laying ceremony by Mr Buhari.
He recalled how the 9th National Assembly promised to return Nigeria to a January-to-December budget cycle with the 2020 budget and made it possible, assuring the President and the lawmakers that the feat will be repeated with the 2021 budget.
He then thanked the President for working with the chambers to present the N16.39 trillion after an increase from N13.
He said the 2022 Appropriation Bill, therefore, is a budget of economic growth and sustainability, adding that it would help push the diversification of the economy, investment of critical infrastructure, strengthen security, reduce poverty, and solve disparities.
The 2022 budget is based on a conservative oil price benchmark of $57 per barrel; a daily oil production estimate of 1.88 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day); an exchange rate of $410.15; and a projected GDP growth rate of 4.2 per cent and 13 per cent inflation rate.
Based on these fiscal assumptions and parameters, total federally collectable revenue is estimated at N17.70 trillion in 2022.
Total federally distributable revenue is estimated at N12.72 trillion in 2022 while total revenue available to fund the 2022 federal budget is estimated at N10.13 trillion. This includes grants and aid of N63.38 billion as well as the revenues of 63 Government-Owned Enterprises.
Oil revenue is projected at N3.16 trillion, non-oil taxes are estimated at N2.13 trillion and FGN independent revenues are projected to be N1.82 trillion.
The President said that the proposed N16.39 trillion expenditure comprises statutory transfers of N768.28 billion; non-debt recurrent costs of N6.83 trillion; and personnel costs of N4.11 trillion.
Others include pensions, gratuities and retirees’ benefits of N577.0 billion; overheads of N792.39 billion; capital expenditure of N5.35 trillion, including the capital component of statutory transfers; debt service of N3.61 trillion; and sinking fund of N292.71 billion to retire certain maturing bonds.
Speaking on the fiscal balance, President Buhari said, “We expect the total fiscal operations of the federal government to result in a deficit of N6.26 trillion.”
This represents 3.39 per cent of the estimated GDP, which is above the 3 per cent threshold set by the Fiscal Responsibility Act 2007 as countries around the world have to out of necessity over-shoot their fiscal thresholds for the economies to survive and thrive.
President Buhari walked into the chamber at 12:05 pm and the event started immediately, with the national anthem and opening prayers in Christian and Islamic ways.
He had on Tuesday written to both the Senate and the House of Representatives to notify the chambers of his intention to present the federal government budget on Thursday.
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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