Economy
Ahmed Presents N181.9b Budget for 2018 to Kwara Parliament
By Dipo Olowookere
Governor Abdulfatah Ahmed of Kwara State on Wednesday presented a budget estimate of N181.9 billion for the 2018 fiscal year to the Kwara State House of Assembly.
Christened ‘Budget of Sustained Growth and Prosperity,’ the Governor told the lawmakers that the sum of N75.2 billion representing 41.3 percent is for recurrent expenditure, while total sum of N106.7 billion, which represents 58.7 percent, is earmarked for capital expenditure.
Laying the budget before the state parliament, yesterday, Governor Ahmed said the proposed budget reflects an increase of N15.8 billion or 9.5 percent compared to the 2017 Revised Appropriation.
He said under the recurrent expenditure, N46.6 billion, representing 62 percent, is allocated as overhead cost, which includes subventions to parastatals, support grants and contributions including overhead cost of tertiary institutions in the state.
According to him, personnel cost is expected to gulp N13.9 billion or 18.5 percent of the total recurrent expenditure.
Mr Ahmed explained that the 2018 budget proposal was formulated using the zero-based budgeting approach and its projections were based on the federal government adopted assumptions of oil price benchmark of $45 per barrel and oil production estimate of two point 3 million barrels per day.
The economic affairs sector has the highest allocation of N53.7 billion, which represents 54.4 percent of the total capital expenditure, while the health sector is allocated N23.9 billion, representing 22.4 percent.
The education sector has an allocation of N12.6 billion, which represents 11.8 percent, while general public services has N7.6 billion, representing 7.1 percent of the total expenditure.
Governor Ahmed said the government recorded 71 percent implementation of the 2017 budget with modest achievements in key sectors despite the economic challenges.
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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