Economy
Buhari Seeks Approval for N2.557trn for Fuel Subsidy Payment
By Aduragbemi Omiyale
President Muhammadu Buhari has asked the Senate for approval for a supplementary budget of N2.557 trillion, with a significant part of it for the payment of subsidy for petrol in the later part of 2022.
A statement signed by Mr Ezrel Tabiowo, the Special Assistant to the Senate President on Press, Mr Ahmad Lawan, on Tuesday said the letter from Mr Buhari was dated February 10, 2022.
It was stated that the President wants the Senate to amend the 2022 Appropriation Act passed by the National Assembly in December 2021, noting that it was imperative to remove all capital projects that were replicated in the 2022 Appropriation Act.
He disclosed that 139 out of the 254 projects in the budget totalling N13.24 billion had been identified for deletion, asking the parliament to amend the Appropriation Act to provide for capital expenditures in the sum of N106.2 billion and N43.9 billion for recurrent expenditures.
The President also requested that an additional provision for N2.557 trillion be appropriated by the National Assembly to fund the petrol subsidy in the 2022 Budget Framework which was revised to provide fully for PMS subsidy.
Mr Buhari underscored the need to reinstate four capital projects totalling N1.4 billion in the executive proposal for the Federal Ministry of Water Resources; and N22.0 billion cut from the provision for the Sinking Fund to retire mature loans needed to meet government’s obligations under already Issued bonds.
The President noted that the N2.557 trillion for the fuel subsidy payment for premium motor spirit (PMS) is required “following the suspension of the PMS subsidy removal.”
“An additional provision of N2.557 trillion will be required to fund the petrol subsidy in 2022. Consequently, the federation account revenue for the three tiers of government is projected to decline by N2.00 trillion, while FGN’s share from the account is projected to reduce by N1.05 trillion. Therefore, the amount available to fund the FGN budget is projected to decline by N969.09 billion,” he added.
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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