Economy
Cross River Governor Presents N1.3tr 2018 Budget
By Dipo Olowookere
Cross River State Governor, Mr Ben Ayade, on Thursday presented a budget estimate of N1.3 trillion for next year.
The 2018 budget is far higher than the 2017 budget of N301 billion.
Presenting the budget proposal to the Cross River House of Assembly for deliberation and passage, the Governor explained that the ‘Budget of Kinetic Crystallisation’ was meant to crystallise what the state had achieved in the past two years of his administration.
According to him, the 2018 budget was designed to add value to the socio-economic development and wellbeing of the people of the state.
He said 70 percent of the budget was for capital expenditure and 30 percent for recurrent expenditure with the size expected to create room for potential investors, now that the annual construction of the state deep sea port and superhighway has commenced.
The Governor noted that the priority of the budget was to develop the state’s deep sea port and the super highway which he said were his two marked projects.
He added that the budget was for actualisation and implementation of the state deep sea port, super highway and other laudable projects earmarked for completion.
“The 2018 budget of N13.trillion, tagged `Kinetic Crystallisations’, is meant to drive the economy of the state to an enviable height.
“The sum of N126 billion was budgeted for the Ministry of Infrastructure. This is to help us develop critical assets in the state.
“N7 billion was also budgeted for the state job centre with a view to helping us train our unemployed youths with marketable job skills.
“Also, we have budgeted N2 billion for our school feeding programme. In addition to that, we also budgeted N52 billion for social welfare to care for the aged.
“My administration is human friendly and my desire is to ensure that every family has what to eat before going to bed,” he told the state lawmakers.
Mr Ayade further said that the garment factory, with 1,000 workers, would be increased to 3,000 in 2018 as part of his administration’s drive to engage the unemployed in the state.
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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