Economy
FAAC Allocation to FG, States, LGAs Drops 9.6%
By Adedapo Adesanya
Total allocation to the three tiers of government from the Federal Account Allocation Committee (FAAC) fell by 9.6 percent in February 2020 as the sum of N647.35 billion was disbursed during the period.
According to a Business Post analysis, in January 2020, the sum of N716.30 billion was allocated to the Federal, States, and Local Governments, but in February, the amount declined by N68.95 billion, according to data released by the National Bureau of Statistics (NBS).
The report showed the amount disbursed comprised N524.59 billion from the Statutory Account, N16.30 billion from Non-Oil Revenue, N659.08 million from Excess Bank Charges Recovered for the Month, N104.76 billion from Valued Added Tax (VAT) and N1.04 billion exchange gain differences.
According to the report, the Federal government received the largest share of the allocation, amounting to N267.39 billion, followed by the 36 states which collectively received the sum of N176.92 billion, while all 774 local government received the sum of N132.94 billion.
The remaining sum of N46.20 billion was shared among the nine oil producing states of Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos as 13 percent derivation fund.
Other breakdown by the statistical authority showed that revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.17 billion, N6.94 billion and N4 billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government showed that the sum of N201.92 billion was disbursed to the FGN consolidated revenue account; N4.80 billion was shared as share of derivation and ecology; N2.40 billion went into stabilization fund; N8.06 billion was allocated for the development of natural resources; and N6.58 billion to the Federal Capital Territory (FCT), Abuja.
A breakdown of states allocation showed that Delta State was the largest state by allocation in the second month of the year with N18.3 billion, followed by another oil producing state, Rivers, which received a sum of N14.3 billion, while Akwa-Ibom, another oil producing state, was allocated N12.3 billion.
Lagos State received a total sum of N13.8 billion, even as an oil producing state, while Ekiti State was the lowest receiver of the allocation with N3.96 billion.
According to the NBS, deductions were removed from states allocations to cover external debt and contractual obligations among others which include deductions for the National Water Rehabilitation Projects, National Agricultural Technology Support Programme and Salary Bailout.
While the allocation rose in January 2020 to 716.30 billion from N650.83 billion in December 2019, and fell in February, current realities faced by the country due to the outbreak of the COVID-19 and slump in oil prices globally point to the fact allocation for the month of March will likely drop further.
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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