Economy
FAAC Disburses N616.9bn to FG, States, LGs in May 2021
By Modupe Gbadeyanka
A total of N616.9 billion generated as revenue in the month of April 2021 has been disbursed to the federal, states and local governments as allocation for May 2021.
Business Post reports that a breakdown showed that N429.7 billion was from gross statutory revenue, N164.3 billion from Value Added Tax (VAT), N2.3 billion was from exchange gain, N20.0 billion was generated from non-oil income, while N563 million was from excess bank charges.
This week, the Federation Accounts Allocation Committee (FAAC) had its monthly meeting and a communiqué issued after the gathering from the Office of Accountant General of the Federation (OAGF) said the federal government received N244.0 billion from the total earnings, while the state and local government councils shared N193.4 billion and N143.3 billion respectively.
In the notice issued on Friday by the Director of Information, Press and Public Relations at the OAGF, Mr Henshaw Ogubike, noted that oil-producing states received N36.2 billion as 13 per cent derivation revenue.
He added that from the gross statutory revenue, N207.5 billion was given to the federal government, while the 36 state governments got N105.2 billion, with the 774 local government councils receiving N81.1 billion.
“The sum of N35.9 billion was given to the relevant states as 13 per cent derivation revenue,” the statement added.
It further said the federal government received N24.7 billion from VAT revenue of N164.3 billion, the state governments received N82.2 billion and local government councils received N57.5 billion.
Further, the central government got N1.1 billion from the income earned from exchange gain, the state governments shared N533 million, while the local government councils shared N411 million, with N255 million shared among the relevant states as 13 per cent derivation revenue.
Also, from the excess bank charges, the federal government received N296 million, the state governments received N150 million, while the local governments received N116 million.
In the statement, the national government shared N10.5 billion from non-oil revenue, the state governments got N5.3 billion, while the local governments received N4.1 billion.
In addition, FAAC said last month, petroleum profit tax and excise duty recorded a significant increase, while company income tax, oil and gas royalties, VAT and import duty experienced a decline.
It was stated that, “In April 2021, the sum of N79.5 billion was the total deductions for the cost of collection, statutory transfers and refunds.
“The balance in the Excess Crude Account (ECA) was $72.4 million.”
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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