Economy
FAAC Disburses N802.4bn to FG, States, Local Councils for July
By Aduragbemi Omiyale
The sum of N802.4 billion has been disbursed to the three tiers of government; the federal, states and local government councils of the federation for July 2022.
The money was shared by the Federation Account Allocation Committee (FAAC) from the revenue generated by the country last month.
It was disclosed via a communiqué issued on Tuesday in Abuja that distributable statutory revenue of N608.6 billion and distributable Value Added Tax (VAT) revenue of N193.8 billion made up the N802.4 billion shared by FAAC.
From the amount shared, the federal government took N321.9 billion, the state governments got N245.4 billion, the local councils received N182.3 billion and the relevant states took N52.8 billion as 13 per cent derivation revenue.
A further breakdown showed that from the N608.9 billion distributable statutory revenue, the sum of N292.8 billion was given to the central government, N148.5 billion was allocated to states, N114.5 billion was disbursed to local government councils, while N52.8 billion was given to the relevant states as 13 per cent derivation revenue.
Also, from the N193.827 billion distributable VAT revenue, the federal government got N29.1 billion, the state governments received N96.9 billion and the local councils were given N67.8 billion.
It was stated that gross statutory revenue of N1.012 trillion was received for the month of June 2022, higher than the N590.0 billion received in the previous month by N422.1 billion, while the gross revenue available from VAT stood at N208.2 billion, higher than the N213.2 billion earned in May 2022 by N5.0 billion.
Also, the total deductions for the cost of the collection were N44.6 billion and deductions for transfers, savings, refunds and 13 per cent derivation to Anambra State were N373.2 billion.
The communiqué disclosed that the amount left in the country’s Excess Crude Account (ECA) was $376,655.09.
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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