Economy
FEC Cuts Oil Benchmark for 2020 Budget to $25
By Modupe Gbadeyanka
The downward review of the crude oil benchmark for the 2020 budget to $25 per barrel has been approved by the Federal Executive Council (FEC).
The new threshold was approved by the FEC on Wednesday during a virtual meeting held at the Presidential Villa in Abuja.
The council also approved the review of the Medium-Term Expenditure Framework for 2020-2022 as recommended by the Ministry of Finance.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while briefing newsmen on outcome of the FEC meeting, stated that the exchange rate was pegged at N360 per Dollar, while the crude oil output for the year was set at 1.94 million barrels per day, adding that the budget size was pruned by N71.5 billion to N10.5 trillion.
At the gathering, the council also approved the sum of N683 million to acquire 19 operational vehicles for the Nigeria Port Authority (NPA).
Also, FEC approved N47 billion for the provision of additional 40 megawatts of electricity to the national grid from Kashimbilla Dam in Taraba State through Takum, Wukari and Yandev.
Mrs Ahmed informed journalists that federal government plans to finance the budget by N5.158 trillion, with the remaining balance of N5.365 trillion to be sourced from loans.
“The borrowing, the multilateral loans drawdown coming from special accounts and coming from the privatisation will fund the fiscal deficit of N5.365 trillion that we have in the proposed amendment of the 2020 budget,” the Minister said.
Recall that recently, Mrs Ahmed, at a meeting, hinted that the oil benchmark would be further cut to around $20 per barrel.
In the initial 2020 budget signed by President Muhammadu Buhari in December 2019, the threshold was set at $57 per barrel.
However, the crash of crude oil prices at the global market this year necessitated a reduction to $30 per barrel in March 2020.
The commodity, which is Nigeria’s main source of foreign exchange earnings, has been selling between $25 and $29 in the past week.
This has been boosted by the supply cut deal entered into by oil producers, including those in the Organisation of the Petroleum Exporting Countries (OPEC), which Nigeria belongs to.
Members of the cartel, as well as non-members, agreed to slash production by 9.7 million barrels per day and Nigeria was asked not to produce more than 1.4 million barrels per day in May and June 2020.
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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