Economy
FEC Okays N13.08trn for 2021 Budget, CAPEX to Gulp N2.1trn
By Modupe Gbadeyanka
The sum of N13.08 trillion (approximately N13.1 trillion) has been approved for the 2021 fiscal year by the Federal Executive Council (FEC).
The approval was given at the virtual weekly FEC meeting held in Abuja on Wednesday and presided over by President Muhammadu Buhari, with his vice, Mr Yemi Osinbajo, in attendance and some Ministers.
This amount is more than the earlier aggregate expenditure of N12.66 trillion estimated for next year in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) published by the budget office.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while briefing newsmen after the meeting today, said the budget has about 29 per cent of it earmarked for capital expenditure (CAPEX).
According to her, next year, the council said the sum of N2.083 trillion should be used to execute the various projects spread across the country.
Mrs Ahmed stated that the projects would run on N4.48 trillion deficit, while the revenue target in the financial year is expected to be N7.9 trillion.
She further said the government expects a gross domestic product (GDP) growth of 3 per cent in the year and an inflation rate of 11.95 per cent.
A few weeks ago, the National Bureau of Statistics (NBS) said the inflation rate in the month of August 2020 increased by 13.22 per cent from 12.82 per cent in July 2020.
During her briefing with journalists today, the Finance Minister stated that next year, the Naira to US Dollar exchange rate is pegged at N379/$1.
In addition, according to her, the crude oil benchmark is at $40 per barrel, while the volume of oil production is expected to be 1.86 million barrels per day, inclusive of 400,000 barrels per day of condensate.
Nigeria and other members of the Organisation of the Petroleum Exporting Countries (OPEC) and their allies led by Russia known as OPEC+ agreed to an output cut deal in April 2020 so as to stabilise the price of the commodity at the global market when it was steeping at the beginning of the year to less than $20 per barrel.
In the past, Nigeria was allowed to produce over 2 million barrels of crude oil per day, but because of the deal, the country, which depends on oil for most of its revenue, was allowed to produce about 1.7 million barrels per day from May to July and from August till December 2020, it will produce about 1.4 million barrels per day, excluding condensate.
The 2021 budget is expected to be submitted to a joint session of the National Assembly next week by Mr Buhari.
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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