Economy
FG To Borrow $25.5b From Islamic Bank, Others
By Modupe Gbadeyanka
The sum of $25.46 billion is expected to be raised by the Federal Government from the World Bank, African Development Bank (AfDB) and the Islamic Development between now and 2018.
Also, the Nigerian government will turn to the Japanese International Cooperation Agency and the China Export Import Bank to borrow the money meant to complement the dwindling resources from oil and gas.
It would be recalled that on Tuesday, President Muhammadu Buhari had in a letter to the National Assembly sought the approval of the lawmakers for external borrowing of $29.96 billion to cover the 2016-2018 rolling plan.
According to an investigation by Punch, the FG would in due time approach the multilateral and bilateral agencies for $25.46 billion, while the remaining $4.5 billion would be raised from the issuance of international bonds.
As exclusively reported by The PUNCH, the Debt Management Office has already started the process that will lead to the issuance of the first tranche of $1bn bond in the international bond market before the end of the year.
Attempts to speak with the Director-General of the DMO, Dr Abraham Nwankwo, on the matter proved abortive as calls to his mobile phone were not answered. He had also yet to reply to an SMS sent to his phone by our correspondent as of press time.
However, a source at the Presidency, who spoke on the condition anonymity, confirmed that the multilateral and bilateral agencies would account for $25.46 billion of the amount being sought by the President from external sources.
The source said, “Most of the money will come from multilateral agencies. They are concessional loans. They are also long-term loans and include the requests of some state governments.
“The total cost of the projects and programmes under the borrowing (rolling) plan is $29.96 billion, made up of proposed projects and programmes loan of $11.27 billion; special national infrastructure projects of $10.69 billion; Eurobonds, $4.5 billion; and Federal Government budget support facility of $3.5 billion.”
According to the President’s letter to the National Assembly, the money will be spent on various projects in critical sectors, including agriculture, health, education, water supply, growth and employment generation, poverty reduction through social safety net programmes, and governance and financial management reforms, among others.
The President explained that the projects would make positive impact on the country’s economic development.
Buhari said borrowing had become unavoidable because the government was grappling with lean financial resources.
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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