Economy
FG Discloses Plan to Borrow $6.9bn to Boost Economy
By Adedapo Adesanya
As part of measures to lessen the effect of the global coronavirus pandemic on the local economy, the federal government has disclosed plans to borrow the sum of $6.9 billion.
The planned loan facilities will be got from the World Bank, the International Monetary Fund (IMF), and the African Development Bank (AfDB).
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this disclosure on Monday in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the COVID-19 pandemic on the economy.
Explaining the reason for the loan, Mrs Ahmed noted that the amount, when approved, will help finance the 2020 national budget which was affected by current realities.
Most economies were hit by the coronavirus pandemic which grounded activities to a halt in most sectors, as government and work places were disrupted, further telling on economic activities.
And as an oil dependent nation, the country also felt the impact of a drop in global crude prices which led to a review of the budget last month.
According to the minister, the $6.9 billion will see $3.4 billion borrowed from the IMF, $2.5 billion from the World Bank, while the remaining $1 billion will be sourced from the AfDB.
Giving a further breakdown of the World Bank facility of $2.5 billion, Mrs Ahmed noted that the sum of $1.5 billion would go to the federal government, while the balance of $1 billion would go to the 36 state governments.
The funds, according to the finance minister, is expected to come into the country within the next six to 12 weeks.
On the part of the $3.4 billion expected from the IMF, the finance minister said that it would not be tied to any conditionality, adding that so far, about 80 countries had applied for such funding facility as requested by the Bretton Woods institution.
“We are continuing our engagements with the World Bank, the AfDB, the IDB and the IMF to access concessional funding to support the implementation of the 2020 budget.
“We have also applied for funding from the IMF’s COVID-19 Rapid Credit Facility to draw from our existing holdings with the World Bank Group/IMF. This loan will not be tied to any conditionality.
“However, it is important to clarify that Nigeria does not intend to negotiate or enter into a formal programme with the IMF at this time or in the foreseeable future,” she said.
She added, “Nigeria has a contribution of $3.4 billion with the IMF and we are entitled to draw up to the whole of that $3.4 billion. We have in the first instance applied for that maximum amount.
“We have requested from the World Bank $2.5 billion from the AfDB, $1 billion.
“Let me state that the requests are for the nation, both for the FG and the states.”
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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