Economy
FG Expects Nigeria’s Economy to Bounce Back in Q1 2021
By Modupe Gbadeyanka
The federal government has expressed optimism that all things being equal, the economy of Nigeria should get back on its feet from the first quarter of next year.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this when she received officials of the Federal Inland Revenue Service (FIRS) led by its Executive Chairman, Mr Mohammed Nami.
She said the various policies of the government are capable of injecting life into the economy, which contracted in the second quarter of 2020 by 6.1 per cent, according to the National Bureau of Statistics (NBS), which also said yesterday that inflation in August 2020 rose by 13.22 per cent.
Nigeria was faced with twin shocks this year and they came from a decline in the prices of crude oil and the global health pandemic of COVID-19, which forced a shutdown of the economy in Q2 2020.
The gross domestic product (GDP) is anticipated to decline again in the current third quarter despite the gradual reopening of economic activities in the country.
If the GDP records another negative growth in Q3 2020, Nigeria will officially fall into a recession like South Africa. It would be the second economic slip under the present administration of President Muhammadu Buhari.
Though the Buhari-led government wants to avoid this disaster, it is looking inevitable because of the effect of COVID-19 on the economy and Nigeria is not alone in this.
Speaking with her guests during the courtesy visit to her office in Abuja, the Finance Minister said, “We are expecting by the first quarter of 2021, we shall be okay.”
She charged the tax agency to do more in terms of generating revenue for the nation, reminding FIRS that there are other government obligations and debt servicing which requires revenue to fund “and we can see that the capacity to do more is there and we expect you to do more.”
“I also want your team working on the Finance Act to double their efforts. I want to remind you that we are an enabler for you. So, feel free and update us so that we can deal with your challenges,” she implored the team.
Mrs Ahmed commended the tax body for its revenue performance despite the decline in oil revenue, saying it has remained resolute as both Value Added Tax (VAT) and stamp duty have helped in boosting earnings.
According to her, the efforts at diversifying revenue sources have been a blessing, noting that the pandemic has not impacted much, especially in Nigeria because of the proactive measures taken by the government especially in the health sector.
In his remarks, the FIRS chief, Mr Mohammed Nami, thanked the Minister for her support for the agency, assuring her that they would do all their best “to provide food for FAAC (Federation Account Allocation Committee allocation) through revenue generation.”
Mr Nami said the FIRS has been contributing up to 70 per cent of the FAAC allocation in the last three to five months, thanking the Minister for keeping the economy buoyant, despite the challenges.
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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