Economy

FG Implements Plans to Recover N614bn Loan from 35 States

Published

7 years ago

23/08/2019

By Adedapo Adesanya

The Federal Government of Nigeria disclosed that it has implemented plans to recover the N614 billion budget support loan it gave to 35 states of the federation.

This was according to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, yesterday while briefing State House correspondents following the National Economic Council (NEC) meeting in Abuja.

“The Minister of Finance briefed NEC on the progress of the facility, detailing how the Federal Government has made a total of over N614 billion available to 35 states being N17.5 billion each,” she said.

She added that the council resolved to set up a committee made up of members of the Nigeria Governors’ Forum (NGF) who would partner with the Central Bank of Nigeria (CBN) and the Ministry of Finance to draw modalities for repayment.

Mrs Ahmed further disclosed that the balance in the stabilisation account and natural resources development fund as at August 20, 2019, was $95.329 million.

The Federal Government had released a total of N1.64 trillion to states and local governments between 2015 and 2017 as part of measures to stabilise the polity. This came as the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that the Nigerian National Petroleum Corporation (NNPC) failed to remit about N77.92 billion to the federation account in 2017.

A report on that year’s sale of crude oil and gas released in Abuja yesterday showed that although the total crude oil production was 692 million barrels, only 240.9 million barrels (representing 35 per cent of the total production) was for the federation.

The report, a pilot study that focuses exclusively and extensively on the sale of Nigeria’s share of crude oil and gas, shows that total revenue from the sale of the federation’s share for that year totalled $14.5 billion (crude oil) and $1.32 billion (gas).

“The sum of N77.92 billion was under-remitted by NNPC to the federation account from domestic crude allocation in 2017. NNPC acknowledges the under-remittance and states that there is an ongoing reconciliation to net off the N77.92 billion,” a section of the 136-page report notes.

According to the report, NNPC deducted N297 billion from earnings from the domestic crude allocation as costs and losses, including N141.6 billion for under-recovery on petroleum products; N25 billion for crude and product losses; and N130.4 billion for pipeline repairs and maintenance.

Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

Published

4 hours ago

08/06/2026

Aduragbemi Omiyale

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.

Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

Published

4 hours ago

08/06/2026

Aduragbemi Omiyale

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.”

Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

Published

12 hours ago

08/06/2026

Modupe Gbadeyanka

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.