Economy
FG May Increase 2024 Budget of N27.5trn
By Adedapo Adesanya
The federal government may return to the National Assembly for the appropriation of extra revenue for the 2024 budget if the country records a solid revenue performance next year, according to the country’s Minister of Finance and Coordinating Minister of Economy, Mr Wale Edun.
The Minister made this known on Monday when he appeared before the Senate Committee on Finance to defend his ministry’s budget.
Speaking at the red chamber, Mr Edun affirmed that the President Bola Tinubu-led government would rely on savings to boost the availability of funds to finance the 2024 budget, while also indicating that the federal government might consider a budget increase.
During his appearance on Monday, the Senate urged the Finance Minister to remove bottlenecks in delays in the implementation of the budget when passed.
The Chairman of the Senate Committee, Mr Sani Musa, also expressed concerns over the government’s inability to hasten implementation of the 2023 supplementary budget.
Recall that President Tinubu, late last month, presented his maiden budget estimates of N27.5 trillion for the year 2024 to the National Assembly.
Giving a breakdown of the budget estimates, the President fixed recurrent non-debit expenditure at N9.92 trillion, capital expenditure at N8.73 trillion, debt service at N8.25 trillion, revenue at N18.32 trillion, new borrowings at N7.83 trillion and deficit at N9.18 trillion.
According to the President, the economy is expected to grow by 3.76 per cent, while inflation is expected to moderate to 21.4 per cent in 2024.
Mr Tinubu told the lawmakers that the bill presented to them would “go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this administration.”
“The budget we now present constitutes the foundation upon which we shall erect the future of this great nation,” he further said.
However, last week, the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, said the 2024 budget, which is Nigeria’s biggest ever, is not enough to meet the country’s needs. He, however, warned that the government has to cut its coat according to its cloth.
“I’m always first to acknowledge that the budget of the Federal Government of Nigeria is way too small relative to our needs and our requirements but it is now a case of cutting out coats according to our cloth rather than our size,” Mr Akabueze said on a programme on Channels Television.
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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