Economy
FG Pays N2.02trn from N2.23trn Revenue to Service Debt
By Adedapo Adesanya
The federal government has disclosed that it expended N2.02 trillion to service debt in the first six months of this year.
This figure represents 90.5 per cent (approximately 91 per cent) of the total revenue of N2.23 trillion generated by the national government within the period.
Mr Alfred Okon, who is the Technical Adviser to the Director-General of the Budget Office, Mr Ben Akabueze, made this disclosure while presenting the Overview of FGN 2022 Budget Call Circular report.
Mr Okon made the presentation on Thursday at a training themed Government Integrated Financial Management Information System Budget Preparation Subsystem For Ministries, Department and Agencies.
The report stated that as of June 2021, the federal government’s retained revenue was N2.23 trillion, which is 67.3 per cent of prorata target of N3.3 trillion for the review period.
The total revenue comprises oil revenue of N492.44 billion, non-oil tax revenue of N778.18 billion, company income tax of N397.02 billion, Value Added Tax (VAT) of N129 billion and customs collections of N234.02 billion.
It was disclosed that other revenues amounted to N922.09 billon, of which independent revenues stood at N558.13 billion.
Mr Okon noted that the N2.02 trillion used to service debt in the first half of this year represented 35 per cent of the total expenditure of N5.81 trillion.
According to the report, “On the expenditure side, N5.81 trillion (representing 92.4 per cent of the prorated budget) has been spent. This excludes GOEs’ and project-tied debt expenditures.
“N2.02 trillion was for debt service (35 per cent of FGN expenditures); and N1.795 trillion for personnel cost, including pensions (30.9 per cent of FGN revenues).”
It stated that as of August, N1.3 trillion had been released for capital expenditure, representing 22.3 per cent of total expenditure.
In his remarks, Mr Akabueze reiterated the government’s commitment to ensuring the timely submission and approval of the 2022 budget.
To achieve this, he said the government has already deployed a series of activities including engagements and stakeholder consultations.
The DG said, “The current federal government is determined to ensure consistent and timely preparation, submission and approval of annual budgets as part of its Public Financial Management (PFM) reforms, just as we have done for the 2020 and 2021 budgets.
“To achieve this, we have already commenced a series of activities related to the process of preparing the 2022 Budget.
“These include a series of engagements and stakeholder consultations with key revenue-generating agencies, civil society organisations (CSOs), the National Executive Council (NEC), the National Assembly as well as the Federal Executive Council (FEC).
“Another key activity on the 2022 Budget Calendar is the training of MDAs’ personnel who will be involved in budget preparation.
“The main goal of this training is to provide continuous learning to equip budget personnel with the requisite knowledge, skills and the tools they require to prepare and submit the 2022 Budget in a timely manner.
“The budget is also intended to be in tandem with extant FGN policies and guidelines as articulated in the 2022 FGN Budget Call Circular and other relevant laws/policies.”
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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