Economy
FG Reveals 10-Point Roadmap To Save Economy
**To Return Toll Gates
By Modupe Gbadeyanka
Federal Government has revealed steps it hopes to take to salvage the country’s economy, which has been battling with recession for months.
Minister of Finance, Mrs Kemi Adeosun, who spoke at an event in Lagos, disclosed that the FG would focus on 10 points to help Nigeria out of the economic downturn.
Mrs Adeosun, who represented the Vice President, Mr Yemi Osinbajo, at the annual dinner of the Lagos Business School, noted that the 10-point roadmap would address the major problems dragging the economy backward.
According to her, the Federal Government’s Fiscal Roadmap will tackle obstructions to growth that will drive productivity, generate jobs and broaden wealth creating opportunities to achieve inclusive growth.
She said further that much attention would be focused on infrastructure deficit to unlock productivity, improve business competitiveness and create employment.
“Government would actively partner with the private sector to achieve this by use of a number of new funding platforms. These include the Road Trust Fund, which will develop potentially ‘tollable’ roads, and the Family Homes Fund which is an ongoing PPP initiative for funding of affordable housing,” she said at the event.
She added that the tax system would be reviewed to ensure companies get tax relief for investment in roads on a collective basis, subject to approval by FIRS and the Ministry of Works.
According to the Minister, only two firms, Dangote and Lafarge have only been able to get such.
Mrs Adeosun listed the government’s 10-point roadmap as follows:
The fiscal roadmap is detailed in the attached 10-point plan:
Fiscal Roadmap 2017
Fiscal Policy Initiative
Expected Impact
- Recognise inherited debt profile after a robust audit process:
- Introduce promissory note programme to finance verified liabilities
- Issue debt certificates to contractors, Ministries, Departments & Agencies (MDAs), and State Governments
- Improve cash flow of businesses
- Improve Banks’ Non-Performing Loans (NPLs)
- Free up Banks’ balance sheet for lending to private sector
- Improve government’s business interaction with the private sector
- Mobilise private capital to complement Government spending on infrastructure:
- Roads Trust Fund
- Family Homes Fund
- Extend infrastructure tax relief to a collective model to attract clusters of corporate entities
- Expand the provision of infrastructure
- Drive growth of non-oil sector.
- Drive economic growth
- Strengthen fiscal/monetary handshake:
- Replace administrative measures on list of 41-items with fiscal measures to reduce demand pressure in parallel market
- Encourage domestic food production through specific incentives e.g. accelerated depreciation on food manufacturing equipment and Zero (0%) duty on green houses
- Planned revitalisation of refineries
- Increase Diaspora remittances via participation in the buyer support scheme for the Family Homes Fund
- Reduce demand for US Dollars
- Increase supply of US Dollars
- Incentivise exports:
- Restructure the Export Expansion Grant (EEG) to a tax credit system
- Rationalise tariffs and waivers in key export sectors
- Encourage/incentivise non-oil exports
- Drive import substitution
- Encourage investment in specific sectors through fiscal incentives:
- Accelerated depreciation on equipment in strategic sectors e.g. food processing, mining and power
- Rationalise tariffs and waivers in priority sectors
- Drive investment in strategic sectors
- Continue expansion of fiscal space through revenue enhancement and cost consolidation:
- Customs Single Window (being implemented through a Private Public Partnership (PPP) scheme)
- Template for non-allowable expenses for government agencies.
- Overhead cost control by the Efficiency Unit
- Continuous risk based audit by the Presidential Initiative on Continuous Audit
- Revenue enhancement
- Cost containment
- Improve fiscal discipline at Sub-National level:
- Extension of efficiency unit at Sub-National level
- Fast track municipal bond issues to deepen the bond market
- Conversion to International Public Sector Accounting Standards by all State Governments.
- Improved fiscal position at Sub-National level
- Enable and accelerate Recoveries process:
- Whistle-blower scheme
- Centralised database on recovered assets
- Asset tracing
- Professional management of recovered assets
- Increased efficiency of Recoveries process
- Increased budgetary funding availability from Recoveries
- Rebalance debt portfolio to extend maturity and optimise debt service cost:
- Rebalance public debt portfolio with increased external borrowing (60:40 target)
- Extend maturity profile of public debt portfolio
- Deploy long-term debt instruments including Infrastructure and Retail Bonds
- Maximise use of concessionary loans
- Rebalanced debt profile withimproved debt service to revenue ratio
- Catalyse Micro, Small and Medium Enterprise (MSME) growth through specific measures to improve capacity and access to finance:
- Development Bank of Nigeria (US$1.3bn)
- Increase share of business awarded to MSMEs from Government contracts
- Tax harmonisation and tax incentives
- Accelerated depreciation
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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