Economy
FG Seeks NASS Support for Economic Plan
By Modupe Gbadeyanka
Minister of Budget and National Planning, Mr Udoma Udo Udoma, has asked the National Assembly to support the recently unveiled Economic Recovery Plan by the Federal Government to get Nigeria out of recession.
Mr Udoma, speaking on Tuesday with members of the House of Representatives Tactical Committee on Recession, said the support of the legislature was very critical to the successful implementation of the Economic Recovery and Growth Plan (ERGP).
According to him, the economic plan released last week by the Federal Government has a dual purpose of getting the economy out of recession and taking the country onto the path of sustainable and inclusive growth.
The National Assembly, he said, has a very important role to play in the successful implementation of the Recovery Plan, because achievement of the broad objectives will largely depend on execution of projects which are contained in budgets, “for which we have to work closely with the National Assembly to secure your support.”
The lawmakers were at the Ministry on Tuesday to further discuss ways of speedily getting the economy out of recession and reducing the economic hardship on the people, which are some of the core mandates of the committee.
Mr Udoma, during the visit, pointed out that some aspects of the plan are already reflected in the 2017 Budget and that the plan is basically an exposure of what government had already started doing since inception.
“This plan puts together all the things that we have been doing, including the strategies we have already developed and launched; which is why you are already seeing progress in agriculture and other areas.
“We have exited cash calls in our joint venture relationships in the oil sector, which decision was announced last year; it is all part of the plan, so that funding of the joint ventures will no longer be a constraint, which is why in the plan also, we are targeting 2.5mbpd production of crude oil by 2020.”
Explaining why focus is still on crude oil even when government is laying emphasis on diversification into the non-oil sector, the Minister said the economy will continue to rely on oil in the short term.
“We need revenue to get out of oil dependency and the fastest way to get that revenue is from oil. From the revenue we get from oil, we can invest in agriculture; we can invest in Export Processing Zones; we can invest in rail, ports, and all the things that will be needed to grow the non-oil economy.”
He mentioned development of agriculture and its value chain and manufacturing and its support infrastructure as areas that government is focusing on, to build a solid foundation for a sustainable and competitive economy for the future.
Mr Udoma noted that Nigerians are very resourceful and the private sector has the capacity to reverse the fortunes of the country if the right policies and the right structures are in place.
“What Nigerians need is for government to create an enabling environment and we are determined to do just that.”
While pointing out that the ERGP is an inclusive national plan developed after extensive consultations, the Minister said those with good ideas on how to further enrich government strategies should pass them on as government is very receptive to ideas.
“My position has always been, there is no point staying out there and knocking everything, if you have a good idea, come with it and tell us how it will work and we will accommodate it. This is a national plan and we need everyone on board to achieve the objectives” he added.
He told the Committee members that the Executive will work closely with the Legislature on the implementation of the ERGP.
“The plan already contains a number of initiatives and suggestions from the National Assembly and, as we continue with implementation we will always to welcome contributions from the National Assembly.”
Responding, Chairman of the committee, Mr Ayorinde Olabode, said the committee and the Ministry can work together, since its focus is to achieve results in the five mandate areas given to the Committee by the House, within the four months period that it has to report back.
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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