Economy
Finance Minister Blames Fuel Subsidy Removal for Economic Crisis
By Adedapo Adesanya
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has attributed the current economic crisis in the country to the removal of fuel subsidy by President Bola Tinubu, though he assured that the federal government would intensify efforts to tackle the problem of hyperinflation in the economy and boost the gross domestic product (GDP).
Speaking at a two-day retreat of the presidential committee on fiscal policy and tax reforms in Abuja on Thursday, Mr Edun assured Nigerians that better days are ahead with the implementation of the Renewed Hope agenda of President Tinubu.
According to a statement by Mr Stephen Kilebi, the Director of Press at the Ministry of Finance, the Minister, a former investment banker, acknowledged that the removal of petrol subsidy had slowed down the economy but said there were interventions in place to cushion the pains of the reform and plug leakages on subsidy management.
“It is the wish of Mr President to create jobs, reduce poverty, control micro and macroeconomic policies to create a stable environment to attract investors, stabilise the exchange rate and drive the economy to reduce poverty to the lowest level,” the Finance Minister, who worked with Mr Tinubu as Commissioner for Finance while he was the Governor of Lagos State between 1999 and 2007, said.
He added that, “The era of the nation’s gross domestic product (GDP) per capita falling by 30 per cent over the past 10 years will be a thing of the past with Tinubu’s Renewed Hope Agenda.”
He said the fiscal policy committee was on course to execute deliverables in line with the President’s 30-day deadline, noting that the economy is not growing as fast as expected and it was important to fast-track its assignment, saying there is no time to waste.
On his part, Mr Taiwo Oyedele, chairman of the committee, said the terms of reference of the panel include fiscal governance, revenue administration and tax policy review.
According to Mr Oyedele, the deliverables from the committee include optimum taxes, harmonised revenue collection functions, a revised national tax policy, and a national fiscal framework.
He also said the preparation of bills for a constitutional amendment, revenue optimisation, production of a model template for sub-nationals and establishment of the national tax amnesty scheme were top priorities.
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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