Economy
Financial Crisis: FG Says Workers Won’t Suffer Pay Cut
By Aduragbemi Omiyale
The federal government has denied reports that workers in the federal civil service will, henceforth, get a pay cut as part of efforts to reduce the cost of governance.
It was reported that the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had disclosed on Tuesday that apart from the wage cut, the government was planning to merge some Ministries, Departments and Agencies (MDAs).
But in a statement issued on Wednesday by the Special Adviser to the Minister on Media and Communications, Mr Yunusa Tanko Abdullahi, it was emphasised that rather than a cut, the workers will earn more.
The Minister explained that what the national government was planning to do is to harmonise the salaries of its employees by making sure that no federal civil servant on the same grade level earn more than the other as it is being practised at the moment.
Business Post reports that employees of some agencies like the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Corporation (NNPC) and others earn more than counterparts in other MDAs.
“What the government hopes to achieve is to redistribute wages equally across board. Let us bring our salary structure within government agencies as close or as equitable and fair.
“What we seek to achieve is to create fairness and equity and to reduce cost. With this readjustment, when finally done, workers in the public service will earn fair and equitable wages,” Mrs Ahmed said at the National Policy Dialogue on Corruption and Cost of Governance in Nigeria organised by the Independent Corrupt Practice Commission (ICPC) in Abuja.
Speaking further, she said, “We still see government expenditure increase to a terrain twice higher than our revenue.”
The government had approved a N13.88 trillion budget with a deficit of over N5.6 trillion and projected revenue of N7.98 trillion to fund part of the 2021 budget.
The Minister urged that all agencies must come together to trim their costs, given Nigeria’s dwindling revenue, noting that the government will also remove some unnecessary items from the budget as a move to cut the cost of governance in the country.
“We need to work together, all agencies of the government to cut down our cost. We need to cut down unnecessary expenditures, [especially those] we can do without. Our budgets are filled year in year out with projects that we see over and over again, and also projects that are not necessary.”
“President Muhammadu Buhari has directed that the salaries committee, which I chair, work together with the head of service (HOS) and other members of the committee to review the government payrolls considering stepping down on cost,” she said.
The Minister revealed that the government would also review the number of government agencies in terms of their mandates, adding that for agencies with the same mandate, the government would look at merging the two.
The Chairman of ICPC, Mr Bolaji Owasanoye, noted during the stakeholders meeting that the cost of governance is the “driver of corruption in Nigeria.”
He said that the government had committed to improving the country’s revenue from new and existing sources.
Mr Owasanoye said that the government’s commitment to streamline payroll, removal of subsidies and reduction of the cost of contracts and procurement is all for the benefits of the poor and vulnerable.
He also said that a critical area of concern was what he called ‘payroll padding’ and the ‘phenomenon of ghost workers.’
The ICPC boss lamented the duplication of projects such as the constituency projects of lawmakers and noted that funding for such projects was usually released without any mechanism for monitoring and evaluation and reconciliation of the funding.
He then cited a project executed by the Redeemed Christian Church of God (RCCG) which was inadvertently diverted as an executive project.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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