Economy
Financial Crisis: Nigerians Speak on FG’s Decision to Print N60bn
By Adedapo Adesanya
Reactions have started to trail reports that the federal government printed N60 billion to share to states and local governments to support the payment of salaries and others in March 2021 as the country could no longer generate enough revenue to sustain its huge expenses.
Last week, the Edo State Governor, Mr Godwin Obaseki, while speaking at a meeting with the state’s Transition Committee in Benin City, had stated that the financial crisis in Nigeria was getting worsen, noting that the nation could no longer rely on global oil prices because major oil-producing companies were now investing in alternative sources of energy.
“Nigeria has changed. The economy of Nigeria is not the same again whether we like it or not. Since the civil war, we have been managing, saying money is not our problem as long as we are pumping crude oil every day,” he had said.
“So, we have run a very strange economy and a strange presidential system where the local, state and federal governments, at the end of the month, go and earn a salary. We are the only country in the world that does that.
“Everywhere else, government rely on the people to produce taxes and that is what they use to run the local government, state and the federation.
“But with the way we run Nigeria, the country can go to sleep. At the end of the month, we just go to Abuja, collect money and we come back to spend. We are in trouble, huge financial trouble.
“The current price of crude oil is only a mirage. The major oil companies who are the ones producing are no longer investing much in oil. Shell is pulling out of Nigeria and Chevron is now one of the world’s largest investors in alternative fuel. So, in another year or so, where will we find this money that we go to share in Abuja?” he had queried.
He had further disclosed that things got worse last month when the federal government mandated the Central Bank of Nigeria (CBN) to print N60 billion to share to states and local governments as the revenue generated in February 2021 was not enough to disburse to the tiers of government.
The revelation sparked outrage from Nigerians who warned that this would further compound the problem facing the nation which includes inflation, high unemployment, insecurity, and a weak economy that recently came out of a recession.
Reactions
The spokesman of the Central Bank of Nigeria (CBN), Mr Osita Nwanisobi, has said that he was not aware that the CBN printed N60 billion for the Federal Government of Nigeria.
In his words, “I am not aware of that (N60 billion printed by the government).”
In the same vein, the Federal Ministry of Finance, Budget and National Planning said questions on the matter should be directed to Governor Obaseki.
On Twitter, a user with the handle @OtunMori drew a comparison with the South American nation of Venezuela saying, ”Venezuela started like this. If Nigeria keeps Buhari more than necessary, the inflation would surpass Venezuela. It is so disastrous. With high unemployment, disaster looms.”
Another user – @Kentaloguess added, “it has entered the last critical stage welcome to super hyperinflation, Nigerians know that this is one of the big reasons inflation will not go down but keep increasing in the coming months and years because the money printer is in town.”
As for @KolaEDUN3, he posited that, “We are printing money to give away without backing it with strong productivity. Productivity has to match the value of goods and services. But do we have the industrial output statistics? The excess money supply will further erode the Naira purchasing power & inflate assets prices.”
Another via @BlueAng28345209 noted that, “The time is now that state should control their resources. Enough of political stupidity and mediocrity. Ondo State has bitumen, cocoa, fertile lands, tourism sites etc all untapped because of lack of vision, unwillingness and corruption.”
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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