Economy
Nigeria Obtains $163m Wheat Production Loan from AfDB
By Adedapo Adesanya
The Vice President, Mr Kashim Shettima, has disclosed that the federal government had obtained a $163 million loan from the African Development Bank (AfDB) to support wheat production.
Mr Shettima said this on Sunday in Argungu, Kebbi State, while on a condolence visit to the family of the late Abubakar Giro, a Sheikh.
The vice president, who visited the family of the late Islamic scholar on behalf of President Tinubu, said, “This is a great loss to the state, nation, and West Africa.
He reassured that the federal government, under the leadership of President Bola Tinubu, would fulfil all its promises to Nigerians.
Mr Shettima, speaking at the palace of the Emir of Argungu, Sumaila Mohammed, re-affirmed the determination of the Tinubu administration to fulfil its promises, particularly in the agricultural sector, adding that food security would receive serious attention from the government.
According to him, “We have obtained a $163 million loan from the African Development Bank to support wheat production. The scheme would be launched soon.
“We need 10,000 hectares of land in Kebbi State. But the scheme would be well executed in Jigawa State with a cultivation of 50,000 hectares of land to boost wheat production.”
This development is the latest move by the Tinubu-led administration since he declared a state of emergency on food emergency in July.
Food prices have been on the rise across Nigeria in recent years. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.
Nigeria’s annual inflation rate rose to 24.08 per cent in July from 22.79 per cent in the previous month, according to the National Bureau of Statistics (NBS).
The food inflation rate also quickened to 26.98 per cent in May from 25.25 per cent in June. The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetables, and spirit, the National Bureau of Statistics (NBS) said.
The government said it would take some steps as part of the state of emergency in the short, medium and long term. It noted that it would use some of the saved spending on subsidies to boost the agriculture sector.
“In the immediate term, we intend to deploy some savings from the fuel subsidy removal into the Agricultural sector, focusing on revamping the agricultural sector,” President Tinubu said.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn