Economy
Nigeria’s Budget Deficit to Remain at 6.1% of GDP—IMF
By Aduragbemi Omiyale
The International Monetary Fund (IMF) has warned that Nigeria’s budget deficit could remain high at 6.1 per cent of its gross domestic product (GDP).
This concern was raised in a statement issued on Wednesday after discussions with the Nigerian authorities from June 6-10, 2022.
The IMF team led by Ms Jesmin Rahman was in Nigeria to discuss recent economic and financial developments and the economic outlook for the country.
In the statement made available to Business Post, it was disclosed that the high fiscal deficit to GDP would be triggered by the payment of petrol subsidies.
In the 2022 budget, President Muhammadu Buhari made a provision for fuel subsidy payment for about N500 billion from January to June with the intention of stopping the payment from July 1, 2022.
However, after labour unions kicked against this plan, the government approached the National Assembly for the provision of about N2.5 trillion for the same purpose from July to December 2022.
The global lender sees this development as a threat and it stated in its report that, “The fiscal deficit of the consolidated government is expected to remain high at 6.1 per cent of GDP due in great measure to costly petrol subsidies and limited tax revenue collections.”
However, it expressed satisfaction with the gradual economic growth, saying “Economic recovery continues to gain strength on the back of services and agriculture with GDP growth reaching 3.6 per cent (y/y) in Q1 2022.”
“Latest data shows economic growth broadening to all sectors except oil, where production remains weak reflecting continued security and technical challenges,” it added.
“Regarding the economic outlook, GDP growth is projected at 3.4 per cent (y/y) in 2022 while inflation is expected to remain elevated,” a part of the statement noted.
The IMF raised concern with the decline in the external reserves “despite supportive oil prices,” falling to $38.6 billion at the end of May 2022, having reached $41.5 billion in September 2021 boosted by SDR allocation and Eurobond issuance.
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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