Economy
Nigeria’s Excess Crude Account Plunges by 98.9% in One Month
By Adedapo Adesanya
The amount left in the country’s Excess Crude Account (ECA) has plunged by 98.9 per cent to $376,655.09 from the $35.7 million it was as of June 2022.
This was disclosed in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2022 in Abuja on Tuesday.
The FAAC didn’t give any explanation for the huge decline in the ECA, which was set up by President Olusegun Obasanjo as a reserve for earnings above the benchmark from the sale of crude oil.
The slump in the ECA came as allocation to the federal, state, and local governments increased by N121.624 billion as FAAC shared a total sum of N802.407 billion for June.
Business Post reported that the sum of N680.783 billion was shared in the month of May and N656, 602 in April.
However, the rise in June allocation was attributed to tremendous increases in Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), although oil and gas royalties declined marginally.
The communiqué explained that the N802.407 billion total distributable revenue comprised distributable statutory revenue of N608.580 billion and distributable Value Added Tax (VAT) revenue of N193.827 billion.
According to the communique, total deductions for the cost of collection was N44.606 billion, and deductions for transfers, savings, refunds and 13 per cent derivation to Anambra State was a total sum of N373.200.
The share of the federal government from the total distributable revenue of N802.407 billion was N321.859 billion, the states received N245.418 billion, and the local governments got N182.330 billion.
The sum of N52.799 billion was shared to the relevant states as 13 per cent derivation revenue.
The communique revealed that gross statutory revenue of N1,012.065 billion was received for the month of June 2022.
This was higher than the sum of N589.952 billion received in the previous month by N422.113 billion.
From the N608.580 billion distributable statutory revenue, the federal government received N292.785 billion, the states received N148.505 billion and the local governments received N114.491 billion.
In the month of June 2022, the gross revenue available from VAT was N208.148 billion, which was lower than the N213.179 billion available in the month of May 2022 by N5.031 billion.
From the N193.827 billion distributable VAT revenue, the federal government received N29.074 billion, states received N96.914 billion and the local government councils received N67.839 billion.
According to the communiqué, in the month of June 2022, CIT and PPT recorded tremendous increases, while import duty, oil, and gas royalties increased marginally.
Excise duties decreased significantly while VAT decreased marginally.
The International Monetary Fund (IMF) has advised Nigeria and other African countries currently experiencing high debt levels to as a matter of urgency take proactive measures to restructure them in order to avoid debt crises
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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