Economy
Only $323.7m Remains in Nigeria’s Excess Crude Account—FAAC
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) has disclosed that the current balance in Nigeria’s Excess Crude Account (ECA) stands at $323.692 million as of Thursday, October 17, 2019.
The ECA, which was created by former President Olusegun Obasanjo in 2004 for the purpose of saving oil revenue in excess of the budgeted benchmark, had once reached a peak of over $18 billion in 2008, but has since recorded decline due to government’s inability to effectively generate revenue from non-oil sector to fund its expenditures.
In a statement issued by the FAAC, which is headed by the Accountant General of the Federation (AGF), Mr Ahmed Idris, it was also revealed that a total of N693.529 billion was shared across the federal, thirty-six states and 774 local governments in Nigeria for the month of September 2019.
The money comprises revenue made from Value Added Tax (VAT), Exchange Gain, and Gross Statutory Revenue.
A communique issued by FAAC confirmed that from the total revenue of N693.529 billion, the Federal Government received N293.801 billion, the states received N186.816 billion, while the Local Government Councils received N140.864 billion.
On their parts, the oil-producing states received N51.532 billion as 13 per cent derivation revenue and the revenue-generating agencies received N20.517 billion as cost of revenue collection.
The gross statutory revenue for September was N599.701 billion, N32.095 billion lesser than the sum of N631.796 billion received in the previous month.
The gross revenue of N92.874 billion in September was available from the Value Added Tax as against N88.082 billion distributed in the preceding month, resulting in an increase of N4.792 billion.
It was also noted that the exchange gain yielded a total revenue of N0.954 billion.
Looking at a break-down of the distribution, it showed that from the gross statutory revenue of N599.701 billion, the Federal Government received N279.985 billion, the states received N142.012 billion, while the Local Government Councils received N109.485 billion.
Also, the oil-producing states received N51.417 billion as 13 percent derivation revenue and the revenue collecting agencies received N16.802 billion as cost of collection.
“The N92.874 billion gotten from Value Added Tax (VAT) revenue was shared accordingly in which the Federal Government received N13.374billion, the states received N44.580 billion, and Local Government Councils received N31.206 billion and the revenue-generating agencies received N3.715 billion,” the statement added.
However, it was revealed that in September, revenue from Petroleum Profit Tax (PPT) and Company Income Tax (CIT) dropped while royalties, import and excise duties, and VAT increased considerably.
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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