Economy
Oyo to Spend N207.67b for Fiscal Year 2017
By Modupe Gbadeyanka
Oyo State Governor, Mr Abiola Ajimobi, on Thursday presented a budget of N207.67 billion for 2017 to the state House of Assembly.
During his presentation in Ibadan, the Governor said his major priority for 2017 would be agriculture, infrastructure, health and education.
According to him, the 2017 Appropriation bill christened ‘Budget of Self-Reliance’ has a capital expenditure of N80.80 billion and a recurrent expenditure of N126.87 billion.
Mr Ajimobi noted that the 2017 budget is 19 percent higher than the 2016 budget, which was N173.43 billion.
Shedding more light on how he intends to source for funds for the appropriation bill, the Governor said his administration plans to raise N59 billion (28.41 percent) from Federation Account and N7.49 billion (3.60 percent) from Transfers from Local Government JAAC, among others.
He also said that a total of N46.618 billion (57.7 per cent) was allocated to Economic Sector, N25.646 billion (31.74 percent) to Social Services Sector, N880 million (1.09 percent) was allocated to Law and Justice Sector, while N7.654 billion (9.47 percent) was allocated to General Administration Sector.
According to him, the aggregate percentage of 89.44 percent of the appropriation, which was allocated to the economic and social sub-sector, underscored the government’s commitment to people-centred and empowerment-focused agenda.
“In the cautious optimism of the state government, we are hopeful that the signals on ground are pointers to economic recovery in the 2017 fiscal year. At the national level, the oil price is appreciating globally.
“We have also embarked on the reorientation and refocusing the citizenry towards increased participation in agricultural activities and also initiated various programmes to ensure economic inclusiveness,” Mr Ajimobi said.
Concluding his presentation, the Governor thanked the “market men and women who have co-operated in the payment of taxes.”
“You have demonstrated to us your readiness to contribute directly or indirectly to the state’s economic growth,” he said.
However, he appealed to “tax defaulters to perform their civic responsibilities and join hands with others to contribute to government efforts at advancing the development of the State with its attendant socio-economic benefits.”
He noted that the state plans to use money from its Internally General Revenue (IGR) for the development of Oyo State.
In his response, the Speaker, Mr Michael Adeyemo, said the Governor has showed the genuine commitment of his administration to the development of the socio-economic life of its citizenry.
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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