Economy
Petrol Price Rises 223% Since Subsidy Removal
By Adedapo Adesanya
The average price of Premium Motor Spirit (PMS), also known as petrol, shot up by 223.21 per cent to approximately N770 per litre in May 2024 from N238.11 per litre recorded in the corresponding period of 2023, the month that President Bola Tinubu announced the fuel subsidy removal.
According to data from the National Bureau of Statistics (NBS) titled Premium Motor Spirit (Petrol) Price Watch for May 2024, the average cost of the product increased on a month-on-month basis by 9.75 per cent from N701.24 per litre in April 2024.
Recall that in his inaugural address on May 29, 2023, President Tinubu announced the removal of the subsidy to lift a major burden off the back of the government, saying the money would be invested in other areas.
The announcement sparked the increase in fuel price from N197 to between N480 and N570 per litre, which immediately triggered a rise in transportation fares and prices of goods and services in the country.
In July 2023, the petrol pump price was subsequently reviewed upward to N617/litre at various outlets of the Nigerian National Petroleum Company (NNPC) Limited.
Although there are disputes about the execution of the policy, the price has jumped by over 200 per cent as per the nation’s statistics office.
According to the report, Jigawa State residents paid the highest for petrol as it topped the price chart at N937.50 per litre, followed by Ondo and Benue States with N882.67 per litre and N882.22 per litre, respectively.
However, Lagos, Niger and Kwara states emerged with the lowest average retail prices for the product at N636.80, N642.16 and N645.15 respectively, according to the NBS report.
On the zonal profile, the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest price of N695.04.
Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 per cent to N1,403.96 per litre in May 2024 from N844.28 per litre recorded in May 2023.
On a month-on-month basis, a decrease of 0.78 per cent was recorded from N1,415.06 per litre in April 2024.
The report stated “ Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1140.20), Kano State (N1153.33), and Oyo State (N1236.92).
The zonal representation of the average price of diesel showed that North-East Zone has the highest price of N1605.91 while South West Zone has the lowest price of N1303.60 when compared with other zones.
This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was N1,450.35, indicating an increase of 0.74 per cent compared to N1,439.64 recorded in April 2024.
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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