Economy
Presidency Queries Fowler for Shortfall in Tax Revenue
By Modupe Gbadeyanka
Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, has been queried by the presidency to explain why his agency has not been able to meet targets set since he assumed office in 2019.
A leaked memo at the weekend showed that Mr Fowler was queried by the Chief of Staff to the President, Mr Abba Kywari, and given till Monday, August 19, 2019 (today) to provide an explanation for the shortfall in the tax generated between 2015 and 2018.
In 2015, FIRS set N4.7 trillion target but could only make N3.7 trillion in the actual collection and in 2016, 2017 and 2018, the target collections were N4.2 trillion, N4.8 trillion and N6.7 trillion but the actual collections were N3.3 trillion, N4.0 trillion and N5.3 trillion, respectively.
FIRS recorded a total collection of N5.07 trillion in 2012 when the exchange rate of Naira to the United States dollar was 190/1 but in a statement in January 2019, it said the N5.32 trillion collection for 2018 was the highest revenue ever generated by FIRS in history as the highest in FIRS was N5.07 trillion generated in 2012 even though exchange rate had deteriorated to 362/1.
In the query personally signed and stamp-dated August 8, by Mr Kyari, the presidency said it “observed significant variances between the budgeted collections and actual collections for the period 2015 to 2018.”
The query, which has trended on social media since early Sunday morning and titled Re-Budgeted FIRS Collection and Actual Collections, the presidency told Mr Fowler to “submit a comprehensive variance analysis explaining the reasons for the variances between budgeted and actual collections for each tax item for each of the years 2015 to 2018.”
“Further we have observed that actual collections for the period between 2015 and 2017 were significantly worse than what was collected between 2012 and 2014,” stated Mr Kyari. “Accordingly, you are kindly invited to explain the reasons for the poor collections.”
On August 21, 2015, President Muhammadu Buhari appointed Mr Fowler on a term of four years which is, however, renewable for another term. This was after Mr Buhari removed Mr Samuel Odugbesan from the position. Mr Odugbesan was appointed by former President Goodluck Jonathan to head the federal tax agency.
Before his appointment in 2015, Mr Fowler was the former executive chairman of Lagos State Inland Revenue Board (LIRS).
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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