Economy
Tax Evaders Plunged Nigeria into Recession—Boss Mustapha
By Modupe Gbadeyanka
The fall into a recession for a second time in four years under President Muhammadu Buhari’s nose has been blamed on tax evaders.
According to the Secretary to the Government of the Federation (SSG), Mr Boss Mustapha, these set of people failed to carry out their responsibility to the growth of the nation.
Speaking at second Civil Society Tax Compliance Advocacy in Abuja, the senior government official said the government will put in place measures to ensure strict compliance to tax payment.
He argued that the COVID-19 pandemic and the decline in earnings caused by a sharp cut in the price of crude oil had already put the country in a tight and that tax evaders further compounded the economic woes of the country.
Mr Mustapha said with revenue decline from crude oil sales and the refusal of some citizens to pay their taxes, the federal government could not deliver the dividends of democracy as promised.
“Tax remittance, economic challenges, repositioning the nation’s economy in the face of COVID-19 pandemic through Tax compliance among citizens has ushered in the new economy which cuts across all sectors of the society and is threatening the livelihood of the Nigerian citizens.
“It is quite astonishing to discover that the vast majority of the youths and students are alien to what tax remittance is about which transcends to the larger society whose attitude currently reflects in the citizen’s low tax remittance to the government which is seen in citizens disobedience to tax rules, procedure, and extant laws.
“The huge vacuum of the above realism concerning citizen’s tax remittance to government needs to be covered urgently, to increase tax remittance among the citizens and business entities which is primary at this time of the nation’s economic recovering not to jettison the obvious numerical figures of Nigeria population strength which is over 200 million people yet, the people and businesses that are categorized for tax collection under the FIRS well-structured tax administration are very low with regards to what is expected,” Mr Mustapha, who was represented at the event by the Principal Administration Officer, Ms Chinyere Mercy Onyebule, stated.
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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