Business
Wage Increase: Delta Workers Shelve Strike
The Joint Negotiating Council (JNC) of Delta State Public Service has suspended its strike action, one day into the indefinite strike called over some issues with the State Government.
The chairman of the Council (Union Side) Comrade Tony Toki, who announced the suspension of the strikes Saturday shortly after a meeting with the State Governor, Dr. Emmanuel Uduaghan, directed workers to resume work on Monday.
Workers in the state had embarked on strike over non payment of the new harmonised and consolidated public service salary structure (relativity salary), contributory pension scheme, and failure by the state government to absorb casual workers among other issues.
The chairman disclosed that a committee has been set up to work out the details of the agreement, but warned that the strike will resume if government and the negotiating team failed to reach an agreement.
His words “we have suspended the strike and workers in the state should resume work on Monday”
Speaking in the same vein the vice chairman of the Delta State Public Service Joint Negotiating Council Comrade Oweijifogha Menone said the strike was suspended to allow Government and labour meet and come out with positive action.
Comrade Menone said the period will be used to work out the nitty gritty and document properly the agreement reached.
He commended the workforce for demonstrating solidarity, maturity and peaceful disposition towards the strike.
The vice chairman also expressed appreciation to the State Government for its labour friendly attitude.
Government’s official activity in the Delta State public service had been paralysed as workers in the state embarked on an indefinite strike action as schools, public offices, including ministries and parastatals were closed down.
Delta State governor, Dr. Emmanuel Uduaghan had complained that funds accruing to the state was meagre and would seek for funds from the capital market to meet the new salary structure for workers in the state.
“I don’t know what to do. The funds coming to the state are not enough. It is even worse now that salaries are being increased at will. When I became governor in 2007, the wage bill was not up to N3 billion but now, for the state and its 25 LGAs to function, there must be a review of the formula, so that we can pay the new salary.”
The workers’ strike action, which was indefinite, commenced on Friday 4th March 2011, following failure of the state governor, Dr. Emmanuel Uduaghan or his agents to meet with labour unions to address the lingering and unresolved issues of workers’ welfare in the state.
The JNC/JAC statement had said, “We wish to refer to the various fruitless efforts made by the Delta State Public Service Joint Negotiating Council (JNC) to meet with His Excellency, the Governor with a view to resolving the grievances of workers which border on a number of welfare issues and to inform His Excellency the Governor that JNC has met and finally resolved that the Delta State Government should meet the demands of the workers of the Delta State public service.”
The Joint Negotiating Council (JNC) had earlier issued an ultimatum to the Governor of Delta State, Dr. Emmanuel Uduaghan to hasten the processes of ensuring that the demands of every worker in the state public service are met within 14 days from Friday 18th February 2011.
The ultimatum issued by nine affiliate unions warned that “in the event of the state Government’s inability to meet the demands, JNC will not be able to restrain the restive workers from proceeding on an indefinite strike action with effect from Friday 4th March 2011″.
The suspended strike action was called at the instance of the Joint Action Congress (JAC) and the Joint Negotiating Council (JNC) of labour unions in the state, which include the Association of Senior Civil Servants of Nigeria (ASCSN), Nigeria Civil Service Union (NCSU), Amalgamated Union of Public Corporations Civil Service Technical and Recreational Employees (AUPCCTRE), Agricultural and Allied Employees Union (AAEU), Medical and Health Workers Union of Nigeria (MHWUN), National Union of Printing Publishing and Paper Products Workers (NUPPPPROW), National Union of Civil Service Secretarial and Allied Workers (NUCSSAW), Radio Television Theatre and Arts Workers Union (RATTAWU) as well as the Nigeria Union of Journalists (NUJ).
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
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