Business
NASU Wants Service Scheme For Research Institutes
The leadership of Non-Academic Staff Union of Educational and Associated Institutions (NASU) has urged the Federal Government to release the conditions and scheme of service for the Federal Government Research and Development Institutes across the country.
The call was made on Wednesday in a communiqué issued by the NASU Research and Projects Trade Union Group Unit after their congress meeting held in Lagos and signed by the union’s Deputy President /Chairman, Comrade Wakili Tijani.
The communiqué stressed that government has frustrated all efforts to accelerate the early approval and release of the conditions and scheme of service of the various research institution workers.
The union’s communiqué emphasised that their counterparts in the universities, polytechnics and colleges of education have their conditions and schemes of service upgraded thereby making their retirement age reviewed upward from 60 years to 65 years by the Federal Government, while that of the staff of Research and Allied Institutions Sector remained 60 years.
The union explained that the delay by government in granting approval for the release of the approved documents has made it impossible for the effective implementation of the 65 years- retirement age for staff of the Research and Allied Institutions and other welfare matters.
The union added that all necessary documents needed for the approval had been submitted to the Federal Government since 2013 but government has been dilly-dallying over the documents’ approval for the staff of the Research Institutes to enjoy such benefit.
The communiqué bemoaned the government agencies’ audacity to trample upon the right of workers to withdraw their service whenever their rights are infringed upon with the policy “no work, no pay” in the moribund Trade Dispute Act Section 43.
The council-in-session stressed that conscious of the fact that the Research and Development Institutions/Federal Colleges of Agriculture play prominent roles in the development of the nation, it urges the present administration to implement the portion of the agreement government had with the unions on the need to increase the annual budgetary allocations to the sector in line with the recommendations of UNESCO and approve a special Intervention Fund for a period of three years on a 50:30:20 ratio annually as well as create a special fund to be called National Research and Technology Development Fund (NRIDF).
The union called for adequate funding of research and development institutions across the country to enable them to play active roles as expected of such institutions in the technological advancement of the country.
Philip Okparaji
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.
