Business
Minister Tasks PHCN Workers On Severance Package
The Minister of Power, Prof. Chinedu Nebo, has advised PHCN workers to invest their severance package wisely when paid.
Nebo gave the advice at a question and answer session with the media and labour unions in Eko Electricity Distribution Company in Lagos.
“I want to urge all of you to ensure that when the severance package is paid into your account, you should plan on it and spend it wisely.
“The money should be spent meticulously, and avoid unnecessary flamboyant spending that will attract robbers and wastages,’’ he said.
The minister, however, assured workers that their package will be paid as agreed and directly into their account in batches.
He urged them to invest the money in their children’s education so that it would not look as if their children did not benefit from their suffering and hard labour.
However, some union members cautioned Federal Government to reduce the rate of publicity on the package, to avoid being attacked by hoodlums.
Chairman, Nigeria Union of Electricity Employees (NUEE) Eko Electricity Distribution Zone chapter, Mr Segun Afolorunso, expressed the fear that the announcement might attract robbers and kidnappers to beneficiaries.
He implored the government not to make further pronouncement on the issue because hoodlums could use the avenue to start attacking the disengaged PHCN workers.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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