Business
Ondo Workers Reject Percentage Payment
Workers in Ondo State are currently on a collision course with the state government over percentage payment of salaries.
The State Executive and Administrative Councils of the Trade Union Congress of Nigeria (TUC) in the state said that workers “will not henceforth accept percentage salaries”.
The workers in a communique issued by the TUC after a meeting in Akure, the state capital, said that “due to untold hardship they are going through amidst high prices of essential commodities, they would not accept percentage salaries anymore.
The leadership of TUC has, therefore, charged the state Governor, Rotimi Akeredolu “to immediately retool the finances of the state government to enable his administration settle salary arrears of workers from March, 2021 to date”.
The labour union empathised with workers on the current economic situation in the country especially the astronomical increase in the prices of food and other essential items.
While commending the state government for the state health insurance scheme, the union leaders asked the state government not to commence its implementation until all issues surrounding it like amount deductible, coverage areas of the scheme and arrears of salaries are fully paid and government resumes 100 percent salaries payment.
The communique reads, “Having carefully examined the plethora of concerns of workers on percentage payment of salaries by the state government especially at this critical time, and with the ever rising prices of food items, drugs and medication, and other basic amenities of life, which are no longer within the reach of ordinary Nigerians, the council therefore calls on the state government to re-engineer its finances to offset the four months arrears of workers salaries and halt any further percentage payment of workers’ salaries as workers will no longer accept any form of percentage payment of their monthly salaries henceforth”.
It added that “The council embraces the Ondo State Health Insurance Scheme as laudable but calls on the state government not to commence its implementation until all issues surrounding it, e.g, amount deductible, coverage areas of the scheme etc and arrears of salaries are fully paid and government resumes 100 percent payment of monthly salaries”.
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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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