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LASUTH Doctors Give Lagos Govt 7-day Ultimatum Over Unpaid Allowances, Salary Arrears

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

 

Resident doctors at the Lagos State University Teaching Hospital, LASUTH, have given the Lagos State Government a seven-day ultimatum to implement the Specialist Allowance for Grade Level 14 doctors and pay outstanding salary and promotion arrears owed affected members.

The doctors, under the aegis of the Association of Resident Doctors, LASUTH, LASUTH-ARD, warned that failure to address the issues within the stipulated period could lead to further industrial action and create disharmony in the state’s health sector.

The association made the demand on Thursday while addressing journalists in Lagos.

It listed its three immediate demands as the implementation and payment of the Specialist Allowance to all Grade Level 14 resident doctors at LASUTH, payment of arrears of the allowance, and immediate payment of salary shortfalls and promotion arrears owed affected members.

President of LASUTH-ARD, Dr Gabriel Akerele, accused some state government officials of misleading the association over the inclusion of the Specialist Allowance for Senior Registrar 1, SR1, in the Professional Allowance Table approved by Governor Babajide Sanwo-Olu.

According to him, the association was repeatedly assured that the allowance had been incorporated into the table forwarded to the governor for approval, only to discover that the August salaries of affected doctors did not include it.

Akerele said the association had met with the governor on July 17, during which Sanwo-Olu reviewed and approved the file containing the Professional Allowance Table.

“We were told that the Specialist Allowance for SR1 had been incorporated into the Professional Allowance Table and that it had been sent to Mr Governor for approval. We gave them the benefit of the doubt.

We even met with Mr Governor on July 17. He brought out the file, went through it and approved it immediately. We were happy because we believed the Specialist Allowance had been captured.

“But after the August salary was paid, we discovered that it was not there. When we went back to the state officials, we started hearing another story that it was not actually included and that they were waiting for another list,” he said.

Akerele said the development was particularly disturbing because resident doctors in federal institutions had been receiving the allowance since February 2026, while some states, including Osun, Delta and Enugu, had also commenced implementation.

He added that the Federal Government had committed to paying 19 months’ arrears of professional allowances, with payment expected to commence this month.

“This is very disappointing and very painful. We were assured that it had been done, and we relied on those assurances in dealing with our members. Now we have discovered that it was not captured,” he said.

The LASUTH-ARD president explained that the Professional Allowance Table comprised several components, including Specialist Allowance, Call Duty Allowance, Teaching Allowance and Rural Posting Allowance.

He argued that the Specialist Allowance should not be restricted to consultants, noting that Senior Registrars on Grade Level 14 were already receiving the allowance at the federal level.

“The Specialist Allowance is part of the Professional Allowance Table. We insisted that Grade Level 14 resident doctors must be included because their counterparts at the federal level are being paid,” he said.

Promotion arrears

The doctors also accused the state government of withholding promotion-related salary arrears owed members whose advancements became effective last year.

Akerele said some affected doctors received notional promotions in July 2025, with the financial aspect expected to commence in September, but payment did not begin until November, leaving outstanding arrears for September and October.

He said the arrears had remained unpaid despite repeated representations to the relevant authorities.

“It is a shortfall in salary. These doctors have earned the promotion and are owed by right. We have written several letters, but we keep being told that arrears cannot be paid without express approval from the governor,” he said.

Akerele said the association was not demanding preferential treatment but was asking the government to honour its obligations to doctors who had earned their entitlements.

“We cannot fold our hands while our members continue to suffer financial and career stagnation. To single out SR1s for exclusion and deny deserving members their promotion arrears is unjust, demoralising and counterproductive to healthcare delivery,” he said.

 

He disclosed that the association had engaged officials of the Ministries of Health and Establishments and Training, the Public Service Office and the State Treasury Office over the issues.

Akerele appealed directly to Governor Sanwo-Olu to intervene, saying the governor might not be aware that the Specialist Allowance was not included in the file he approved.

“We want Mr Governor to be aware of what is happening because he may believe that he has already signed and approved everything, not knowing that the Specialist Allowance was not captured,” he said.
The association said it remained committed to dialogue but would not compromise on the welfare of its members.

“We remain committed to dialogue, but we will not compromise on the welfare of our members,” the doctors said, warning that failure to resolve the demands within seven days would leave them with no option but to take further action.

The doctors, however, commended the governor for the payment of Medical Residency Training Funds and implementation of the Professional Allowance for doctors in Lagos State.

They also acknowledged the contributions of the First Lady, Dr Ibijoke Sanwo-Olu, and Deputy Governor, Dr Kadri Obafemi Hamzat, to healthcare delivery and industrial harmony in the state.

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

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