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How CBN’s New FX Rule Could Affect Prices In The Market

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The Central Bank of Nigeria has relaxed restrictions preventing banks participating in foreign exchange transactions and government securities auctions from accessing its Discount Window, as part of changes aimed at improving liquidity management and money market operations.

The apex bank also lifted the suspension on tenored repurchase transactions and expanded participation in its Open Market Operations to eligible investors, including individuals, companies and non-bank financial institutions.

The changes were contained in a circular titled, “Review of Discount Window Restrictions and Open Market Operations Participation Framework,” published on the CBN’s website on Wednesday.

The circular, dated August 12, 2026, was signed by the Acting Director of the Financial Markets Department, Okey Umeano, and addressed to deposit money banks, authorised dealers and the general public.

The CBN said the changes followed a review of developments and existing practices across Nigeria’s foreign exchange, money and fixed-income markets, as well as the framework governing access to its Standing Lending Facility, tenored repo operations and OMO.

The Standing Lending Facility, which forms part of the CBN’s Discount Window, provides eligible banks with access to short-term liquidity from the apex bank, particularly when they face temporary funding needs.

Under the previous framework, certain market activities could restrict financial institutions from accessing the facility.

The latest circular introduces a differentiated approach, removing some of those restrictions while retaining the rule governing same-day participation in OMO auctions.

On foreign exchange transactions, the CBN said, “Restrictions on access to the Discount Window arising from participation in the Nigerian Foreign Exchange Market are hereby removed.”

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It similarly removed restrictions linked to banks’ participation in primary auctions of government securities.

“Restrictions on access to the Discount Window arising from participation in the primary auctions of Government securities are hereby removed,” the circular stated.

The decision means participation in the Nigerian Foreign Exchange Market or primary government securities auctions will no longer, by itself, prevent an eligible institution from accessing the CBN’s Discount Window.

However, the apex bank retained its restriction covering OMO transactions.

“The existing restriction on participation in OMO auctions by institutions accessing the Discount Window on the same day shall remain in force,” it said.

The retained restriction effectively maintains a separation between banks accessing central bank liquidity through the Discount Window and those participating in OMO auctions on the same day.

The CBN said the revised rules took immediate effect and were issued further to its October 7, 2022 circular on access to the Discount Window and an October 23, 2019 letter governing OMO auctions.

The apex bank also reopened tenored repurchase operations, expanding the liquidity management instruments available under its monetary operations.

“The suspension of Tenored Repo Operations is hereby lifted,” the CBN said.

It added that it “may conduct repo operations across approved tenors ranging from 4 to 90 days to support effective liquidity management, improve money market functioning and enhance monetary policy implementation.”

Repo transactions generally involve the temporary exchange of securities for cash, with an agreement to reverse the transaction at a specified date.

For banks, the instrument provides another channel for managing liquidity over periods longer than overnight facilities.

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The four-to-90-day tenor provided in the new framework gives the CBN flexibility to inject liquidity for different periods depending on prevailing conditions in the financial system.

Beyond the changes to borrowing rules, the CBN also widened access to the OMO market, allowing eligible investors to participate in both primary and secondary markets through deposit money banks.

“OMO participation (primary and secondary markets) shall be open to all eligible investors through Deposit Money Banks,” the circular stated.

The bank identified eligible investors as individuals, corporates and non-bank financial institutions, while DMBs will continue to submit bids and settle transactions on behalf of their customers.

The revised framework therefore broadens the categories of investors able to gain exposure to OMO instruments, although transactions will continue to be routed through commercial banks.
Despite the broader participation, the CBN retained control over how much liquidity it withdraws through OMO and the maturity profile of securities offered to the market.

According to the circular, “The volume, tenor and frequency of OMO issuances shall continue to be determined by the CBN in line with prevailing liquidity conditions and monetary policy objectives.”

The apex bank also retained the existing single-bid structure for OMO auctions.

OMO is one of the key instruments used by the CBN to manage liquidity in the financial system. By selling securities, the apex bank can absorb excess liquidity, while its broader liquidity framework allows it to respond when funding conditions tighten.

The combination of broader OMO participation, restored tenored repo transactions and fewer restrictions on Discount Window access gives the CBN and financial institutions more channels for managing liquidity across the money market.

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The revised framework also separates the treatment of different market activities. While banks involved in FX transactions and primary government securities auctions can access the Discount Window without the previous restrictions, institutions using the facility remain barred from participating in OMO auctions on the same day.

The CBN directed banks, authorised dealers and other market participants to comply with the revised rules immediately.

“The provisions of this Circular take immediate effect,” it said, adding that “all banks, authorised dealers and market participants

Ojogwu Godwin Chukwudi hailed from Delta State. A young talented personality, Alumnus of Delta State university,Abraka Studied Library and information science. He is an intellectual cyber communicator expert and a prolific blogger professional.

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NNPC Shocks Nigerians As Profit Skyrockets To N7.2tn, Remits N22.3tn

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The Nigerian National Petroleum Company Limited recorded a 33 per cent increase in profit after tax, to N7.2tn in 2025, despite a decline in revenue amid falling crude oil prices and reduced product volumes.

The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, disclosed this on Tuesday in Abuja during a media interaction to present the company’s 2025 audited financial results, achievements, and strategic vision.

Ojulari said the company’s profit after tax rose from N5.4tn in 2024 to N7.2tn in 2025, representing an increase of N1.8tn. Revenue stood at N34.5tn, while earnings per share reached N35.9. Taxes, royalties and other remittances to the government increased by 39 per cent to N22.3tn.

He said, “We have released the NNPC Limited 2025 audited financial results. I want to explain what they mean. What drove them and where we go from here. The central result is clear. Profit after tax rose 33 per cent, from N5.4tn in 2024 to N7.2tn in 2025. Revenue was N34.5tn. While taxes, royalties and other remittances to government rose 39 per cent to N22.3tn.”

Explaining the results, Ojulari said the company’s improved profitability came despite revenue pressures from lower international crude oil prices and reduced product volumes following changes in the domestic petroleum market.

“Revenue declined as crude oil prices fell for those, as you recall, in 2025. But we also had some decline that resulted from a wide product volume reduction. Following the market regulation, as you know, with the removal of subsidy,” he said.

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He added that operational improvements and financial discipline helped the national oil company increase its profit despite the challenging conditions.

“Yet, profit grew because we improved the way we operate. And we maintained discipline across our businesses,” Ojulari stated.

The results showed that the company’s profit growth outpaced the increase in government remittances, which rose by 39 per cent, while its operational performance also improved.

On production, Ojulari said crude oil and condensate output peaked at 1.77 million barrels per day, the highest level in five years. Nigerian gas supply also reached a three-year high of 7.2 billion standard cubic feet per day.

“These gains reflect sustained attention to our assets, infrastructure and our focus on delivering visible results,” he said.

According to the GCEO, the improved financial and operational performance would strengthen NNPC’s capacity to invest in its businesses, contribute to government revenue and support Nigeria’s energy security.

He, however, warned that the company must sustain the gains and improve its performance in subsequent years.

“The numbers matter because of what they enable. Stronger performance gives NNPC Limited more capacity to invest, more capacity to contribute to public revenue and strengthen Nigeria’s energy security. It also gives us higher standards to meet,” Ojulari said.

He added, “As we deliver exceptional results, the following year we strive to even beat those records.”

Ojulari said the improved results also raised expectations for the company, making it necessary to strengthen its capacity to sustain growth.

“So having a good performance is not just easy. It means that the bar has been set one level higher. So we now need to focus on building the capacity to deliver,” he said.

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The profit growth came despite revenue pressures from lower international crude oil prices and reduced product volumes following changes in the domestic petroleum market.

The figures indicate that NNPC improved its bottom-line performance even as its revenue came under pressure, although the company did not provide a breakdown of the contribution of individual business segments to the profit increase in the figures presented.

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Tragedy In Captivity: Kidnapped Farmer Delivers Baby As Bandits Demand N94m Ransom

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One of the abducted 47 farmers in Tugan-Rimi, Mariga Local Government Area of Niger State, has been delivered of a child in captivity.

The chairman of Mariga LGA, Aliyu Bagga Muhammadu, confirmed the incident on Tuesday.

The 47 farmers were abducted, while harvesting groundnuts on their farms on Saturday, September 26, 2026.

According to Muhammadu, the bandits are demanding N94 million ransom from families of the abducted farmers.

He said that the bandits are demanding N2 million for each of the abductees.

“My local government is faced with a serious security challenge. The information at my disposal indicates that women were harvesting groundnuts on their farm, when bandits invaded the area and assembled them and took them away. They also saw some men working on their farms and took them away. But women formed the majority of those kidnapped. One of the women had given birth in Captivity,” he said.

He added that security operatives have been mobilized and are following the trail of the abductors to ensure the safe release of the victims.

He noted that the joint security operatives had earlier engaged the abductors around Kasuwan Garba and Beri axis during which one of the vigilantes sustained injuries.

It was further revealed that the armed men were reportedly seen moving through areas between Mangoro and Wamba after allegedly emerging from the Dogon Dawa axis.

The Spokesperson for the Niger State Police Command, SP Wasiu Abiodun, confirmed the incident, saying that over 20 people were kidnapped.

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“On 28th Sept 2026, a report indicated that on 27th Sept 2026 at about 3pm, suspected bandits abducted over twenty persons at Mukura village, Kasuwan-Garba District of Mariga LGA. Joint security rescue efforts are ongoing,” he said.

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Tinubu Makes Big Move For Nigerian Researchers – Seeks Senate Approval For National Research Fund

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President Bola Tinubu on Tuesday transmitted the National Research and Development Fund (Establishment) Bill, 2026, to the Senate for consideration and passage into law.

The proposed legislation seeks to consolidate fragmented research and development funding across Ministries, Departments and Agencies into a central fund through which research institutions and academic bodies can access financing.

The letter transmitting the Bill was read by the President of the Senate, Senator Godswill Akpabio, during plenary.

Akpabio said the Senate would expedite consideration of the proposal to facilitate its passage.

In the letter, Tinubu said the proposed fund would improve research financing, promote collaboration among research agencies, academia and the private sector, and ensure that funding was directed towards strategic national priorities.

The President said the Bill was designed to “consolidate research financing, ensure more efficient utilization of resources” and bring fragmented research and development funds across MDAs under one central mechanism.

The letter partly read, “The Bill is prepared in a bid to consolidate research financing, ensure more efficient utilization of resources, and to consolidate the fragmented Research and Development Funds across Ministries, Departments and Agencies (MDAs) into the National Research and Development Fund to serve as a central mechanism through which research agencies and academic institutions can access funding.

“The establishment of the National Research and Development Fund will serve as a competitive central funding mechanism. It seeks to foster strategic collaboration among research agencies, academia and the private sector.

“Going further, the Bill establishes the National Research and Development Fund as an Agency under the supervision of the Federal Ministry of Innovation, Science and Technology, with direct funding from the Nigerian Content Development Fund.”

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Continuing, Tinubu said the proliferation of research institutions, each operating with separate mandates and budgetary allocations, had made it necessary to improve the management of available resources for the development of science, technology and innovation.

The President said the Bill had been reviewed by relevant stakeholders, including the Ministries of Education, Innovation, Science and Technology, and Justice.

“It is pertinent to note that with the current proliferation of research institutions and agencies operating within the research and development commercialization landscape, each agency operates with a separate mandate and budgetary allocations.

“In consequence of the above, the National Research and Development Fund (Establishment) Bill, 2026 is hereby forwarded to the Senate for legislative action by the National Assembly.

“While it is my hope that the Senate will consider the Bill and its passage into law expeditiously, please accept, Distinguished Senate President, Distinguished Senators, the assurances of my highest consideration,” he stated.

Tinubu said the review was aimed at ensuring that the proposed legislation aligned with national education and scientific innovation priorities.

The President also urged the Senate to consider and pass the Bill expeditiously.

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74-Year-Old Ex-Kogi Senator Stuns Many As He Weds 18-Year-Old Lover

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Former Kogi Senator, 74, finds love again, weds 18-year-old lady

Former Kogi State Senator, Dangana Ocheja, 74, has found love again in the arms of an 18-year-old lady, Winifred.

According to businessman Isaac Fayose, who congratulated the couple via social media, the bride is Senator Ocheja’s granddaughter’s best friend.

The couple had their white wedding on September 19 in Abuja while their traditional wedding held on September 13.

Sen. Emmanuel Dangana Ocheja, a lawyer-turned politician represented Kogi East senatorial district in the 7th National Assembly (2011-2015)!and a member of the All Progressives Congress.

Congrats to them!

Former Kogi Senator, 74, finds love again, weds 18-year-old lady
Former Kogi Senator, 74, finds love again, weds 18-year-old lady
Former Kogi Senator, 74, finds love again, weds 18-year-old lady
Former Kogi Senator, 74, finds love again, weds 18-year-old lady

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Tinubu Drops NDDC 2026 Budget Bombshell to Reps

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President Bola Tinubu has forwarded the 2026 statutory budget proposal of the Niger Delta Development Commission (NDDC) to the House of Representatives for consideration and passage.

The proposal was contained in a letter dated August 20, 2026, addressed to the Speaker of the House of Representatives, Rep. Tajudeen Abbas, and received by the National Assembly on September 24, 2026.

In the letter, Tinubu said the budget proposal was prepared by the Minister of Niger Delta Development in line with Section 121 of the 1999 Constitution, which provides for the submission of budget estimates for consideration by the National Assembly.

The President said the proposal was based on the NDDC’s revenue and expenditure projections and aligned with the fiscal and developmental policies of the Federal Government as well as the Renewed Hope Agenda.

He added that the proposal also took into consideration the 2024–2026 Economic Recovery Growth Plan and key assumptions underpinning the 2026 Appropriation Act.

According to Tinubu, the NDDC’s 2026 spending priorities would focus on sectors considered critical to improving living conditions and reducing poverty in the Niger Delta.

He listed youth empowerment, energy and power supply, education, industrial and enterprise development, healthcare, security and increased agricultural productivity as areas of priority.

“The House of Representatives is invited to note that the NDDC is prioritising improvement in Youth Empowerment, Energy and Power Supply, Education, Industrial and Enterprise Development, Health, Security and increased productivity in Agriculture in order to lift a significant number of our citizens out of poverty,” the President said.

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Tinubu expressed confidence that the House would give the proposal timely consideration and passage.
The submission comes as the National Assembly begins consideration of statutory budget proposals from government agencies ahead of the 2026 fiscal year.

The NDDC is responsible for coordinating development interventions across the nine Niger Delta states, with its programmes covering infrastructure, human capital development, health, education, agriculture and other sectors.

 

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SHOCKING: Edo Governor Reveals He Started Casting Out Demons At Age 17

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The Edo State Governor, Monday Okpebholo, has said he started casting out demons at the age of 17 or 18, while linking his early religious experience to his stance against insecurity and cultism in the state.

Okpebholo made the remark during a Sunday service at The VOTAGE Church, also known as The Voice of This Age, at the WINLOS Centre in Benin City. The video of his remarks resurfaced and began trending on social media on Tuesday.

Edo State Governor, Monday Okpebholo
Edo State Governor, Monday Okpebholo, Reverend Ohis and his wife Pastor Anwinli Ojeikere. Photo credit: Instagram | The VOTAGE

“When I see young ones standing in the presence of God, I remember at the age of 17/18, I’ve also started casting out demons,” Okpebholo said.

He added, “So fighting insecurity, most especially cultism, is not a new thing to me. It’s something that has been happening.”

The VOTAGE Church confirmed the governor’s attendance at the service in a post on Instagram on Sunday, saying it was honoured to host him.

Edo State Governor, Monday Okpebholo
Monday Okpebholo during a prayer session. Photo credit: Instagram | The VOTAGE

The church said the service was a time of prayer for the “peace, progress and prosperity of Edo State,” and thanked the governor for worshipping with the congregation.

Edo State Governor, Monday Okpebholo
Monday Okpebholo. Photo credit: Instagram | The VOTAGE

Okpebholo also confirmed his attendance in a post on X, saying he worshipped at Living Faith Church on Sapele Road before later attending The VOTAGE Church in Benin City.

He said the congregation prayed for the continued peace and protection of Edo State, wisdom and strength for those entrusted with leadership, and God’s blessings on the people and families in the state.

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Watch video here:

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Police Arrest Man Producing Fake Dry Gin In Akwa Ibom

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The Akwa Ibom State Police Command has arrested a 40-year-old man for alleged production and distribution of adulterated alcoholic beverages and recovered five cartons of suspected fake dry gin in Ikot Ekpene.

The suspect, identified as Ubong Ntiense, a native of Ibiaku Village in Ibiono Ibom Local Government Area and resident along Abak Road, was arrested on September 26, 2026, at about 1:45 pm by operatives of the command during a stop-and-search operation along Aba Road.

In a statement by the Police Public Relations Officer, DSP Timfon John, made available to journalists on Monday, the police said the suspect was intercepted while allegedly conveying the products to Essien Udim Local Government Area for delivery.

The statement read, “The Akwa Ibom State Police Command has intensified its ongoing crackdown on the production, distribution and circulation of counterfeit and adulterated alcoholic beverages across the State, with the arrest of a 40-year-old man and the recovery of five cartons of suspected fake/adulterated dry gin in Ikot Ekpene.

“The suspect, identified as Ubong Ntiense, aged 40 years, a native of Ibiaku Village, Ibiono Ibom Local Government Area, and resident along Abak Road, was arrested on 26 September 2026 at about 1345 hours by operatives of the Command.”

The police said a thorough search led to the recovery of five cartons of suspected adulterated dry gin bearing the fake label, “Pointers Special Dry Gin”, with each carton containing 24 bottles, bringing the total to 120 bottles.

According to the police, the suspect and the recovered exhibits were taken to the station for preliminary investigation, where he allegedly confessed to being involved in the production of the fake alcoholic drinks.

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The police spokesman said following his confession, operatives secured and executed a search warrant at his residence and premises, where substances and materials allegedly used in the production of the adulterated drinks were recovered as exhibits.

“Based on information obtained during the investigation, Police operatives secured and executed a search warrant at the suspect’s residence and premises, where substances and other materials allegedly used in the production of the adulterated drinks were recovered as exhibits”, part of the statement said.

The Commissioner of Police in the state, CP Baba Azare, directed that the investigation be conducted thoroughly and professionally, with a view to identifying other persons connected to the production and circulation of the counterfeit products.

The commissioner described the production and distribution of adulterated alcoholic beverages as a serious public safety concern, noting that unsuspecting members of the public may consume such products without knowledge of their contents or origin.

He warned individuals, distributors, retailers and organised networks involved in the manufacture, transportation or sale of counterfeit drinks to desist immediately, stressing that the command would continue to deploy intelligence-led operations and surveillance to disrupt such activities.

The CP urged members of the public to exercise caution when purchasing alcoholic beverages and promptly report suspicious production or distribution activities to the police or relevant regulatory agencies.

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Innocent Man K!lled In Ogun After Being Mistaken For Cultist

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Man k!lled after being mistaken for cultist in Ogun

A man identified simply as Seyi has been killed by suspected cultists who allegedly mistook him for a member of a rival group at Ijako Market in Owode-Ijako, Ogun State.

The incident reportedly occurred on Wednesday, September 23, when suspected cult members stormed the area in search of another man identified as Dammy. A police source, who spoke on condition of anonymity because he was not authorised to comment publicly, told Punch the attackers arrived at a location behind the market and opened fire on Seyi.

“We got a report that the incident happened just behind the market. Some boys came to the market looking for a certain target. They got to the spot where the boys were, and they shot the victim,” the source said. The source also said the incident was believed to be connected to the drug trade, adding that police had begun investigating the killing and were working to identify and arrest those responsible.

An anti-cultism advocacy platform, Naija Confra, separately alleged that the attackers had been searching for Dammy when Seyi was killed. The group claimed Seyi was also attacked with an axe after being shot. “It was reported that as soon as the NBM attackers arrived, they echoed ‘Aye Axemen’ and mentioned Dammy’s name before someone was killed,” the platform said. “People initially thought it was Dammy who had been killed until they saw the body and realised it was Seyi.”

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Nationwide Health Crisis Looms As Resident Doctors Issue 2-Week Strike Notice to FG

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Resident doctors give FG 2-week strike notice to meet their demands

The National Association of Resident Doctors has given the Federal Government two weeks to resolve outstanding welfare and professional issues affecting its members, warning that failure to act could lead to industrial action. The ultimatum was contained in resolutions reached at NARD’s 46th Annual General Meeting in Calabar and presented by the association’s National President, Dr Emmanuel Ogar.

The resident doctors expressed concern over what they described as the slow implementation of agreements previously reached with the Federal Government, saying the prolonged delays had become unacceptable. NARD demanded urgent action on remuneration, career progression, professional allowances, excessive workload, manpower shortages and the general welfare of resident doctors. The association called for the immediate implementation of agreements reached with the government, particularly those relating to improved conditions of service and professional development.

It also urged the government to conclude the review of existing remuneration and professional salary structures for doctors, arguing that the current framework no longer adequately reflects prevailing economic conditions. NARD demanded appropriate compensation for doctors handling additional responsibilities because of manpower shortages in hospitals.

The association called for standardised templates for calculating compensation for excess workload, as well as reliable data to support payments to doctors performing duties beyond their normal responsibilities. It also raised concerns about attacks on healthcare workers and called for the full implementation of policies and anti-assault measures designed to protect doctors and other medical personnel in health facilities.

NARD said the continued migration of doctors and other healthcare professionals from Nigeria had worsened existing manpower shortages and increased pressure on those remaining in the country. The association urged the Federal Ministry of Health and Social Welfare to urgently address factors contributing to the migration of medical professionals.

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State governments were also urged to prioritise the welfare of doctors and other healthcare workers employed by their institutions and ensure the implementation of relevant welfare policies. NARD called for improved infrastructure, adequate medical equipment and better working conditions in healthcare institutions, saying these measures were necessary to improve patient safety and healthcare delivery.

The association also urged the National Assembly to strengthen budgetary provisions for healthcare, stressing that adequate funding remained critical to addressing challenges facing the sector. It demanded the prompt payment of salaries and other entitlements owed to house officers and called for their inclusion in relevant welfare arrangements.

On the use of electronic clocking systems in hospitals, NARD said it was not opposed to the technology provided it was properly implemented and used to support accurate data management rather than as a punitive measure against medical personnel. The association said several agreements and commitments made by the Federal Government remained unresolved despite repeated meetings and assurances.

It therefore urged the government to use the two-week window to address the outstanding issues and prevent a breakdown of industrial harmony in the health sector. NARD said resolving the disputes would improve doctors’ welfare, reduce burnout and ultimately enhance the quality of healthcare available to Nigerians.

The association also elected new national officers at the meeting, with Dr Emmanuel Ogar emerging as president alongside other members of the National Executive Council. NARD urged the new leadership to pursue the implementation of its resolutions and maintain engagement with the government towards securing improved conditions of service for resident doctors.

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