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BREAKING NEWS: Tinubu runs most divisive government in Nigerian history – African Democratic Congress (ADC)

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BREAKING NEWS: Did You Miss The 400 $ex T4pe of Equatorial Guinea senior official Baltasar Ebang Engonga? Quickly W4tch! Before They Are deleted Be The First Person To See The Full Videos. Now!The African Democratic Congress (ADC) has accused the Tinubu administration of manipulating official infrastructure data in a desperate attempt to deflect growing criticism over allegations of nepotism and regional bias.

In a statement issued Tuesday, the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, stated that the Tinubu government’s infrastructure report not only reinforced existing suspicions about exclusionary governance but also exposed the administration’s alarming comfort with misleading the public through #FakeNews.

The full statement read: “The African Democratic Congress (ADC) has observed with keen interest the Federal Government’s recent flurry of media engagements, particularly the hurried release of a glossy infrastructure document tagged “Infrastructure Equity for Every Region. Progress for Every Nigerian. The Renewed Hope Agenda in Action.”

“Ordinarily, we would have commended such an effort at transparency. However, the context and content of the report suggest that this was less a gesture of accountability and more a panicked propaganda attempt at damage control in the face of mounting criticism about the government’s nepotistic and exclusionary tendencies.

“It should be noted that this is the first time any government in Nigeria would be so hard-pressed to prove that it has actually given all parts of the country a sense of belonging. But the reason is clear: this is the most divisive government we have ever had, where government business is run like an exclusive membership club.

“Unfortunately for the administration, in a desperate attempt to defend its records, it ended up convicting itself with obviously manipulated evidence.

“For avoidance of doubt, the so-called infrastructure progress report, rather than exonerate the government, actually showcases the cronyism, sloppiness, and lack of equitable distribution of projects and spending that this APC government has become widely renowned for.

“Under the section purportedly dedicated to North-Western Nigeria, the government lists 12 projects, but upon closer scrutiny, at least four of those projects do not belong there.

“Take the Damaturu–Maiduguri road, for instance. This 110km road was listed under the North-West. Yet, Damaturu is the capital of Yobe State, and Maiduguri is the capital of Borno State — both in the North-East. Similarly, the Bama and Dikwa roads, also in Borno State, were mysteriously reclassified as North-Western projects.

“Then there is the Lokoja–Okene dualisation project. Lokoja is the capital of Kogi State, which, along with Okene, falls squarely within the North-Central zone. Yet, the government’s report would have us believe it is a North-Western initiative. The Benue–9th Mile road is another case in point. This was mislabeled under the North-West, despite Benue being in the North-Central.

“To make matters worse, some projects were listed twice — once under their actual regions and again under the North-West. We know that budgets have allegedly been padded by this administration, but this is the first time we have seen infographics padded with such brazen creativity.

“What is even more telling is that several of the projects the Tinubu government is celebrating were initiated under the Buhari administration, only to be repackaged and presented as fresh achievements.

“At this point, one thing is clear: the Presidential Media Team’s colourful, propaganda-filled infographics cannot mask the darker truths behind these projects. The processes surrounding them are opaque. Contracts are being awarded without adherence to the Procurement Act, and many have been handed over to known cronies, political financiers, and economic oligarchs.

“Even the public’s basic questions are met with silence. What, for example, is the cost of the Badagry–Sokoto Highway? Why are we not told how much has been spent, with whom the contracts were signed, or what procurement procedures were followed? Why are some projects lavishly funded while others, particularly those in opposition strongholds, are stalled indefinitely? Is this what democracy under the APC has become?

“This latest gaffe by the Presidency and the APC-led federal government fits a disturbing pattern. When the government was accused of nepotism in political appointments, it responded with a generic list of names from across the country, without portfolios or details — a move designed to obscure the truth rather than reveal it. Meanwhile, key appointments remain dominated by individuals from a certain political circle, a certain state, and ultimately, a certain region.

“This selective disclosure strategy has failed to convince critics. It has also embarrassed respected leaders in the South-West, who had hoped for a government of national inclusion and competence.

“At a time when our nation needs equity and unity more than ever, this government appears committed to deepening the fractures that divide us. The ADC believes that no amount of propaganda or PowerPoint presentations can substitute for genuine inclusion, fairness, and transparency.

“In this regard, the ADC demands that the Tinubu administration abandon the dishonest politics of propaganda it has become accustomed to. No amount of spin can substitute for justice — geographically, politically, or economically. A government like this one, that cannot be equitable and inclusive, will always continue to be a government at war with its own legitimacy.

“As a party founded on the ideals of inclusion and equity, the ADC remains committed to a Nigeria where no region, group, or individual feels left behind. The ADC government will be one where projects and opportunities are equitably distributed, and where competence is not sacrificed on the altar of cronyism.”BREAKING NEWS: Did You Miss The 400 $ex T4pe of Equatorial Guinea senior official Baltasar Ebang Engonga? Quickly W4tch! Before They Are deleted Be The First Person To See The Full Videos. Now!

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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