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Now that the Nigeria Immigration Service has doubled passport fees

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Nigeria has been caught in the jaws of inflation over the last two years. Nigerians are basically struggling to stay afloat in the ocean of high inflation precipitated by recent government policies. And just when the Nigerian Bureau of Statistics was talking of a stable economy, another federal agency is adding to the financial pressure. Yes, the cost of a Nigerian passport has been significantly increased, placing a further burden on citizens grappling with a harsh economic climate.Read Original/For More…Read D Full Story Here Now.”

On August 28, 2025, the Nigeria Immigration Service, NIS, unveiled a wave of financial burden for citizens. From Monday, September 1, 2025, the cost of acquiring a 32-page passport (valid for five years) rose from N50,000 to N100,000, while the 64-page passport (valid for ten years) jumped from N100,000 to N200,000, a staggering 100 per cent increase across the board. Applicants in the diaspora are spared this hike, with fees remaining at US $150 and US $230, respectively.

This move is especially insensitive because it marks the second significant increase within a year. In September 2024, passport fees were already raised: 32-page passports moving from N35,000 to N50,000, and 64-page passports from N70,000 to N100,000, triggering widespread public discontent. Despite government’s assurances that fee hikes are necessary for maintaining quality and upholding the integrity of the document, the near doubling of fees in under 12 months raises serious questions.

Why is the government increasing passport fees again so soon after a previous hike? What specific factors justify a near doubling of fees in less than a year? What does “maintaining quality and integrity” of the passport mean in practical terms, and how does the fee increase directly contribute to this? How will the new fees impact ordinary citizens, particularly those with low incomes? How does this increase align with government’s broader economic policies, especially as citizens deal with high inflation?

For millions of Nigerians, this surge arrives against a backdrop of persistent economic hardship, skyrocketing inflation, high unemployment, dwindling purchasing power, and cost-of-living pressures. Travel, already privileged, becomes nearly exorbitant. A 10-year passport now costing N200,000 is likely beyond the reach of middle- and lower-income earners, effectively creating new barriers to mobility, for work, education, medical care, or reunions with loved ones abroad.

NIS defends its decision, citing needs such as improving production quality, safeguarding passport integrity, and enhancing service delivery, claims echoed during the 2024 hike. But when citizens have already endured a massive hike last year, the sudden doubling again within months smacks of fiscal recklessness. Without transparency into the actual costs or targeted improvements, these justifications ring hollow.

It’s notable, and arguably inequitable, that while internal applicants face steep increases, diaspora fees remain unchanged at fixed dollar amounts. Government defends this on exchange-rate stability grounds, citing dollar-denominated production costs, but that reasoning only underscores the suffering of Nigerians in-country, grappling with currency devaluation. It also draws attention to structural inequities between those abroad and those at home.

The timing of this hike, almost exactly one year after the previous increase, suggests a pattern of frequent, steep surcharges rather than long-term financial planning or gradual scaling. This approach undermines public trust. Citizens deserve predictable, transparent policymaking, not shock increases that further degrade confidence in public institutions.

This sudden cost increase is unacceptable. To my mind, here are four things that the NIS must do quickly to assure Nigerians that its purpose is not strictly to ‘obtain’ Nigerians.

Number one, it must offer a transparent cost breakdown. NIS should publish clear accounts showing why fees need to increase, and how additional revenue will be utilised, be it improved printing technology, staff training, or office expansion.

Two, these sorts of price adjustments should be gradual. The case here is that, rather than raising fees in large leaps, the government should pursue incremental adjustments aligned with inflation and real cost growth.

Besides, the service needs to deploy means-based considerations. It has to offer concessions or instalment options for civil servants, students, and low-income applicants to avoid penalising the most vulnerable.

Lastly, the increase must lead to genuine service improvements. The NIS has a responsibility to ensure that any increased revenue translates into tangible improvements. This is in terms of faster processing, functional local centres, and expanded access, including to rural areas.

My argument is that the decision by the Nigeria Immigration Service to double passport fees again within a year reflects a tone-deaf disregard for the economic realities Nigerians face today. Without transparency or clear, citizen-centred outcomes, this move risks deepening distrust and entrenching inequality. If passports, tools for personal advancement and global mobility, become prohibitively expensive, what message does that send about who truly belongs in the conversation of African opportunity?

Let this be a call for accountability, compassion, and reform, not further financial burden under the guise of progress.

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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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