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School resumption: Parents groan as fees double for new academic session

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As the new school year begins across Nigeria for the 2025/2026 academic session, many parents are struggling with the overwhelming demands.

The reopening season has brought fresh waves of anxiety and frustration for many parents and guardians across the country.

DAILY POST reports that there is the reality of rising tuition fees, costly textbooks, uniforms, and other essentials that must be provided.

This comes amid rising cost of living across the country, with most of the citizens struggling to feed.

According to the National Bureau of Statistics, NBS, inflation reached 21.88 percent in July 2025, making it increasingly hard for parents to cover basic household needs, let alone rising educational expenses.

Speaking to DAILY POST, some parents who enrolled their children in private schools, said the burden of school fees increment was getting out of hand, while some have left their children at the mercy of poor facilities in public schools.

A visit by DAILY POST to some public primary and secondary schools in the Federal Capital Territory and its environs showed that pupils and students are suffering from poor infrastructure, with frustrated teachers being in charge.

A single mother, simply identified as Ngozi Okoro, said she was once proud of enrolling her two children in a reputable private school. However, she now struggles to maintain that standard.

According to her, petty trading and occasional support from relatives had sustained her for years, but a sudden 30 percent hike in school fees last session forced her to reconsider her decision.

“I tried everything I could; I worked extra hours, borrowing from friends but it was never enough. I had to choose between feeding my children and paying their school fees,” Okoro said with visible pain.

She, however, revealed that she is now making arrangements to transfer her children to a cheaper school this session to ease the burden.

Similarly, a father of four children, Abuh Ameh, recounted his own ordeal, saying the period always reminds him about fees.

“Every term, the school sends a reminder about fees. I feel ashamed when I cannot pay on time.

“Sometimes, my children are sent home, and they cry because they do not want to miss classes. I don’t know what to do this session,” he lamented.

DAILY POST further reports that in extreme cases, parents are turning to unconventional means to sustain their children’s education.

Findings revealed that a growing number of families have resorted to crowdfunding on social media to solicit assistance, while others are forced to sell personal belongings to cover tuition and other learning materials.

A widower with three children, Nuhu Ahmed, revealed that he had to part with valuable possessions to ensure his children’s return to school.

“I sold some of the things I cherished most, just so I could pay their fees and buy the books they needed,” he admitted.

Speaking to DAILY POST, an education expert, Michael Akor warned that the struggles, if unchecked, could further worsen Nigeria’s already troubling education statistics.

According to him, the country currently has more than 17 million out-of-school children, one of the highest figures globally, stressing that this threatens human capital development and the country’s long-term workforce capacity.

“Education is supposed to be a ladder out of poverty, but when it becomes unaffordable, it pushes families deeper into the same poverty cycle,” he said.

Meanwhile, a public affairs analyst, Mazi Christian Idoko advised parents to cut their coats according to their cloth.

According to him, “the most disturbing situation we have is that some parents are yet to come to terms with reality.

“This is why some of them still patronise schools that are far beyond their capacity; what they now do is to beg for assistance from one person to another.

“But my advice is that people should put their wards in schools they can afford; this will ease off tension.”

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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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