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Atiku tackles Tinubu again, says pervasive hunger, poverty in the land unacceptable

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Former Vice President of Nigeria, Atiku Abubakar, has decried the increasing spate of hunger currently ravaging the country, especially the underprivileged poor and down-trodden.

He remarks that whereas the primary objective of any government is the security and welfare of its citizens, the masses of Nigerians are progressively wallowing in misery and poverty under the watch of the Tinubu-led APC administration.

According to Atiku, the current situation does not give cause for cheers as it engenders an increasingly progressive propensity for criminalities in form of high-wire fraud, terrorism, kidnapping, cultism, drug addiction and ritual sacrifice, among others.

The Waziri Adamawa recalls that the most violent socio-political eruptions and revolutions all over the world had often been powered by pervasive hunger and unbearable material conditions – especially the paradox of squalor amidst plenty in our land.

Counselling that the current unacceptable situation offers an opportunity for reflection, the former Vice President cited the French Revolution, the 1917 Russian Revolution and the Arab Spring in which a young man caught in the maelstrom of unbearable frustration set himself ablaze in a development which occasioned violent socio-political eruptions starting out from Tunisia to engulf the Middle-East and North Africa.

“Back home here in Nigeria, it may not be out of place to argue that even the “ENDSARS” protest was fuelled by the traumatising frustration of hunger and insensitivity on the part of the government.”

He also lamented that two years after assuming the reins of government, there are still no manifest signs that this government is capable of addressing the grim issue of severe hunger staring the poor in the face.

“Whatever reform the Tinubu government might claim to be undertaking, the point remains that food insecurity is a daily occurrence nationwide. There is no government worth its salt that does not place priority on the welfare and security of the people.”

He stressed further that since reforms are made for citizens and not the other way round, the reforms of this administration should have a human face.

“Whether the present powers accept it or not, the reality of our existence is that the poor are increasingly dying of hunger while the majority of the living poor exists at the mercy of the ill-advised policies of this government.

Meanwhile, the presidency has responded to a statement issued by former vice president Atiku Abubakar on September 15 saying

The presidency in a statement made available to Daily Champion, noted that the former Vice President Atiku Abubakar and his handlers are clearly out of touch with the positive developments currently unfolding in our country.

Stressing that their claim that hunger is ravaging Nigeria, and their comparison of our situation to the unrest in France before the 1789 Revolution or the 1917 Bolshevik Revolution in Russia, is grossly misleading.

Their latest statement demonstrates a disconnect from the authentic Nigerian reality, as recent data tells a different story. Just today, the National Bureau of Statistics (NBS) released its figures for August, showing that headline inflation has declined for the fifth consecutive month. Over the weekend, the NBS also reported a record trade surplus, with the contribution of non-oil exports to our trade balance now nearly matching that of crude oil at a ratio of 48:52 per cent.

Our foreign exchange reserves are on the rise, now approaching $42 billion. When President Tinubu assumed office, reserves stood at $32 billion, much of it encumbered. This administration has since cleared over $7 billion in arrears, including $800 million owed to airlines.

Under President Tinubu, Nigeria is recording unprecedented revenues. States are now able to pay salaries and gratuities promptly and still have surplus funds for capital and social projects—an achievement not previously witnessed at this scale.

Nigeria is moving in the right direction. In contrast, Atiku and his party remain stuck in the past, fixated on doomsday scenarios and revolutionary rhetoric. Ironically, many of the challenges we face today stem from the economic mismanagement during the PDP years, when Atiku was Vice President. President Tinubu and his team are working relentlessly to correct those errors, with bold reforms.

After just two years and five months in office, we are proud of the progress being made under President Tinubu’s leadership. Atiku and his allies may choose to ignore these gains, but Nigerians can see and feel the positive changes taking place across the nation.

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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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