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Jega, Mustapha urge Nigerians to support reforms

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President Bola Ahmed Tinubu has introduced many reforms across the sectors of the economy in his bid to reposition the country.

Adjustment to some innovations may have brought pains. But they are transcient. When the gains start to pour in, the temporary hardship would be over.

Not many people are receptive to reforms. Thus, citizens also need enlightment about their utility and long term effects.

Special Adviser to the President on Livestock Development Prof. Attahiru Jega and Senator Saliu Mustapha tried to carry the message of reforms to Kwara State recently, where they urged support for the novel initiatives.

The University of Ilorin’s Main Auditorium was filled to the brim. It was not the usual convocation pomp, or the familiar convulsions of student union politics. It was a different kind of gathering – an intellectual festival and a policy town hall.

Jega, former chairman of the Independent National Electoral Commission (INEC), and Mustapha, Chairman of the Senate Committee on Agriculture Production Services and Rural Development, who was honoured by the institution, called for collaboration between the town and the gown on national development.

Jega delivered the yearly Distinguished Personality Lecture of the Faculty of Social Sciences, titled: “The Political Economy of Livestock Development in Nigeria: Challenges and Prospects in honour Mustapha.

He emphasised that transforming the industry is not just an economic ambition, but a national imperative, adding that modernising and commercialising the livestock sector is not a luxury but essential.

He said the transformation of the livestock sector has the potentials of nourishing the population, stabilising fragile regions, unlocking economic value, and restoring dignity to rural livelihoods.

Jega said the envisaged transformation will require the collaborative efforts of policymakers, researchers, traditional rulers, and private sector stakeholders.

He urged legislators, academics, business executives, and community leaders to move beyond conferences and convert policy blueprints into visible actions across farms, markets, and legislative platforms.

Jegs said: “The time for half-measures has passed. What lies before us is the opportunity to transform a historically neglected sector into a beacon of resilience, equity, and prosperity”.

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The Vice-Chancellor, Prof. Wahab Egbewole (SAN), who was represented by the Deputy Vice-Chancellor (Management Services), Prof. Adegboyega Adisa Fawole, reaffirmed the institution’s commitment to national development,

By the time the robes of academia gave way to the hush of the first speech, it was clear that this was not merely another distinguished lecture, it was a symbolic confluence of campus, parliament, and presidency, with agriculture as the bridge.

Jega’s voice carried the same professorial authority with which he once taught political science, now marshalled in defence of goats, cattle, poultry and the fragile ecosystems they inhabit.

He hailed UNILORIN as “a national pride,” an institution that had weathered storms to remain stable, and therefore a fitting host for a conversation about stability in a sector too often synonymous with conflict.

At the heart of his lecture lay an inconvenient truth: Nigeria’s appetite for protein is racing ahead of its capacity to produce it. He said population growth and changing diets have turned livestock into both an opportunity and a looming crisis. Without reform, the country risks deeper rural poverty, worsening malnutrition, and protracted conflict over grazing and land.

His prescription was not romantic. It was a call for modernisation: from subsistence to commercial systems, from open grazing to managed ranches, from informal trading to traceable supply chains.

The former university don outlined a step-by-step glidepath — allowing existing practices to coexist with new systems while slowly transitioning to intensive, climate-smart livestock production. It was, in effect, a plea for pragmatism over polemics.

The lecture gave an insight into President Tinubu’s reform intentions. By appointing Jega earlier as Special Adviser and Coordinator of the Presidential Livestock Reform Initiative, the presidency elevated livestock from the periphery of agricultural policy to its centrepiece. The idea of a dedicated livestock ministry, once a footnote in committee reports, is now reality.

The blueprint is ambitious: transform pastoralism into modern ranching, attract private capital into dairy and meat production, and tame the cycle of farmer-herder conflict. But ambition is easier announced than achieved. Jega’s roles are meant to give flesh to those bones.

The University of Ilorin provided a platform for deseminating the message, being a campus that has built its reputation on consistency, relative peace, and a refusal to descend into the instability that plagues many others. Hosting the nation’s livestock debate was both symbolic and strategic: a university that embodies stability offering a stage for a sector that craves the same.

For the university, there were material dividends too. Senator Mustapha pledged N10 million for immediate faculty support, alongside commitments towards a lecture theatre and an ICT centre. It was a reminder that ideas are best remembered when backed by tangible contributions.

The Senator became the bridge. For him, the honour was doubly significant. As chairman of the Senate’s agriculture production committee, he is the legislative custodian of much of what Jega prescribes. His presence signalled that parliament is not a passive observer but a necessary enabler through budgets, oversight, and laws.

It also cast him in a new light before his Ilorin constituents: a legislator not just distributing palliatives but convening ideas, attracting investments, and aligning with the president’s reform narrative. In a season where politicians are often defined by what they grab, the optics of Mustapha being defined by what he convenes are politically valuable.

What lingered was not just the memory of a famous professor speaking on behalf of a sitting president, or the pride of a senator being celebrated in his academic city. What lingered was the sense that livestock policy, often dismissed as a rural footnote, now sits at the heart of Nigeria’s economic and political future.

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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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