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Nigerian Embassies struggle with unpaid rent, salary arrears, others – FG

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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 Federal Government says several Nigerian diplomatic and consular missions abroad are facing financial and operational challenges, ranging from unpaid staff salaries to mounting debts owed to landlords and service providers.

Spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, disclosed this in a statement on Monday.

He acknowledged that the difficulties have hindered the smooth running of embassies and consulates in different countries.

“The ministry is not unaware of the restrictions that financial limitations have placed on the smooth running of the missions, including the inability to pay salaries of locally recruited staff, financial obligations to service providers, rent to landlords, and the foreign service allowance to home-based officers,” the statement read.

“It is pertinent to state, however, that the Nigerian diplomatic missions are not immune to the economic situation at home and its attendant challenges to government operations.

“The financial situation in our missions stems from budgetary limitations over the years, resulting in shortfalls in allocations.”

Ebienfa assured Nigerians at home and in the diaspora that the welfare of diplomatic staff and their families remains a top priority for the President Bola Tinubu administration.

He highlighted recent measures, including the approval and release of special intervention funds to ease the hardship faced by some missions.

The government stated that it has established a committee to assess the debt profiles of affected missions, adding that over 80 per cent of available funds have been cleared for payments, prioritising service providers, locally recruited staff salaries, and arrears owed to officers.

While noting that these missions are not exempt from the broader economic realities affecting Nigeria, the ministry emphasised that the budgetary shortfalls over the years have significantly hampered the effective functioning of missions and their ability to fulfil core diplomatic responsibilities.

See the full statement below:

STATEMENT BY THE MINISTRY OF FOREIGN AFFAIRS, NIGERIA, ON THE FINANCIAL STATE OF NIGERIAN MISSIONS ABROAD

The Ministry of Foreign Affairs of the Federal Republic of Nigeria wishes to acknowledge the financial and operational constraints recently being experienced by several of our Diplomatic and Consular Missions abroad. The Ministry is not unaware of the restrictions that financial limitations have placed on the smooth running of the Missions, including the inability to pay salaries of locally recruited staff, financial obligations to service providers, rent to landlords, and the foreign service allowance to home-based officers.

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!

It is pertinent to state, however, that the Nigerian Diplomatic Missions are not immune to the economic situation at home and its attendant challenges to government operations. The financial situation in our Missions stems from budgetary limitations over the years, resulting in shortfalls in allocations, which in turn have significantly impacted the optimal functioning of many of our Missions abroad, and the ability to deliver on their core diplomatic and consular mandates effectively.

The Ministry wishes to assure all Nigerians, both at home and abroad, and the international community, that the welfare of its staff and their families in the diaspora is of paramount importance to the current administration of President Bola Ahmed Tinubu, GCFR. The government is taking decisive and concrete steps to address the issues of fund allocation to all its Missions abroad.

One such remedial measure was the approval and release of special intervention funds to cushion the effects of the hardship faced by some of the Missions.

To ensure that the monies remitted to the Missions are utilised judiciously and managed prudently in line with this Administration’s financial discipline policy, the Ministry set up a committee to assess and confirm the debt profile of the affected Missions with a view to ensuring that payments are justifiable and carried out based on equity and fairness to all those affected. Based on responses from Missions and documentary evidence provided, more than 80 per cent of the available funds have been cleared for payments, with priority given to service providers, salaries of locally recruited staff and arrears of claims due to officers, respectively.

The Ministry has also engaged the Office of the Accountant-General of the Federation in obtaining refunds for the shortfall in Missions’ allocations in the 2024 fiscal year due to foreign exchange differentials associated with the new monetary policy and the harmonisation of exchange rates. To mitigate its impact, the government of President Bola Ahmed Tinubu, GCFR, has graciously approved the settlement of the shortfall. Consequently, the first tranche has already been remitted to all Missions, with some having confirmed receipt.

Similarly, the Second Semester Allocations have also been approved. The Ministry is engaging with the Federal Ministry of Finance and the Central Bank of Nigeria to facilitate the prompt release of Personnel and Overhead Cost Allocations to all Missions, starting this week, to clear outstanding Allowances and further alleviate the financial situation of the Missions. With these efforts, Missions have begun to stabilise.

In the same vein, the Ministry is also working diligently to develop a sustainable financial model for funding our missions abroad, which includes exploring innovative solutions and efficiency measures to ensure long-term operational stability. These efforts are integral to the broader public sector financial reforms being implemented by the Federal Government, aimed at enhancing fiscal governance and ensuring the effective allocation of resources.

The Ministry recognises the resilience and dedication of its diplomatic staff who continue to discharge their duties with commendable patriotism under these difficult circumstances. We also thank the host governments, service providers and our international partners for their understanding and continued cooperation. The Nigerian government remains unwavering in its commitment to providing the necessary support to all its Missions abroad with a view to enabling them to function at their full capacity.

We are confident that the current challenges are temporary and will be overcome through the concerted efforts of this administration.

The Ministry of Foreign Affairs reaffirms Nigeria’s commitment to robust and dynamic international diplomacy, as well as the unwavering protection and welfare of every Nigerian citizen worldwide.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!

Signed:

Kimiebi Imomotimi Ebienfa,
Spokesperson,
Ministry of Foreign Affairs, Abuja.
Monday, 1st September 2025

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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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