Connect with us

Breaking News

United Nations U.N. suspends aid flights in Nigeria over funding shortages

Published

on

The United Nations has shut down a critical air service in Nigeria’s northeast over severe funding shortages. The U.N. Humanitarian Air Service (UNHAS), run by the WFP, ended its fixed-wing operations in the country last week after nearly a decade of flying aid workers and supplies into conflict zones.Read Original/For More…Read D Full Story Here Now.”

“In 2024, UNHAS fixed-wing flights carried more than 9,000 passengers. Already this year, 4,500 humanitarian staff have relied on the service to reach affected areas.

“UNHAS cannot continue without funding: $5.4 million is needed to remain operational for the next six months. Without this funding, the humanitarian response in north-east Nigeria risks being cut off from the very people it is meant to serve.

“For nine years, the service has transported humanitarian staff, medical supplies, and critical cargo to and from the epicentre of the crisis in Borno and Yobe states,” Dujarric told reporters. “In a country that has experienced 16 years of conflict, where road transport remains extremely dangerous, air transport is essential.”

The shutdown comes as the World Food Programme faces dire financial shortfalls.

In July, the agency warned it might be forced to suspend emergency food and nutrition aid for 1.3 million people in northeastern Nigeria.

The closure, announced by U.N. spokesperson Stéphane Dujarric in New York on Wednesday, showed the growing strain on relief efforts as donor funding declines.

It noted that the shutdown threatens to deepen the country’s most protracted humanitarian emergencies.

Margot van der Velden, WFP’s regional director for West and Central Africa, told reporters in New York that the agency urgently requires $5.4million to sustain food and nutrition operations in the region for just six months.

Although the Nigerian government has provided significant support to relief efforts in the northeast, and is now the largest financier of the emergency response, the UN said international contributions remain crucial to sustaining operations at scale.

“The humanitarian response in northeast Nigeria risks being cut off from the very people it is meant to serve,” Dujarric said, stressing that unless donors step in, critical aid pipelines will collapse.

The UN warned that consequences could be devastating.

“Without air links, humanitarian workers lose safe access to remote conflict-affected communities, where millions are already grappling with hunger, displacement, and violence.”

It added that families may be forced into desperate choices such as enduring worsening hunger, migrating in unsafe conditions, or falling prey to extremist groups that continue to exploit vulnerabilities in the region.

The U.N. appeal comes as humanitarian agencies worldwide confront shrinking donor budgets, driven by global economic pressures and competing crises from Gaza to Sudan to Ukraine.

“For Nigeria’s northeast, where insurgency and instability have already displaced millions, the loss of a vital air bridge may further isolate vulnerable populations at a time when they can least afford it,” the statement added.

BREAKING NEWS: Will The Court Accept Such Case?? Video Goes Viral After Man Sues His Wife For Taking Away Their Daughter From Him Because He Planned of Marrying His Daughter.

Continue Reading

Breaking News

National Pension Commission (PenCom) changes price disclosure rule

Published

on

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.

Continue Reading

Breaking News

Dollar rises in black market on Monday, traders quote new exchange rate

Published

on

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.

Continue Reading

Trending

Copyright © 2026 Naijacoaded | All Right Reserved | Powered by Naijacoaded.com |