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Oil earnings rose by N91bn in June – FG

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By Kayode Sanni-Arewa

The marginal rise in crude oil production in June 2024 increased Nigeria’s earnings from crude oil sales by about N91bn in the same month.

Latest oil production data obtained from the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, indicated that Nigeria’s oil production rose from 1,251,494 barrels per day in May to 1,276,159 barrels per day in June, representing an increase of 24,665 barrels daily.

This implies that the country pumped an additional 739,950 barrels of crude oil in 30 days in June.

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The average price of Brent, the global benchmark for crude, was $82.25/barrel in June 2024, according to data from countryeconomy.com, an international analytical firm.

Also, the average exchange rate of the United States dollar in June, according to exchangerates.org, was N1,489.88/$.

Therefore by increasing oil production by 739,950 in 30 days, Nigeria’s earnings rose by $60.86m, an equivalent of N90.67bn in the review month.

Further analysis of NUPRC’s data showed how the country’s crude oil production fluctuated in the first half of 2024.

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Nigeria produced 1,426,574 barrels of crude oil daily in January, but this dropped to 1,322,208 barrels per day in February and further declined to 1,230,518 barrels in March.

The downward trend was halted in April as the country produced 1,281,478 barrels of crude per day in that month. This was, however, not sustained as crude oil output from Nigeria dropped to 1,251,494 in May, before rising marginally to 1,276,159 in June.

The low crude oil production from Nigeria has remained a source of worry for operators in the oil sector.

Findings by our correspondent, as reported recently, showed that Nigeria failed to meet the crude oil production quotas approved by the Organisation of Petroleum Exporting Countries all through 2022 and 2023 and had been unable to meet those approved since January 2024, worsening the oil supply crisis to indigenous refiners.

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OPEC is an intergovernmental organisation that enables the cooperation of leading oil-producing and oil-dependent countries to collectively influence the global oil market and maximise profit.

Oil earnings rise by N308.6bn
Refineries in Nigeria, including the $20bn Dangote Petroleum Refinery, as well as modular refiners, have been starved of adequate supply of crude required for the production of refined products such as Premium Motor Spirit, popularly called petrol, Automotive Gas Oil or diesel, and JetA1, otherwise called aviation fuel, among others.

They called on the Federal Government to work harder in partnership with International Oil Companies to ramp up Nigeria’s crude production, stressing that the lack of crude has remained a disincentive to investors, particularly those interested in modular refineries.

However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently declared that the government had awarded a $21m contract to meter all 187 crude oil flow stations in Nigeria to properly account for what the country produces and exports.

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He also said the government awarded another contract for software to enable the government to monitor the movement of Nigeria’s crude from the point of loading of every cargo in Nigeria up to the cargo’s destination.

Lokpobiri, who disclosed this at a press briefing in Abuja, stated that the initiatives would further give clarity on the volumes of crude produced in-country as well as the amount exported to other nations.

He said, “The Federal Executive Council meeting was held, presided over by Mr President, where we took bold steps to reorganise the oil and gas sector. One of the key approvals by the Federal Executive Council has to do with awarding a contract for the metering of our 187 flow stations across the Niger Delta region of Nigeria by the Nigerian Upstream Petroleum Regulatory Commission.

“NUPRC is the apex regulatory agency or commission for the Nigerian oil and gas upstream sector. As part of our steps to ensure that we have proper accountability, the Federal Executive Council approved the metering of all our production. We have 187 flow stations in the country, and there was a contract awarded for us to meter all the flow stations so that we’ll be able to properly account for what we produce and what we export.

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“It’s a major development that has never happened in this country. This project is meant to be completed within six months, within 180 days. And Nigerians must know some of the key steps that this government is taking to ensure that we maximise opportunities that other countries are getting by the availability of oil and gas in Nigeria

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NAFDAC alerts Nigerians About fake Dettol soap

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The National Agency for Food and Drugs Administration and Control has alerted Nigeria to the sale of a fake soap labelled as “Dettol Health Fresh Soap” in the market.

Ad revealed on NAFDAC’s website on Thursday, the manufacturer of Dettol Antiseptic products confirmed that the soap is fake as it does not have any product by the name “Dettol Health Fresh Soap.”

“The Marketing Authorization Holder and manufacturer (Reckitt Benckiser Nigeria Limited) of Dettol Antiseptic products, received a consumer complaint regarding the above-mentioned product. The product was reported to have caused skin irritation to the complainant.

“The MAH has confirmed that the product is fake as they do not have any product by the name “Dettol Health Fresh Soap”. Dettol Antiseptic products are widely used in Nigeria for household disinfection and personal hygiene to prevent illnesses from germs (bacterial infection),” it said.

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It added that details of the complaint product were not provided by the complainant except for the name of the product “Dettol Health Fresh Soap.”

The agency noted that the illegal marketing of NAFDAC-regulated products or fake products poses a risk to people’s health, and since they do not comply with the regulatory provisions, the products’ safety, quality, and efficacy are not guaranteed.

It said all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the fake product if found within the zones and states.

“Importers, distributors, retailers, healthcare professionals, caregivers, and consumers are advised to exercise caution and vigilance within the supply chain to avoid the importation, distribution, sale, and use of the fake product. All medical products must be obtained from authorised/licensed suppliers. The products’ authenticity and physical condition should be carefully checked.

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“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified medicines or medical products to the nearest NAFDAC office, NAFDAC on 0800-162-3322 or via email: [email protected].

“Similarly, healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office, or through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on [email protected]

“Furthermore, note that this notice will be uploaded to the WHO Global Surveillance and Monitoring System,” it concluded.

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LP Crisis: Nobody Unseated You, The Constitution Did, Sheathe Your Sword — Obi Tells Abure

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Peter Obi, the presidential candidate of the Labour Party in the 2023 elections has asked the party’s former Chairman, Julius Abure, to sheath his sword.

He urged him and others to join hands with the National Caretaker Committee to rebuild the party.

Obi, who was represented by Datti Baba-Ahmed, stated this at the inaugural meeting of the caretaker committee of the party held in Abuja on Tuesday night.

He stated categorically that nobody but the constitution of the party unseated former chairman Abure after the expiration of his tenure.

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Obi said: “Listen, my friend, no governor unseated Abure, the constitution unseated him. Abure’s time elapsed. Nobody unseated him. As of today, Abure is our good friend and a loyal member. We want him back in the fold; we have roles for him to play.

“We didn’t have crisis. We managed a transition that was a bit bumpy and that was it. I tell you, no other political party of our size could do that in the time and manner that we did.

“We are a political party who went all the way to the Supreme Court claiming our 10 million votes. They were only able to give us six million votes. So we are a force to contend with in Africa. What we’ve done has never been done before. When PDP came, they had the military. We had nothing.”

Obi noted that the opposition party was ready to repeat and surpass the feat recorded during the 2023 elections in 2027 by producing a majority in the National Assembly and winning the presidential seat in 2027.

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Earlier, the chairman of the Labour Party National Caretaker Committee, Senator Nenadi Usman, assured party members of the committee’s determination to rescue the party from the current challenges and restore and rebuild it as a veritable alternative platform for Nigerians.

She assured of the committee’s readiness to lead the party on the path of reconciliation within the short time of its assignment.

Usman stated: “We are on a rescue mission, not just for the Labour Party, but I tell you for our dear nation, Nigeria. The interest this committee has generated extends beyond party lines.

“The number of telephone calls I have received not just from Labour Party members, but people from other political parties who told me that if we get this thing right, we will walk together. So we have a huge task.

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“Our party, by the grace of Almighty God, will become a platform for all disenfranchised and unhappy Nigerians. People who are not happy with the way things are going, we are going to be the platform for them by the grace of God. Therefore, we must view this as a significant national assignment.”

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Nigerian varsities working in shadows of death – Omole

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The Pro-chancellor and Chairman of the Governing Council, Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Professor Ayodeji Omole on Thursday said that the Nigerian University is under siege and currently “working in the shadows of death”.

He maintained that the university system has been captured and held hostage by many government policies especially since the advent of the so called ‘civil rule’.

Professor Omole made these assertions while delivering the 561 inaugural lecture of the university of Ibadan, entitled “working in the shadows of death”.

A former ASUU chairman, Professor Omole stated unless something urgent is done to stop government attacks on the Nigeria’s educational system, the system will die faster than anticipated

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“More than ever before, the Nigeria University system is under siege and therefore ‘Working in the shadows of death. If nothing drastic is done to stop the various attacks from government and its agencies, the system will die faster than anticipated. The University system is captured and has been held hostage by many government policies, especially since the advent of the so called ‘civil rule’”.

He took a swipe at various civilian administrations who he said foisted anti-intellectual policies on the education system in the country.

According to the Professor of Forest Engineering, “Treasury Single Account (TSA) and Integrated Personnel and Payroll Information System (IPPIS). IPPIS is a mismatch with university work structure. It is incompatible with the academic calendar, and a clear violation of the University Act.

Therefore, it is illegal. Only in Nigeria is the data-base of scholars surrendered to foreign agencies in the name of cutting cost. The effects of which are threatening the very existence of the University system in Nigeria today, because it is now impossible for Universities to recruit even cleaners.”

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According to the University don, “the proposed imposition of Core Curriculum Minimum Academic Standard (CCMAS) by the National Universities Commission (NUC) is another policy that will kill Nigerian Universities, faster than expected”.

While expressing sadness that the university of ibadan senate also caved in from its stance on the CCMAS introduction, Professor Omole lamented that the rigid standardization will definitely limit universities’ ability to innovate and design programmes to meet societal needs; because local content and flavour are ignored.

As a former ASUU Chairman at the University of Ibadan, Omole who appreciated the efforts of the Academic Staff Union of Universities (ASUU) and its quest for enhancing qualitative public education for children of the masses in Nigeria noted that “every financial gain the university system has been able to make is as a result of the struggles of ASUU”

He challenged Nigerian academic to “criticize policies that are inimical to national development” saying that “scholars worthy of the description should be vocal in their resistance to foreign exploitation, through the imposition of neo-liberal policies”.

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To ensure sustainable development, Professor Omole harped on the need “for government and other stakeholders to ensure fair and adequate compensation for all workers, fostering a motivated workforce that is fully engaged in the pursuit of national progress”.

“Slave wages severely undermine the commitment of workers to national development and have broad, damaging effects on a country’s economic, social, and political fabric. Under-funding in Nigerian universities has led to a range of problems that affect the quality of education, research, and overall institutional performance.

This has manifested in the form of deterioration of infrastructure, poor facilities, brain drain/loss of talent, labour/student unrest, erosion of university autonomy, low morale among staff, decline in global ranking and reputation. These affect productivity, commitment, and willingness to engage in advanced research or innovative teaching methods.

In summary, the under-funding of Nigerian universities is a significant barrier to the advancement of education, research, and national development. Addressing these issues requires increased investment in higher education, better financial management, and strategic policies that prioritize the long-term sustainability and improvement of the university system.

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Poor remuneration in Nigerian universities has far-reaching consequences for the future of the university system, affecting its ability to deliver quality education, retain talent, and contribute to national development.”

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