By Francesca Hangeior

President Bola Tinubu has decided to skip the 79th United Nations General Assembly (UNGA) in New York, opting instead to focus on Nigeria’s pressing domestic challenges, particularly the recent devastating flooding that has affected the country.

A statement issued on Thursday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, which disclosed President Tinubu’s decision, also said Vice President Kashim Shettima will lead Nigeria’s delegation in his place.

The President’s move is seen as a prioritization of local concerns over international diplomacy, as President Tinubu aims to address the immediate needs of Nigerians affected by the floods.

The UNGA, scheduled to take place from September 24 to 28, 2024, will feature discussions on sustainable development, peace, and human dignity.

VP Shettima will deliver Nigeria’s national statement to the General Assembly, attend key sideline events, and engage in bilateral meetings, ensuring the country’s interests are represented on the global stage.

“President Bola Tinubu will not attend the 79th United Nations General Assembly session in New York this year.

“The President has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

“President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.

“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations’, will run from Tuesday, September 24, through Saturday, September 28, 2024”, the statement said.

By Francesca Hangeior

President Tinubu staunch loyalist and Igbo-Must-Leave-Lagos-Election-For-Yoruba campaigner, Yemi Adenuga is under fire in Ireland, where she is vying for nomination for position in the general election.

The Irish nationals who watched her video calling for the Igbo to leave elections in Lagos for the Yoruba, have called on Nigerians to enquire if it is morally right for her to leave Irish election for the Irish?

Yemi Adenugais facing avalanche of serious criticism over nominations to contest in Irish general election.

Irish and Nigerian critics have questioned her conscience and moral right to take part in Ireland election when she was involved in hate election campaign that asked the Igbo to leave Lagos for Yoruba during the last election in February 2023.

By Kayode Sanni-Arewa

The OPEC Secretary General called for a shift away from the narrative that pits consumers against producers, emphasizing that both groups are stakeholders in the energy ecosystem

Nigeria’s fuel price hike has sparked widespread concerns, with many pointing fingers at oil producers, particularly local operators like Dangote Refinery.

However, OPEC Secretary General, Haitham Al Ghais, has set the record straight, revealing that the real reasons behind high fuel prices lie elsewhere—primarily in taxes imposed by governments, including those of major oil-consuming nations.

In an article published on Tuesday, Al Ghais explained that crude oil and its derivatives form the backbone of global industries, powering everything from transportation to pharmaceuticals.

While many assume that rising oil prices directly benefit oil producers at the expense of consumers, the OPEC chief debunked this myth, noting that oil-producing nations are not the primary beneficiaries of retail fuel sales.

“Revenues are often generated, but they are predominantly earned by major oil-consuming countries through taxation,” Al Ghais highlighted. The Secretary General emphasized that countries within the OECD (Organisation for Economic Co-operation and Development) earn substantially more from the retail sale of petroleum products than OPEC member countries make from the sale of crude oil itself.

Between 2019 and 2023, OECD nations earned approximately $1.915 trillion more annually than OPEC nations from petroleum products. In 2023 alone, taxes accounted for around 44% of the final retail price of petroleum products in OECD countries, and in certain European countries, this figure exceeded 50%.

For Nigerian consumers, this highlights that the high cost of fuel at the pump is not merely a reflection of crude oil prices or refinery margins. Instead, a significant portion of what consumers pay is directed towards government taxes. “It is important to recognize that the price paid by consumers at the pump is determined by multiple factors, including crude oil prices, refining, transportation, and, notably, taxes,” Al Ghais pointed out.

In the UK, for instance, fuel duties are expected to generate £24.7 billion in revenue for the government in 2023-24, amounting to 2.2% of all receipts. Such figures indicate the global trend of governments, both in producing and consuming nations, leveraging petroleum products for revenue generation.

Al Ghais also underscored that while oil-producing nations do earn revenue from oil sales, a significant portion is reinvested into exploration, production, and infrastructure projects to ensure the continuous flow of supply to consumers worldwide. This reinvestment is critical for maintaining future oil supplies and stabilizing global energy markets.

In conclusion, while taxes play a crucial role in supporting government services and infrastructure, they also represent a considerable portion of the price consumers pay at the pump.

The OPEC Secretary General called for a shift away from the narrative that pits consumers against producers, emphasizing that both groups are stakeholders in the energy ecosystem.

The current fuel price crisis in Nigeria is a stark reminder of the complexity behind fuel pricing, where taxes, rather than oil producers, bear much of the responsibility for what Nigerians pay at the pump.