Business
NANS Urges Government to Cut Education Costs Instead of Offering Student Loans
The National Association of Nigerian Students (NANS) has called on the Federal Government to focus on reducing the high cost of education rather than relying on the student loan scheme recently introduced.
NANS Senate President, Henry Okuomo, voiced this concern during an interview on Sunrise Daily, a program on Channels Television, on Friday.
Okuomo emphasized that cutting the cost of education would have a more meaningful and lasting impact on Nigerian students compared to offering loans, especially considering the country’s high unemployment rate, which may make it difficult for students to repay these loans in the future.
“For now, the process of accessing these loans is unclear. We don’t know the criteria, who the beneficiaries are, or how students can apply.
We have heard from many students who have attempted to get the loans but were unsuccessful,” Okuomo explained.
He also noted that efforts to engage with NELFUND, the body responsible for administering the loans, have so far been met with no concrete response.
Rather than offering loans with uncertain repayment options, Okuomo proposed a more effective solution: drastically reducing the cost of education at tertiary institutions.
He suggested that fees be lowered to a more affordable range, between N20,000 and N50,000, making higher education accessible to a broader segment of society.
“If education is affordable, more students will be able to attend without needing loans. Even with the loan scheme, we still don’t fully understand the repayment terms.
With many graduates unable to find jobs, how can they be expected to pay back these loans?” he questioned.
The student loan scheme, introduced by President Bola Tinubu as a key part of his administration’s education reform, was designed to support students from low-income families in paying their tuition fees at Nigerian universities and other higher institutions.
This initiative was formalized through the signing of the Access to Higher Education Act, which created the legal framework for granting financial aid to indigent students.
Despite this, NANS argues that the initiative, while well-intentioned, does not address the core issue facing Nigerian students—skyrocketing tuition fees.
Reducing the cost of education, according to Okuomo, would not only lessen the financial burden on students but also eliminate the risk of students being saddled with debt they may struggle to repay due to Nigeria’s challenging job market.
Okuomo’s remarks have reignited the conversation around affordable education in Nigeria, sparking debate about the best way to provide relief for students without further complicating their financial futures.
Business
Dangote Refinery Resumes Import Of Oil from the US to Increase Production Capacity
Dangote Refinery has resumed its acquisition of crude oil from the United States, marking a significant shift in its strategy to boost refining capacity and overall production.
In a report by Bloomberg on Wednesday, it was revealed that a cargo of two million barrels of WTI Midland crude, sourced from Chevron Corp., is expected to be delivered to Dangote Refinery next month.
This marks the first purchase of US oil since the refinery paused foreign crude imports.
The move indicates a shift in the refinery’s supply strategy, which had previously been focused on Nigerian crude, particularly as it seeks to ramp up operations.
This new purchase raises questions about the status of the Nigerian government’s Naira-for-crude deal, which was hinted at in early October 2024.
The agreement, aimed at trading crude oil in exchange for the Nigerian naira, has faced uncertainty.
Some experts suggest that the deal might be stalling, or that the refinery might not be receiving the expected crude oil supply from the Nigerian National Petroleum Company Limited (NNPC).
Dangote Refinery’s recent decision to purchase crude from Chevron, a major US oil company, comes at a time when the refinery is actively scaling up production capabilities.
The refinery had been under intense scrutiny as it works toward becoming a key player in Nigeria’s oil industry.
While it had been procuring Nigerian oil, this new shipment of WTI Midland crude from the US underscores its reliance on diverse global suppliers to meet its production goals.
In fact, Chevron has reportedly booked the supertanker Azure Nova to transport the crude from the US Gulf, with the shipment scheduled to arrive at Dangote Refinery around December 5.
While the Nigerian government’s Naira-for-crude initiative remains in question, economist Kelvin Emmanuel recently stated that Dangote Refinery still purchases crude from the Nigerian government in dollars, suggesting that the refinery’s operations may not yet fully align with the federal government’s policy on local crude sales.
Business
NNPCL Launches Utapate Crude to Increase Nigeria’s Oil Exports
The Nigerian National Petroleum Company Limited (NNPCL) has officially launched a new crude oil grade, the Utapate crude oil blend, to enhance the country’s foreign currency earnings and increase its presence in the global energy market.
NNPCL spokesperson Olufemi Soneye made the announcement in a statement on Wednesday.
This significant development was unveiled at the Argus European Crude Conference, held in London, where the Managing Director of NNPC E & P Limited (NEPL), Nicholas Foucart, emphasized that the introduction of Utapate marks a milestone for Nigeria’s crude oil exports.
Foucart shared that production of the Utapate Field began in May 2024, and since then, the output has grown rapidly to 40,000 barrels per day (bpd) with minimal downtime.
He highlighted that five cargoes of the new blend have already been exported, mainly to Spain and the East Coast of the United States.
Additionally, two more cargoes are scheduled for shipment in November and December 2024, further boosting Nigeria’s crude oil exports.
One of the key reasons for Utapate’s success in the international market is its highly attractive qualities, according to Foucart.
The Utapate crude is sourced from Oil Mining Lease (OML) 13, which is fully operated by NEPL and its partner Natural Oilfield Services Ltd (NOSL), a subsidiary of SEEPCO Ltd. OML 13 holds significant reserves, including 330 million barrels of crude oil, 45 million barrels of condensate, and an impressive 3.5 trillion cubic feet (tcf) of gas.
This rich reserve underpins the potential for future growth in Nigeria’s crude oil production.
Looking ahead, Foucart outlined plans to ramp up production from the current 40,000 barrels per day to 50,000 bpd by January 2025.
By June 2025, production is expected to reach between 60,000 and 65,000 bpd, with a longer-term target of 80,000 bpd by the end of 2025.
Lawal Sade, Managing Director of NNPC Trading Limited, explained that the pricing structure of the Utapate blend is similar to that of the Amenam crude.
This is because both are light sweet crudes, highly valued by refiners worldwide for their low sulphur content and efficient yield of high-quality refined products.
The API gravity and other properties of Utapate make it an attractive option for global refineries.
Business
Dangote Petroleum Refinery Begins Exportation Of Products To Neighbouring West African Countries
Dangote Petroleum Refinery begins exportation of products to neighbouring West African countries. A report was made that the Dangote refinery just shipped gasoline to the coast of Togo, West Africa. Although the shipment of the gasoline is going to the coast of Togo it can also be taken somewhere else in West Africa.
Chairman of NPA, Ghana speaks at the OTL Africa Downstream Oil Conference in Lagos states that importing from Nigeria reduces prices and freight costs for them rather than importing from Europe.
“If the refinery reaches 650,000bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,”
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