News
Nigeria’s Petrol Landing Cost Drops to N971 per Liter Despite High Pump Prices
In November 2024, the cost to import a litre of Premium Motor Spirit (petrol) into Nigeria decreased to N971, according to data released by the Major Energies Marketers Association.
This marks a 20.23 per cent decline from August’s figure of N1,219 per litre.
The shift in landing cost is largely influenced by changes in the Naira to Dollar exchange rate and the fluctuating global price of crude oil.
By the end of last week, the Naira was trading at N1,678.87 to the Dollar, while the price of Brent crude closed at $73.63 per barrel.
For comparison, crude had been at $80.72 per barrel in August when the exchange rate was N1,611 per Dollar.
These shifts directly affect the cost Nigeria incurs to import fuel, as international currency and crude prices heavily dictate these expenses.
However, despite the drop in landing costs, pump prices in Nigeria have remained high.
Fuel at Nigerian National Petroleum Company (NNPC) outlets and many other filling stations currently sells between N1,060 and N1,200 per litre.
This high retail price reflects additional logistics, distribution, and profit margin costs, along with the impacts of currency devaluation, keeping fuel relatively expensive for consumers.
Just months earlier, in August, Nigerians were paying N617 per litre, highlighting how much the situation has changed in just a few months.
The country’s largest private refinery, the Dangote Refinery, which is expected to help alleviate some of the nation’s dependency on imported petroleum products, recently set its ex-depot prices between N960 and N990 per litre for ships and trucks, respectively.
While promising to reduce import reliance in the long term, the Dangote Refinery’s price points illustrate the ongoing high costs involved in local production due to currency fluctuations and global oil market prices.
The Nigeria Labour Congress (NLC), which has been vocal about the economic pressure on Nigerian households, released a statement on Sunday.
The NLC emphasized that local petrol prices have become disconnected from actual market value, placing undue financial strain on Nigerians.
News
Peter Obi Donates ₦20 Million to Mary Agro Farms for Food Security
Peter Obi, the presidential candidate of the Labour Party, recently took to his social media handle to share his visit to Mary Agro Farms, located in Omughu, Obeleagu-Umana, in the Ezeagu Local Government Area of Enugu State.
After attending the Peaceland University conference in Enugu, Obi traveled to the farm to witness firsthand the progress of one of the nation’s promising agricultural initiatives.
In his post, Obi reflected on his previous visit to the farm’s pilot scheme in Udi over two years ago, during which he offered his support.
Yesterday’s visit to the farm’s permanent site, however, left him astounded by the remarkable transformation that had taken place.
The expansion of Mary Agro Farms is a testament to the hard work and resilience of its management and staff.
Obi praised the farm for its significant progress, noting that the scale of operations had grown considerably, demonstrating the immense potential of innovative farming practices to boost food security in Nigeria.
As part of his commitment to supporting productive ventures, Obi made a generous donation of ₦20 million to Mary Agro Farms.
He expressed his hope that the farm would continue to stay innovative and productive, especially during a time when Nigeria is grappling with severe hunger, food scarcity, and inflation.
The visit came at a time when global organizations have raised alarm over the worsening hunger crisis in Nigeria.
The United Nations recently issued a stark warning, indicating that at least 33 million Nigerians could face a major hunger crisis by 2025 unless urgent measures are taken.
In addition, a report by Save the Children International highlighted that 5.4 million Nigerian children are at risk of acute malnutrition within the same period.
These statistics paint a grim picture of the food security situation in the country and emphasize the need for immediate intervention.
Obi urges action by calling governments at all levels to prioritize and invest in food production to address the crisis.
He stressed that the ongoing food scarcity and inflation must be met with concrete efforts to boost local food production and secure the nation’s future.
Mary Agro Farms, which has already demonstrated its potential with a strong commitment to agricultural productivity, has played a significant role in tackling food security challenges in the region.
The farm’s success story is a model for how innovative farming techniques can transform the agricultural sector and contribute to the fight against hunger in the country.
By expanding its operations and scaling up production, Mary Agro Farms aims to play a part in alleviating the pressure on Nigeria’s food supply, which is critical in a nation struggling with high food prices and limited access to basic nutrition for many of its citizens.
Obi commended the management and staff of Mary Agro Farms for their dedication and urged them to continue their efforts, emphasizing that the country’s path to a more secure and well-fed future lies in the hands of innovators and hardworking individuals like them.
News
Nigerian Man Sentenced to Six Years in U.S. Prison for $6M Medicaid Bribery Scam
A Nigerian living in the United States, Ifeanyi Ozoh, has been sentenced to six years in prison for his role in a $6 million bribery scheme targeting the Medicaid insurance program.
The U.S. Department of Justice revealed in a statement by Attorney Alamdar Hamdani that Ozoh conspired to defraud Medicaid by bribing marketers and parents to bring insured patients to a non-existent dental clinic. The scheme involved filing fraudulent claims for treatments that never occurred.
Ozoh, 54, was convicted on February 14 after a three-day trial. He was also ordered to pay $4.9 million in restitution and will undergo three years of supervised release following his prison term.
At the sentencing hearing, the court emphasized Ozoh’s central role in orchestrating the scam, highlighting his efforts to secure kickbacks and manipulate the Medicaid system for personal gain.
News
MDCAN Praises Tinubu for Resolving UNIZIK Crisis and Supporting Medical Professionals
The Medical and Dental Consultants Association of Nigeria (MDCAN) has expressed its appreciation to President Bola Tinubu for his swift intervention in the ongoing crisis at Nnamdi Azikiwe University, Awka.
This development follows President Tinubu’s decisive action on Wednesday, when he instructed the Minister of Education to dissolve the university’s governing council and remove the recently appointed Vice Chancellor, Professor Benard Odoh, along with the registrar.
This occured days after MDCAN declared a warning strike in protest of the exclusion of medical professionals from the list of eligible candidates for the Vice Chancellor position at the university.
The association had raised concerns about the lack of representation for doctors in key administrative positions, calling for a fair and inclusive process that would allow qualified medical professionals to contest for such positions.
Dr. Amaechi Nwachukwu, the chairman of MDCAN’s Chukwuemeka Odumegwu Ojukwu University Teaching Hospital branch, spoke to the media, expressing gratitude to President Tinubu for addressing their concerns.
Nwachukwu praised the President’s response, stating that his actions demonstrated that he is a leader who listens to the needs of the people and is committed to doing what is right for the nation’s institutions.
“I’m pleased that President Tinubu has taken decisive steps to resolve the crisis at UNIZIK,” Nwachukwu said.
“Just three days ago, MDCAN began our warning strike, and we held a press conference in support of our national body’s stance.
We called for the removal of the VC, the dissolution of the council, and the re-advertisement of the Vice Chancellor position to allow medical professionals to be included as potential candidates.
The President’s decision shows that he is committed to making sure things are done the right way.”
In addition to the resolution at Nnamdi Azikiwe University, Nwachukwu emphasized other key issues the association hopes the President will address.
Among their demands is a call for doctors working in universities and other government parastatals to be paid according to the consolidated salary structure, ensuring fair compensation for medical professionals.
Furthermore, the association raised concerns regarding the recent review of their salary structure by the federal government, which included a 35 percent increase in basic salary.
According to MDCAN, some institutions have failed to implement this increase, while others have yet to pay the arrears owed to medical personnel.
“We urge President Tinubu to look into these matters as well,” Nwachukwu added.
“The welfare of medical professionals is critical, and we believe that with his intervention, we can ensure that these issues are addressed promptly.”
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