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Local Refining Will Reduce Petrol Price By N70 Per Liter — Oil Marketers

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Local refining, when fully operational, will save at least N70 per litre on petrol prices, according to oil marketers.

Mike Osatuyi, National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, stated this while discussing the benefits of the Federal Government investing in operational refineries.

He added on Wednesday that, while contracts for renovating refineries had been issued, it would be a great development if repairs could be finished as quickly as feasible to alleviate the country’s stress and tremendous financial burden from importing.

Oil marketers have said local refining will save at least N70 per litre off petrol price when it is fully operational.

The National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said this while speaking on the benefits of the Federal Government investing in functional refineries.

He said on Wednesday, that although the contracts for revamping of refineries had been awarded, it would be a great development for repairs to be completed as soon as possible, to ease the stress and huge finance of importation on the country.

He said, “The contract has been awarded already before the new government came into office. IPMAN doesn’t know the context of the contract, but if the refineries are working, it would cut freight and ship-to-ship transfer costs.

“Not less than N60/N70 per litre will be off if the refineries start working.”

He listed other benefits of operational local refining as reduction in insurance costs, reduction in product delivery time, and increase in employment.

According to him, “Cost of insurance would reduce, and then if we keep importing, it takes about 30 days for ships to arrive in Nigeria and we would have to pay for hiring the vessel.

“But if we refine in the country, products would arrive within one day.  There will also be more jobs for the masses. It’s a lot of benefits.”

A former Chairman of the Major Oil Marketers Association of Nigeria and Chairman/Chief Executive of 11 Plc, Tunji Oyebanji, said marketers did not prefer products importation over local production.

“We want local refineries to work because we don’t enjoy importing,” he said.

Nigeria still relied heavily on petrol importation due to lack of functional local refineries.

Since removal of subsidies on May 29, prices of petrol had shot up tremendously, rising from about N198/N200 per litre to N617 per litre.

Local consumption has since dropped by 30 per cent from 66 million litres per day recorded before subsidies removal.

National President, IPMAN, Chinedu Oknokwo, during the House of Representatives Public Hearing held on Tuesday, said in proffering solutions to the animated social problems of pump price increase of petroleum products, there was need to quickly adopt the global alternative clean energy concept of Compressed Natural Gas.

According to him, CNG would help in powering homes, public and official and private establishments with very minimal costs when compared with other costs.

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RAPE: Appeal Court Decides Convicted Doctor Olufemi’s Appeal Today

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The Lagos Division of the Court of Appeal is set to rule on the appeal filed by Dr. Olufemi Olaleye, the Medical Director of Optimal Cancer Care Foundation, who was convicted of “rape.”

Olaleye allegedly “raped” his wife’s teenage niece and was sentenced to life imprisonment.

He was convicted in October 2023 by Justice Rahman Oshodi of the Lagos State Sexual Offences and Domestic Violence Court. The judge found the case presented by the prosecution “compelling.”

However, Olaleye’s lawyer, Kemi Pinheiro (SAN), filed an appeal in November 2023, arguing that there was no direct evidence to confirm the alleged victim’s age.

Pinheiro added that the prosecution failed to provide documentation to support its claim that she was 16 years old as of the time of the offence.

The defence also contended that the alleged victim’s testimony was “inconsistent,” noting that she did not initially accuse Olaleye of “rape” when making her statement to the police.

In response, the prosecution maintained that it had established the offences of “defilement” and “sexual assault by penetration” beyond a reasonable doubt, which justified the conviction.

The appellate panel, comprising Justice Olukayode Bada, Justice Mohammad Sirajo, and Justice Folasade Ojo, has reserved its judgment after listening to arguments from both sides.

The ruling is expected to be delivered today, Friday, November 29.

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We’ll Return Out-Of-School Children To Classrooms — President Tinubu

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President Bola Tinubu has reaffirmed his administration’s commitment to reducing the number of out-of-school children in Nigeria.

Tinubu made this statement during a dialogue with French President Emmanuel Macron at the Palais des Élysées, as noted in a press release by Bayo Onanuga, the presidential spokesperson.

In a report released in September 2022, the United Nations Educational, Scientific and Cultural Organisation (UNESCO) estimated that Nigeria had 20 million out-of-school children. However, a report published by the World Bank on June 24 revised this figure, stating that there are 11 million out-of-school children in the country, based on the national education data survey of 2020.

Tinubu emphasized that his administration will focus on improving education for Nigerian children through innovative return-to-class initiatives, skills development programs, and a supportive educational framework.

“In order to bridge the gap for some who are of age and have been out of school for a while, we will encourage skills development,” the statement quoted the president as saying.

He also acknowledged the challenges posed by insecurity in certain regions, which make it difficult for children to return to school, but emphasized that efforts are underway to gradually repopulate classrooms.

“The insecurity in some parts of the country makes it hard for children to return to school, but we are gradually repopulating the classrooms. And we need skills development to bridge the gaps,” he said.

The president further highlighted that the “kinetic” strategies implemented have made progress in the national peace-building process.

“With some more effort, we will be able to get some level of stability. We had a very good harvest this year. And as soon as more farmers can go back to the farm, we will have more stability in harvest and supply,” Tinubu stated.

In response, Macron recognized Nigeria’s vast growth potential and the importance of investing in educational initiatives. He also reflected on his own formative experiences during a six-month internship at the French embassy in Nigeria, which included visits to Lagos and Kano.

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JAPA: UK Net Migration Falls By 20% Amid Visa Restrictions

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Net migration to the United Kingdom has dropped significantly, with figures for the year ending June 2024 standing at 728,000, a 20 per cent decline from 906,000 the previous year, according to the Office for National Statistics, on Thursday.

The reduction is largely attributed to changes in visa policies implemented by the UK government earlier in the year.

“Our latest estimates indicate a fall in long-term net migration (the difference between people coming to live in the UK and those leaving to live elsewhere).”

“Our provisional estimates show a 20% reduction between our updated estimate for year ending June 2023 (906,000) and our latest estimate for YE June 2024 (728,000).”

“This fall is driven by a decline in long-term immigration mainly because of declining numbers of dependants arriving on study visas,” the report said.

Restrictions introduced in January 2024 prevented many international students from bringing dependants, resulting in a decrease of 94,000 in study visa applications compared to the previous year.

Similar rules introduced in March also prohibited care workers from bringing family members.

While applications for skilled worker visas increased slightly early in the year, there has been a decline since April 2024, when the government revised the list of eligible jobs for the visa category.

The ONS reported that of the 1.2 million people who migrated to the UK during this period, 86 per cent were non-EU nationals, 10 per cent EU nationals, and 5 per cent British nationals.

Indian nationals formed the largest group of non-EU migrants for both work and study purposes, with 116,000 arriving for work and 127,000 for education.

Dependants accompanying work visa holders totalled 233,000, up from 166,000 the previous year, although recent data indicates this number may now be falling.

Emigration also rose, with 479,000 people leaving the UK by June 2024, compared to 414,000 the previous year. EU nationals made up 44 per cent of those leaving, while 39 per cent were non-EU nationals, and 16 per cent were British citizens.

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