Connect with us

Nation

FG, States, LGs Share N473.8bn For Oct

Published

on

Nigeria’s earnings from oil exports dropped further in October, with a loss of about $1.3 million (about N256.1 million), as the slide in global crude oil prices continued to negatively impact the country’s economy.
The loss was a result of drop in average crude oil price from $47.315 a barrel in August to $46.96 in September, said the minister of finance, Kemi Adeosun.
However, compared to September, the revenue slide was relatively smaller.
Oil receipts which stood at about N213.128 billion in September, dropped by about N25.898 billion, to N187.23 billion in October, as the Federation Accounts Allocation Committee, FAAC, converged on Abuja on Friday to share the statutory allocation for the month.
At the close of trading on Friday, Brent crude oil price, which opened at $43.04 per barrel, dropped by 2.95 percent, to about $41.77, signalling no respite for Nigeria and other major oil producers struggling to keep their heads above the economic waters.
Members of the Organisation of Petroleum Exporting Countries, OPEC are already preparing for the 168th meeting of the group scheduled for Vienna, Austria next Friday to attempt to strike a compromise on how to stabilize the market and firm up commodity prices.
Members of the group are already jittery, amid fears that crude oil price may be heading towards the $20 per barrel mark, down from a peak of over $107 per barrel in June 2014, if steps were not taken to attempt to salvage the situation.
The N187.23 billion oil revenue in October would be the worst accrual from oil exports since the present administration took over power.
In May, FAAC reported a yield of about N225.2 billion, which increased to about N289.4 billion in June.
Although about N213.13 billion was realized as oil revenues in September, it was lower by about N2.85 billion than the N215.98 billion in August.
At the end of the FAAC meeting in October, the Accountant General of the Federation, Ahmed Idris, had explained that the drop in oil revenue was as a result of the negative impact of facility shutdowns for maintenance and production shut-ins at different periods and terminals during the month.
At the end of the FAAC meeting in Abuja on Friday, Minister of Finance, Kemi Adeosun, said gross revenue received in October stood at N400.310 billion, which is higher by N78.314 billion than the N321.996 billion for the previous month.
Mrs. Adeosun said intermittent shutdowns of operational facilities and production shut-ins for repairs and maintenance at different terminals continued to negatively impact on crude oil and gas revenue during the month.
Besides, the Minister said the country lost about $1.3 million (about N256.1 million) as a result of drop in average crude oil price from $47.315 in August to $46.96 in September.
To make up for the drop, Mrs. Adeosun said non-oil revenue recorded a significant improvement during the month, with about N104.212 billion collection above the figure in September.
In addition, about N6.33 billion was received from the Nigerian National petroleum Corporation, NNPC, as refund for the N450 billion unremitted revenue since 2012, while another N6.995 billion came into the government coffers as exchange gain for the month.
Apart from a total of N57.789 billion realised from value added tax, VAT, collection, the Minister said the balance in the excess crude oil revenue account remained ta $2.258 billion.
Details of the revenue allocations to the three tiers of government for the month showed that the Federal Government took N200.662 billion, or 52.68 per cent; states N126.277 billion, or 26.72 per cent; local governments N95.303 billion, while 13 per cent oil derivation to the nine oil producing states was N24.141 billion.
On stolen funds, which President Muhammadu Buhari said recently that some public officials have started returning to the Federal Government, the Minister said such monies were not part of the revenues shared during the FAAC meeting.
“Recovered loot is not shared in the FAAC meeting,” the minister said. “We have no records of recovered loots. But, I am sure the process is on-going. When the accounts of such returns become available, they would be returned to wherever they were stolen from.”

Continue Reading

Nation

Youths Vow To Continue Protest Over Dilapidated Highway

Published

on

Youths from five local government areas in Northern Cross River State have concluded a one-week warning protest and blockade of the dilapidated Ikom-Wula-Obudu federal highway over the weekend.
They have vowed to resume the road blocks if by this week the authorities do not intervene to fix the road.
More than five thousand locals, mostly youths from Obanliku, Etung, Obudu, Ikom and Boki LGAs trooped out everyday for one week, used palm trees to block the highway to draw state and federal government’s attention to their plights, requesting the repair of a road has has been unmotorable for about 40 years.
They warned that if they do not see any actions from the state or federal governments, they will resume their Plan B protest, stop revenue collections and make governance unpalatable.
The youths also warned that without interventions on the road which has claimed several lives, including that of last week when a pregnant woman died with her baby in the full glare of the protesters because of the terrible road, no election can hold in the area next year.
One of the leaders of the No Road , No Election protest, who is also the Abo Youths in Boki LGA, Dr Martins Assam said both the federal and state governments have neglected the region, which generates more than 70 percent state revenue from agriculture.
He said if machinery is not deployed by next week, they will not have any option than to embark on unpalatable and disastrous protest, and stop revenue collections in the area.
“Last week we had only a warning strike for one good week. We’ll embark on a more elaborate, disastrous one-month blockade of this highway until they intervene. We call on our Governor and representatives in the National Assembly to act now by impressing on the federal government to immediately fix this road else. We’re not asking for two much but to be treated as human beings.”
Another protester, Clinton Obi from the Etung axis said, “We’ve been neglected for 40 years. This Ikom-Obudu federal highway had been impassable. The government has removed its concentration from our plights. By this one week protest, we want action on this road otherwise the next phase of protest will be costly.”
Reverend Father Francis Amaozo, priest in charge of St. Nicholas parish in Nashua, Boki LGA said, “I have also been a victim of this very deplorable road. Enough is now enough. We’ve been betrayed by our representatives and other leaders, so that we in this axis have become endangered species on this road. I have lost some many members on this road.”
Member, representing the Boki-Ikom federal constituency of the state in the House of Representatives, Bisong Victor Abang had pleaded with the locals to be a bit more patient with the government as action will commence shortly.

Continue Reading

Nation

UNIPORT VC Receives Inaugural Lecture Brochure As Professor Highlights Urgent Need For Drug Repurposing In Malaria Fight

Published

on

The Vice Chancellor of the University of Port Harcourt (UNIPORT), Prof Owunari Georgewill, last Thursday received the inaugural lecture brochure from the Inaugural Lecturer, Professor Udeme Georgewill, during a ceremony at the university’s Centre of Excellence attended by academics, researchers, students, and distinguished guests.
Delivering her lecture, Professor Udeme Georgewill described the occasion as the culmination of years of dedicated research, teaching, and service to humanity. He explained that his work as a pharmacologist has consistently focused on finding practical, affordable, and scientifically sound solutions to health challenges that disproportionately affect developing countries, particularly malaria, which remains one of Nigeria’s most pressing public health concerns.
She noted that Nigeria continues to bear one of the heaviest malaria burdens globally, accounting for a significant percentage of worldwide cases and deaths. The disease, largely caused by the Plasmodium falciparum parasite and transmitted through Anopheles mosquitoes, remains especially dangerous for children under five years and pregnant women, threatening not only present populations but unborn generations. Despite years of intervention efforts, malaria continues to strain families, health systems, and the national economy.
Prof Georgewill empha-sised that while Artemisinin-based Combination Therapies such as Artemether-Lumefantrine remain the gold standard for malaria treatment, emerging resistance patterns pose a serious challenge. He explained that drug resistance is a survival mechanism of the parasite, enabling it to adapt and reduce the effectiveness of medications designed to eliminate it. According to her, instances where patients do not feel better after initial treatment sometimes lead to repeated dosing or the search for injectable alternatives, practices that can worsen resistance and complicate treatment outcomes.
Against this backdrop, she advocated strongly for drug repurposing as a strategic and urgent response. Drug repurposing, he explained, involves identifying new therapeutic uses for already approved and widely available medications. He likened the concept to “old wine in new wineskins,” stressing that medicines already proven safe for certain conditions can be carefully re-evaluated and optimised for new roles in malaria management. This approach, she argued, offers advantages such as reduced research timelines, lower development costs, and faster clinical application compared to developing entirely new drugs from scratch.
She disclosed that her research had progressed from laboratory investigations to clinical evaluations, where his team is studying combinations involving Artemether-Lumefantrine and Ivermectin to determine their effectiveness in improving treatment outcomes and possibly reducing transmission. Clinical trials are ongoing, and findings will be communicated upon completion of regulatory processes. However, he cautioned strongly against self-medication, warning that misuse of drugs without proper diagnosis and prescription can lead to organ damage, treatment failure, and increased resistance.
Referencing global health commitments, Prof Georgewill highlighted Sustainable Development Goal 3.3, which seeks to end epidemics of malaria and other major infectious diseases by 2030. She questioned whether the goal remains attainable under current realities, especially with growing resistance and funding gaps. He also referred to strategies of the World Health Organisation aimed at drastically reducing malaria incidence and mortality while pushing toward elimination in several countries.
Looking ahead, she revealed that her team is building comprehensive research databases to support artificial intelligence-driven drug repurposing. He stressed that the integration of artificial intelligence, molecular docking, and advanced screening technologies is transforming global drug discovery, and Nigerian researchers must be equipped to participate competitively in this evolving scientific landscape.
In her recommendations, she called for the establishment of a National Centre for Drug Repurposing to coordinate research efforts and leverage artificial intelligence in identifying new indications for existing medicines. He urged policymakers to simplify and accelerate the translation of laboratory discoveries into clinical application, ensuring that scientific breakthroughs benefit the public more efficiently. She also appealed to the university and relevant authorities to increase funding and modernise laboratory infrastructure, including high-throughput screening facilities, to strengthen Nigeria’s position in global biomedical research.
The lecture concluded with expressions of gratitude to God, the university leadership, colleagues, students, and guests, as the event underscored the University of Port Harcourt’s commitment to research excellence and its role in addressing critical public health challenges facing Nigeria and the wider world.

Continue Reading

Nation

Niger CAN Rejects Proposed Hisbah Bill, Urges Gov Bago Not To Assent

Published

on

The Christian Association of Nigeria, CAN, Niger State Chapter, has rejected the proposed Niger State Hisbah Directorates Bill, describing it as controversial and capable of deepening religious division in the state.
In a statement signed by the State Chairman, Bishop Bulus Dauwa Yohanna, and made available to The Tide’s source yesterday, the association urged Governor Mohammed Umaru Bago not to assent to the bill if it is passed by the State House of Assembly.
The bill, sponsored by the member representing Chanchaga Constituency, Hon. Mohammed Abubakar, seeks to establish a Hisbah Directorate in Niger State.
CAN warned that the legislation could be perceived as discriminatory against Christians and may heighten tension in the religiously diverse state.
“Governor Mohammed Umaru Bago, we, the entire Christendom in the state, wish to draw your attention to what could easily create division among the people you govern,” the statement read in part.
The association questioned the necessity and benefits of the proposed law, asking what economic or social value it would add to the state.
It further argued that existing security agencies, including the Nigeria Police and the Nigeria Security and Civil Defence Corps, already have constitutional mandates to maintain law and order.
The Christian body also faulted the legislative process, disputing claims that it was consulted during a public hearing on the bill.
It insisted that it was neither invited nor notified of any such engagement, despite being a critical stakeholder in the state.

Continue Reading

Trending