馃嚦馃嚞NigeriaWest Africa
Nigerians yet to benefit from higher crude prices, says Olatide
via Punch Nigeria22 min read
Jeremiah Olatide, Chief Executive Officer of petroleumprice.ng, stated that Nigerians have not benefited from increased crude oil prices despite the country being Africa's largest oil producer and having a significant refining capacity. He noted that while the Nigerian economy prospered due to crude prices exceeding the 2026 budget benchmark of $75 per barrel, reaching over $120, Nigerian citizens faced high pump prices, with petrol costing as much as N1,300 per litre. Olatide attributed this disparity to a lack of connectivity between the upstream and downstream sectors, insufficient local crude sourcing for refineries, and a non-decentralized refining market. He highlighted that the five-month conflict involving the United States and Iran, and disruptions to the Strait of Hormuz, significantly impacted global crude oil prices and Africa鈥檚 fuel supply chain, causing refined product prices to surge by over 100 percent in many African countries. While Nigeria's functional refinery helped avert a major supply crisis, the benefits of higher crude prices were not passed on to consumers. Olatide emphasized the need for increased crude production, prioritization of local refineries, and stronger regulatory oversight by bodies like the Federal Competition and Consumer Protection Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to prevent abnormal profits and protect consumers from price exploitation.
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This summary was AI-generated from a story originally published by Punch Nigeria.
Zacchaeus Olatunde, one of the teachers rescued after 56 days in captivity in Oyo State, stated that their abductors released them before security personnel escorted them home. During a telephone interview, Olatunde recounted the ordeal of teachers and pupils abducted from schools in Oriire Local Government Area. He mentioned that captives were blindfolded throughout their captivity and could not determine their location. The abductors communicated in Hausa, Nupe, English, and Yoruba, identifying themselves as members of the Islamic State West Africa Province, not Boko Haram. Olatunde described conditions where they were fed twice daily with rice, beans, onions, margarine, and salt, but were unable to bathe or wash clothes for 56 days. Initially, prayer was prohibited, but later allowed with restrictions on mentioning Jesus or praying aloud. Their release was unexpected, with the commander informing them they were free. Olatunde, who was the last to leave due to a broken handcuff key, was directed by the commander to the correct route after attempting to follow others. The former captives trekked for about an hour before motorcycles provided by the kidnappers took them closer to a village, followed by another 1.5 hours of trekking to meet security personnel. They initially feared the security personnel due to their Hausa language and the buses lacking number plates and having Arabic inscriptions. Olatunde also shared how he helped younger pupils cross rivers and how his arthr
Child health experts are cautioning parents against bathing babies and children with cold water, particularly during Nigeria's rainy season, due to risks of hypothermia and increased susceptibility to infections. Dr. Abdurrazzaq Alege, Head of Paediatrics at the Federal Teaching Hospital, Katsina, explained that babies lose heat faster than adults and are vulnerable to hypothermia in cold environments. While cold water does not directly cause pneumonia, it can weaken a child's immunity or trigger complications for those with underlying conditions like asthma and sickle cell disease. Dr. Ayodele Renner, a Consultant Paediatrician, added that a drop in body temperature stresses a child's system, affecting feeding, growth, and overall well-being. Both experts recommend using lukewarm water, ensuring a warm room, and immediately drying and covering the baby after bathing. They also dismissed the belief that cold water strengthens babies as unfounded.
Former Super Eagles and Kaizer Chiefs goalkeeper Daniel Akpeyi believes Stanley Nwabali's return to South African club Chippa United could lead to his recall to the national team. Akpeyi stated that Nwabali's absence from the Super Eagles squad was primarily due to a lack of regular club football, not a decline in ability. Nwabali was Nigeria's first-choice goalkeeper at the 2024 Africa Cup of Nations, helping the team reach the final, and remained number one through the 2025 Africa Cup of Nations. However, he has not played for the national team since leaving Chippa United by mutual consent in February, missing recent campaigns and friendlies. Akpeyi emphasized Nwabali's proven quality for Nigeria, stating, "He has been excellent, absolutely excellent. Faultless for Nigeria. He has taken them to places." Akpeyi explained that being unattached to a team makes national team invitations difficult. He added that Nwabali's decision to return to Chippa United, where he began his career, offers him the best chance to regain form and earn the trust of the coaches. Nwabali aims to establish himself at Chippa United as the 2026/27 South African Premiership season starts on August 1, with an eye on Nigeria's 2027 Africa Cup of Nations qualifying campaign beginning in September.