Oil refiners are making less money selling their gasoline as demand during the peak summer driving season has fallen short of what they expected when many of them boosted production.

Softness in gasoline markets have upended years of record profits on selling transportation fuels. In the U.S., the world's largest gasoline market, refiners ramped up sharply, expecting demand that never materialized. U.S. gasoline demand was 9 million barrels per day (bpd) in the first week of June, 1.7% below last year and seasonally the lowest since 2021, government data showed.

In Asia, weakness in the gasoline market has already led to run cuts, and refiners elsewhere are also likely to pull back in weeks ahead. This could reduce global demand for crude oil.

"Given the retreat from elevated margins, we cite risk to refiners' continued maximum output strategy to reap record profits," BMI, a unit of Fitch Solutions, said in a note last month.

Brent oil prices are down about 9% from a mid-April peak to around $83 a barrel, most recently on concerns that the OPEC+ producer group will add supply to the market. The producer group last week warned that a slow start to the summer driving season and low margins are weighing on sentiment.

Even with crude prices slipping, Asian refiners' profit on making gasoline from a barrel of Brent halved in the last week of May to about $4 per barrel. A glut of fuel supplies prompted the fall in refining margins, Wood Mackenzie analyst Priti Mehta said.

Overall refining margins fell under $2 a barrel in Singapore in May, compared with an average of $5 a year ago.

European gasoline refining margins fell to $10.80 a barrel on June 13, the lowest since January 25. U.S. gasoline crack spread, the difference between gasoline futures and the cost of WTI crude oil , was under $22.50 a barrel for the first time since February.

PULLBACK

Taiwan's Formosa Petrochemical Corp, one of Asia's largest refined products exporters, plans to cut run rates at its crude distillation units in June to 440,000 bpd, down 40,000 bpd from its original plan to process 480,000 bpd.

"Increased flows from the Middle East to Asia and increased Indian exports are weakening the cracks, otherwise demand in Asia is healthy," a spokesperson for Formosa told Reuters.

U.S. demand has been pressured by a mix of factors, including more people flying instead of driving long distances and more fuel-efficient cars and electric vehicles, UBS analyst Giovanni Staunovo said last month.

Higher output from American refineries, combined with weak demand, has lifted U.S. gasoline stockpiles by 5.7 million barrels since the start of April to 233.5 million barrels by June 7, the highest for this time since 2021.

U.S. refiners cut run-rates to 95% in the week ended June 7, after utilizing a one-year high of 95.4% in the prior week, U.S. Energy Information Administration (EIA) data showed. That was the first cut since April.

They will need to lower rates further if demand remains lackluster, Mizuho analyst Robert Yawger said.

"We're looking at the potential for one of the worst years for summer U.S. gasoline demand in the post-Covid world. No way that refiners can continue to crank fuels at 95% utilization," he said.

The EIA on Tuesday lowered its forecast for U.S. gasoline consumption this year to 8.89 million bpd from an earlier estimate of 8.91 million.

OVERWHELMING SUPPLY

Margins should improve as U.S. gasoline rises as it typically does throughout the summer, Rabobank strategist Joe DeLaura said. Yet he warned the market has consistently underperformed.

Margins should get some support from a slower-than-expected ramp up of new refineries such as Mexico's Olmeca refinery in Dos Bocas, which is aiming to lower the country's import needs. As of May, however, Dos Bocas was behind schedule and did not produce commercially viable gasoline and diesel. In Nigeria, the Dangote refinery delayed gasoline deliveries until July.

The market must still adjust to overwhelming supply growth from new refineries ramping up and expansions of existing plants which have boosted fuel exports from the Middle East, India and China.

Gasoline exports from the Middle East have been at seasonal records over the last six months, according to Kpler data.

Indian and Chinese refiners are taking advantage of access to discounted Russian oil, Mehta said. Their higher supplies are likely to keep Asian gasoline cracks under pressure through the summer, she said.

"The peak for gasoline (cracks) was already reached in April, when cracks averaged $17.3/bbl Dubai crude in Asia. We don't expect them to strengthen a lot through the summer period," Mehta said.

Chinese gasoline exports grew by about 100,000 bpd in May from April, ending last month at around 350,000 bpd, according to WoodMac. Indian gasoline exports averaged 360,000 bpd in May, up 50,000 bpd on the month.

 

Reuters

The escalating costs of pharmaceuticals in Nigeria have thrust the nation into a severe healthcare crisis, exacerbating the hardships faced by millions. As drug prices soar, many Nigerians are forced to forgo essential medications, resort to less effective herbal remedies, or self-medicate, putting their health at considerable risk. This dire situation is a significant factor in Nigeria's low life expectancy and declining productivity amidst the current economic turmoil.

For individuals battling chronic diseases such as diabetes, hypertension, or cancer, the affordability crisis has placed life-saving medications out of reach. Patients like Ngozi Uchenna, who cannot afford the prescribed cough mixture for her daughter, and James Akor, who turns to herbal mixtures due to prohibitive drug costs, illustrate the desperate choices many Nigerians face daily. These decisions often lead to complications requiring more intensive and expensive interventions, further straining the healthcare system and personal finances.

The implications of this crisis are severe and far-reaching. Nigeria's life expectancy, already one of the lowest globally, is at risk of further decline as more people are unable to access necessary treatments. The rise in untreated chronic conditions will inevitably lead to a surge in morbidity and mortality rates, which could have been prevented with timely medical intervention.

Moreover, the economic impact cannot be overstated. Healthy citizens are the backbone of a productive workforce, and as more Nigerians fall ill due to lack of proper medical care, the country's productivity suffers. The inability to afford medication forces many to either reduce their work hours or quit their jobs entirely, thereby affecting household incomes and overall economic growth. The situation is further compounded by the financial strain on families who must divert funds from other critical needs such as food and education to manage healthcare expenses.

The underlying causes of the high drug prices are multifaceted, including naira devaluation, regulatory challenges, and the monopolistic tendencies of some drug manufacturers. Despite the government's efforts to improve healthcare access through initiatives like the 2014 National Health Bill and the National Health Insurance Scheme (NHIS), these measures have fallen short. Many Nigerians still pay out-of-pocket for medical expenses, leading to catastrophic health expenditures that push families into deeper poverty.

The shift towards traditional and herbal medicines, while culturally significant, raises concerns about the reliability and effectiveness of these treatments. As noted by healthcare professionals, the unpredictable nature of these remedies can exacerbate health issues. The reliance on untested alternatives due to unaffordable conventional treatments is a perilous path that could lead to worsened health outcomes and increased mortality.

Addressing this crisis requires a multifaceted approach. Reducing the cost of medications through subsidies, improving the efficiency and coverage of health insurance schemes, and ensuring more robust regulation of drug prices are critical steps. Additionally, increasing investment in the healthcare sector to enhance the availability and accessibility of medical facilities and services is essential.

The government at all levels must prioritize healthcare funding and implement policies that protect the most vulnerable populations. By narrowing the economic status gap and deepening insurance coverage, Nigeria can reduce the likelihood of catastrophic health expenditures. Ensuring that all citizens have access to affordable and effective healthcare is not only a moral imperative but also a strategic necessity for the nation's social and economic stability.

The skyrocketing drug prices in Nigeria are not just a health issue—they are a profound economic and social crisis. Immediate and decisive action is needed to prevent further deterioration of the nation's health outcomes and to support the well-being and productivity of its citizens.

There was confusion in Ewehko community in Kajuru Local Government Area of Kaduna following an attack by bandits, which led to the killing of five villagers.

The villagers were said to have been gunned down while attending a local meeting.

Daily Trust obtained pictures of the victims killed and that of the motorcycles set ablaze by the attackers.

Local sources told our correspondent that the attackers also set ablaze motorcycles of some of the victims during the operation which happened at approximately 2:14 pm on Monday.

A resident who simply identified himself as Benjamin Maro said the bodies of five people were recovered from the scene of the incident.

“Another tragic incident occurred in our community today (Monday). In broad daylight, bandits launched a deadly assault on Ewehko, popularly known as Unguwar Paul, a village under Maro Ward in Kajuru Local Government Area of Kaduna State.

“The attack happened at approximately 2:14 pm on 17/06/2024. As of this report, the bodies of four men and one woman have been discovered. Search efforts are ongoing in the surrounding bushes for others who may still be missing,” he said.

Another resident, Reuben Maro, said houses were also torched, including the motorcycles of the people killed.”

He said the bandits attacked the innocent villagers in broad daylight.

“Although the area where the incident happened is a remote village, about six people were killed,” he said.

The State Government and the Police Command are yet to issue a statement to that effect.

The State command Public Relations Officer, Mansir Hassan, couldn’t be reached on phone and is yet to reply a text message sent to him.

 

Daily Trust

Netanyahu disbands war cabinet as pressure grows on Israel's northern border

Israeli Prime Minister Benjamin Netanyahu has dissolved the six-member war cabinet, an Israeli official said on Monday, in a widely expected move following the departure from government of centrist former general Benny Gantz.

Netanyahu is now expected to hold consultations about the Gaza war with a small group of ministers, including Defence Minister Yoav Gallant and Strategic Affairs Minister Ron Dermer who had been in the war cabinet.

The move was announced as U.S. special envoy Amos Hochstein visited Jerusalem, seeking to calm the situation on the disputed border with Lebanon, where Israel said tensions with the Iran-backed Hezbollah militia were bringing the region close to a wider conflict.

The Israeli military said on Monday it had killed a senior operative in one of Hezbollah's rocket and missile sections in the area of Selaa in southern Lebanon.

The military also said its operations were continuing in the southern parts of the Gaza Strip, where its forces have been battling Hamas fighters in the Tel Sultan area of western Rafah, as well as in central areas of the enclave.

Hochstein's visit follows weeks of increasing exchanges of fire across the line between Israel and Lebanon, where Israeli forces have for months been engaged in a simmering conflict with Hezbollah that has continued alongside the war in Gaza.

Tens of thousands of people have been evacuated from their homes on both sides of the so-called Blue Line that divides the two countries, leaving eerily deserted areas of abandoned villages and farms hit by near-daily bombardment.

"The current state of affairs is not a sustainable reality," government spokesperson David Mencer told a briefing.

Netanyahu had faced demands from the nationalist-religious partners in his coalition, Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben-Gvir, to be included in the war cabinet. Such a move would have intensified strains with international partners including the United States.

The forum was formed after Gantz joined Netanyahu in a national unity government at the start of the Gaza war in October. It also included Gantz's political partner Gadi Eisenkot and Aryeh Deri, head of the religious party Shas, as observers.

Gantz and Eisenkot both left the government last week, over what they said was Netanyahu's failure to form a strategy for the Gaza war.

PROTESTS

An agreement to halt the fighting in Gaza still appears distant, more than eight months since the Oct. 7 attack on Israel led by Hamas fighters that triggered Israel's military offensive in the Palestinian enclave.

The Oct. 7 attack killed some 1,200 people and about 250 were taken hostage, according to Israeli tallies. Israel's offensive has killed more than 37,000 Palestinians, according to Palestinian health ministry figures, and destroyed much of Gaza.

Although opinion polls suggest most Israelis support the government's aim of destroying Hamas, there have been widespread protests attacking the government for not doing more to bring home around 120 hostages still being held in Gaza and against Netanyahu's handling of the war.

Protesters calling for new elections clashed with police in Jerusalem on Monday. By sundown, a crowd of thousands had gathered outside the Knesset, Israel's parliament, before marching to Netanyahu's private home.

Some protesters tried to break through barriers set up by the police, who pushed them back. At one point a bonfire was lit in the street, and police used a water cannon to disperse the demonstration.

The northern border was relatively quiet on Monday, the second day of the Muslim Eid celebration, compared with previous days, when rocket fire set off widespread brush fires in heatwave conditions.

A survey for the Jewish People Policy Institute, a Jerusalem-based think tank, found 36% of respondents favouring an immediate strike against Hezbollah, up from 26% a month earlier.

Israeli aircraft and artillery have pounded southern Lebanon and last week killed a senior Hezbollah commander in a strike against a command and control centre that drew a further intensification of attacks.

In addition to attacks by missiles and anti-tank rockets, there has been a marked increase in drone attacks that have underlined the strength of the arsenal Hezbollah has built up since the last major conflict between the two sides in 2006.

 

Reuters

WESTERN PERSPECTIVE

'If we stop, we die': Ukraine's struggling soldiers emboldened by renewed U.S. support

For the Ukrainian soldiers battling Russia’s offensive, signs of renewed Western support are more than just diplomatic results.

“I can tell you that your money is not wasted here,” said First Sgt. Dmytro Pryimak, a tank commander in the eastern Donetsk region where Kyiv’s troops are struggling to hold back Moscow’s military.

He spoke to NBC News on the ground from a remote area several miles from the front lines, where Abrams tanks provided by the United States are being repaired and refitted for battle.

“We see all this support that the U.S. and all the other allies are providing to us and we appreciate it. Because you fund us, we can maintain our vehicles, we can buy new equipment and we can protect ourselves,” Pryimak said.

The Kremlin’s forces are pushing forward in a number of hot spots across this industrial heartland, which President Vladimir Putin laid claim to again Friday as he outlined Russia’s demands to begin peace talks.

Ukrainian President Volodymyr Zelenskyy rejected what he said was little more than an ultimatum to give up territory to his country’s invaders. Ukraine has been buoyed by a 10-year security pact and new military aid from the U.S., the loosening of restrictions on its use of Western weapons, and allied support at the G7 summit and then a weekend peace conference.

But with Russia absent from that gathering in Switzerland and some key developing powers declining to sign up to a joint communique, there was little sign of a way forward beyond prolonged war.

‘It will devastate us if we stop now’

Zelenskyy will nonetheless see this flurry of activity as a significant show of support, a galvanized response after months in which his country’s backers seemed to be wavering.

The war’s front lines have scarcely shifted in 18 months, but Ukrainian soldiers say this is only down to their continued fight — and the support they now feel once again in both words and weapons.

Pryimak said the idea that the war had reached a stalemate was an “illusion,” and insisted U.S. aid was helping Ukraine defend ground it would otherwise have lost to Russia.

“Once we cede more territory to Russia, it will not stop,” he added. “We can have some temporary cease-fire, it will last for several months, or for one year or for two years. But in the long run, Russia will come again, more prepared with more equipment, and it will devastate us if we stop now.”

Soldiers like Pryimak are under intense pressure in the east, where a difficult situation has been made dire by Ukraine’s rush to reinforce areas further north after Russia’s military launched a new offensive there earlier this year.

Kyiv’s troops have managed to hold back that advance in the northeastern Kharkiv region, but they too are certain that peace is a long way off.

“If we stop [fighting], we die,” said Georgiy Volkov, commander of a drone unit operating around the key front-line town of Vovchansk. “We can’t stop this fighting because we are fighting for our homeland, for our families,” he said.

“For me, a single peace agreement can be if they leave all territories,” Volkov said, adding that Russia should pay Ukraine to rebuild its villages and cities.

Drafts and divisions at peace summit

While the soldiers were steeling themselves to put allied support to use on the battlefield, Ukraine’s leader was able to call on diplomatic backing at a summit billed as a first step toward peace.

World leaders and officials — Vice President Kamala Harris led the U.S. delegation — gathered at the Alpine resort of Bürgenstock for the two-day conference.

A joint communique signed by nearly 80 countries Sunday called for Ukraine’s “territorial integrity” to be the basis of any agreement and outlined three key principles for a deal to end the war.

With Russia not invited, Putin offered his own demands Friday.

He promised to “immediately” order a cease-fire and begin negotiations if Ukraine started withdrawing troops from the four regions newly annexed by Moscow and renounced plans to join NATO. Ukraine rejected the plan as “manipulative,” “absurd” and a ploy to undermine the Swiss conference.

But there were signs of discord at the summit, too.

India, Mexico, Saudi Arabia, South Africa and Brazil were among countries that did not sign the final document. Turkey left early and China did not attend.

NBC News has seen a copy of an earlier draft of the joint communique that called for another summit to be held that would include Russia.

That language did not make it into the final draft, which instead focused on more consensus areas, such as the future of Ukraine’s Black Sea ports and nuclear facilities, as well as children deported to Russia.

That left any way forward for diplomatic efforts uncertain, with Ukraine increasingly bullish about its ability to retain allied support and Russia still pressing its offensives in the east and north.

South Africa said that developing countries from the “global south” were taking a less uncompromising stance.

Zane Dangor, director general of South Africa’s Department for International Relations, said there was a route to a diplomatic solution.

Putin had put forward “maximalist demands” that could be watered down if both sides agreed to sit down for peace talks, he said in an interview in Switzerland.

“Negotiations will always begin by both parties putting the maximum demands,” he said.

You don’t get to peace through war, Dangor added, “all you are doing is building the basis for the next war.”

 

RUSSIAN PERSPECTIVE

US warns Ukraine it must defeat Russia to join NATO

In order to become a NATO member, Ukraine has to “win the war” with Russia first, White House National Security Council spokesman John Kirby told journalists at a press briefing on Monday.

US President Joe Biden believes NATO is in Ukraine’s future, but there’s “a lot of things that have to be done” before it can join, Kirby said. When a journalist asked him to elaborate on the “vague conditions” and “unclear pathway” Kiev had been given, the official claimed that Washington’s position was “absolutely clear.”

“First they’ve got to win this war,” Kirby said.

“They gotta win the war first. So, number one: We’re doing everything we can to make sure they can do that. Then when the war’s over no matter what it looks like they’re still going to have a long border with Russia and a legitimate security threat,” he said. Washington will assist in building up Ukraine’s military industrial base, although “corruption is still a major concern,” Kirby added.

Moscow has repeatedly stated that it sees the expansion of NATO towards Russian borders as an existential threat. Russian President Vladimir Putin has named Kiev’s aim to join the US-led military bloc as one of the key causes of the ongoing conflict.

Last Friday, the Russian leader named Moscow’s conditions for a ceasefire and the beginning of peace negotiations. The talks could start as soon as Kiev withdraws its troops from the Donetsk and Lugansk People’s Republics, Kherson and Zaporozhye Regions, and cedes its claims to all five former Ukrainian territories that chose to join Russia, including Crimea, Putin signaled. Moscow will not accept a frozen conflict, which would allow the US and its allies to rearm and rebuild the Ukrainian military, Putin claimed, adding that Kiev must formally abandon any plans to join NATO.

The delivery of Western armaments to aid Kiev’s war efforts makes the countries providing it a party to the conflict, Moscow has insisted. Further NATO involvement in the conflict risks a direct clash between Moscow and the US-led military bloc, and threatens to expand into a nuclear conflict, the Kremlin has stressed.

 

NBC News/RT

Africa, with 60% of the arable land on the planet, 30% of the mineral reserves and a population approaching 1.5 billion, is an increasingly vital region for global security. Unfortunately, the US has not been adapting to a rapidly changing scene. In the latest blow, US troops have been forced to leave Niger, where the Pentagon had enjoyed a longstanding security partnership.

At the same time, Russia and China are consolidating political and military influence across the continent. Russian paramilitaries and mercenaries, using the model of the now-defunct Wagner Group, have been operating in Mali, Congo, the Central African Republic and other states. Autocratic leaders are hoping for economic benefits from Beijing’s Belt and Road initiative — and to purchase AI-enhanced versions of the equipment that has made China a surveillance state.

US Africa Command, charged with military-to-military cooperation throughout the region, warns that China is active in all the continent’s 54 countries. General Mike Langley, its commander, says that Beijing aspires to establish naval bases on the Atlantic and Indian oceans, and the Gulf of Aden. It has already built its first official overseas base on the Horn of Africa in Djibouti.

So, what are the basic tenets of a sensible strategic plan for this vast continent?

First, understand the immense diversity of Africa. The linguistic, historical and cultural differences are huge. Compare Ethiopia’s culture of longtime independence with South Africa’s tortuous colonial and apartheid experiences. Francophone Africa is very different than the handful of former Portuguese colonies. And all these countries had long pre-colonial historical experiences that shaped their national characters.

For example, during the 1994 genocide in Rwanda, the US became paralyzed and failed to react when Hutu militias killed roughly 800,000 Tutsis. We didn’t appreciate the simmering tensions between ethnic groups following Belgium’s colonial administration and were unprepared to intervene in the enormous human tragedy.

Second, concentrate efforts on several “anchor” countries in four distinct geographic areas. These are nations that have both regional and, in some cases, continent-wide influence. Incentives for them could include funding for key infrastructure through the US International Development Financing Corporation to compete with Belt and Road; military sales with preferential treatment for advanced systems such as fourth-generation fighter jets; military-to-military training, especially for special forces and counterterrorism; and more intelligence sharing.

Kenya, recently selected as a Major Non-NATO Ally, is the natural anchor in eastern Africa. Its president, William Ruto, was just hosted for a state visit in Washington — partly in recognition of his nation’s willingness to take on a complex security mission to Haiti that will benefit the US greatly.

Nigeria, the most populous country on the continent and boasting vast natural resources and Atlantic Ocean coastline, will be the key player in West Africa. Washington has had good military-to-military connectivity, but Nigeria could use more support fighting the Boko Haram terrorist group.

South Africa is also an obvious choice, despite the messy aftermath of last month’s election. The US ambassador, Reuben Brigety, recently told me, “It is in America’s interest of the US that South Africa succeed as a democracy that can deliver for its people." South Africa is a continental leader and has an outsized voice in the Global South; it is the only African nation in the G-20; more than 600 American companies operate there, generating revenue roughly equal to 10% of South Africa's GDP.

Ethiopia, with the continent’s second-largest population, is a natural partner in the north. But after a long period of stability, it has recently been wracked by civil war. The US deserves credit for being its top source of humanitarian aid, but we need to increase our diplomatic engagement. Given the flow of refugees from Sudan and Ethiopia’s desire to borrow $7 billion from IMF and World Bank, now is the time to be economically supportive.

Third comes improving ties with influential regional and global organizations. The most important of these is the African Union, headquartered in Addis Ababa, Ethiopia. Yet the US ambassador position has been vacant for more than a year. The State Department should appoint a foreign service officer with immense Africa experience to give the US continent-wide credibility.

Fourth, Washington should coordinate more closely with its global allies. A good example is France, which has retained strong connections with some of its former colonies. While France has also been suffering with withdrawals and expulsions of troops from some of these states (notably Niger and Mali), it retains strong business and military connections in Senegal, Cote d’Ivoire, Benin and Chad. Putting joint US-French missions together for military training or economic development projects makes sense.

Fifth is providing more security support. This means military-to-military training and equipment through Africa Command. This has been done on a piecemeal basis, but Africa is not a one-size-fits-all challenge. A more nuanced approach, for example, might be to send ground trainers from not just the Army and Marine Corps, but also from the US reserves and National Guard, who can perhaps relate better to the smaller militaries on the continent.

As for naval support, the USS Hershel “Woody” Williams, a massive Expeditionary Support Base — with heavy-lift helicopters, vast cargo capability and teams for special-forces training — began a deployment off West Africa in February. That’s good, but such initiatives should be constant, not sporadic. The US Coast Guard has conducted training in counterpiracy and drug interdiction with small coastal navies of West Africa, but this too needs to be on a more permanent footing.

Finally, Washington must compete with Beijing’s Belt and Road.China’s initiative has a mixed track record at best. While more than 40 out of 54 African nations are registered as part of BRI, some of the construction projects have turned out to be shoddy, and many loanshave been canceled.

The US has institutions such as the Development Finance Corporation, which funds projects from a relatively small $1 billion budget, often working with the private sector and US Agency for International Development. For example, the DFC is now helping finance construction of part of the Lobito Corridor, a rail and road project traversing sub-Saharan Africa. Both the DFC and USAID are a fiscally smart way to engage in Africa, but they are hugely underfunded.

There is no overstating the strategic importance of Africa: By 2050, one in four people on the planet will live there. America’s great-power competitors have made deep inroads, and without a coherent strategy, the US will continue to lose influence and geopolitical advantage.

** Stavridis is also vice chairman of global affairs at the Carlyle Group. He is on the boards of Fortinet and Ankura Consulting Group, and has advised Shield Capital, a firm that invests in the cybersecurity sector.

 

Bloomberg

Tobi Amusan has claimed her fourth consecutive national title in the women’s 100 metres hurdles event. 

The 27-year-old dipped at 12.78 seconds and was way ahead of her competitors in a one-sided final of the event on Monday at the national Olympic trials in Benin, Edo state.

The victory was Amusan’s fourth national title in a row, having swept to victory at the Olympic trials in Lagos in 2021 before winning twice in Benin in the last two years.

In the women’s 100 meters, Favour Ofili clinched the national title and booked an automatic qualification for the Paris Olympics.

The 21-year-old clocked a season-best of 11.06 seconds to finish ahead of Olayinka Olajide, who came second in 11.37 seconds, and Justina Eyakpobeyan in third.

Kanyinsola Ajayi won the men’s 100-meter crown with a blistering 10.14 seconds.

He defeated Alaba Akintola, who clocked 10.16 seconds, and Usheoritse Itsekiri, who finished second and third.

Chukwuebuka Enekwechi won his fourth consecutive men’s shot put national title. He only needed three attempts to his 21.37 meters mark which was insurmountable by his opponents.

 

The Cable

Accomplishing a longtime career goal — whether that's crossing the six-figure mark in your salary or getting a huge promotion — might seem like the solution to feeling completely satisfied at work. But chances are, you could still feel empty, bored, or unfulfilled even after achieving this milestone.

That's normal, Joseph Fuller, a Harvard Business School professor and co-chair of the school's "Managing the Future of Work" initiative, tells CNBC Make It. "Our careers rarely align with every expectation we have for them," he says.

The same logic applies to any professional goal you pursue: If you have unrealistic expectations that a raise or switching jobs will solve all of your problems or be exactly as you'd imagined it, you could be setting yourself up for failure, Fuller cautions.

A common career mistake people make that can leave you "burned out and unhappy," he adds, is not being honest about your priorities and the trade-offs you're willing to make at work. 

"It's a piece of advice I give my students all the time: The people who are unhappiest in their careers are the ones who haven't been honest with themselves about the objectives they want to prioritize in their career, and what they're willing to give up to meet them," Fuller, who also co-hosts the podcast "Managing the Future of Work," explains. 

For example: If it's important to you to have your weekends off and maintain some semblance of a work-life balance, you might not want to take a job that demands 80-100 hour workweeks, even if it pays well or the title looks good on paper.

No job is perfect, but you can find a role that checks most of your boxes if you're clear on your top priorities and which trade-offs you're comfortable — or uncomfortable — making before accepting an offer.

You can evaluate a company's culture during an interview, Fuller suggests, by asking how the company supports employees' professional development, gives feedback and responds to challenges, among other questions. 

Finding a job where you have a sense of control and are excited about the work you're doing can help you stay motivated and ward off burnout, Fuller adds.

The other trick to finding career satisfaction is to work your core values into your day-to-day responsibilities. Fuller says you can pitch your boss a meaningful side project, organize more office socials or volunteer to lead a weekly meeting depending on what you most value.

However you define success, "You want to work for an organization whose objectives align with your own goals and ambition," says Fuller, "whether it's earning six figures or changing the world."

 

CNBC

In the first year of President Bola Tinubu's administration, Nigeria has seen a substantial increase in both external and domestic borrowing, raising concerns over the country's rising debt servicing costs and potential economic implications.

External Borrowings

Nigeria has secured a total of $4.95 billion in loans from the World Bank under Tinubu's tenure. These loans cover various sectors:

- Power Sector: $750 million to enhance the power sector.

- Women’s Empowerment: $500 million to scale up the Nigeria for Women Program.

- Education: $700 million to support the Adolescent Girls Initiative for Learning and Empowerment (AGILE).

- Renewable Energy: $750 million for the Distributed Access through Renewable Energy Scale-up (DARES) project.

- Economic Stabilization: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program.

- Resource Mobilization: $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results.

Additionally, Nigeria received an oil-backed loan of $3.3 billion from the African Export-Import Bank (Afreximbank), with the latest disbursement of $925 million. This loan aims to support Nigeria’s macroeconomic stability and long-term economic growth.

Domestic Borrowings

Domestically, the Federal Government borrowed N20.1 trillion from local investors, marking a 117% year-on-year increase from the previous year. This borrowing was facilitated through various instruments such as FGN Bonds, FGN Savings Bonds, Sukuk Bonds, and Nigeria Treasury Bills (NTBs). Notably, NTBs constituted 66% of this borrowing, with the amount rising by 188% to N13.235 trillion.

The high-interest rate environment, driven by a rise in the Monetary Policy Rate (MPR) to an average of 20.32%, contributed to this surge. Consequently, the average interest rate on NTBs rose to 9.1%, and on FGN Savings Bonds, it increased to 17.91%.

Economic Implications

The sharp increase in borrowing has raised alarms about the potential strain on Nigeria's economy. The country’s external debt servicing payments nearly doubled, reaching $2.19 billion in the first five months of 2024, compared to $1.12 billion in the same period in 2023. This rising debt burden could divert resources from critical sectors such as healthcare, education, and infrastructure, exacerbating socio-economic challenges.

Analysts warn that the increased borrowing costs could lead to further inflationary pressures and higher interest rates, impacting businesses and individuals. The substantial rise in government borrowing might crowd out private sector investment, making it more expensive for businesses to access credit.

When Bola Tinubu assumed office as Nigeria's president, he pledged to break the country’s reliance on borrowing for public spending. This commitment, made on August 8, 2023, during the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms, raised hopes for fiscal prudence and economic stability. However, less than a year later, Nigeria's borrowing has surged dramatically, with over $8 billion borrowed from external sources and N20 trillion from the domestic debt market. This stark deviation from Tinubu's vow not only undermines his credibility but also poses severe implications for Nigeria’s economic future.

The Legacy of Debt

Under former President Olusegun Obasanjo, Nigeria achieved a significant milestone by exiting a crippling international debt burden. Through strategic negotiations and repayments, Obasanjo managed to secure debt relief, providing Nigeria with a much-needed fiscal breathing space. This achievement was a beacon of hope, suggesting a path toward sustainable economic management and growth.

However, the administrations that followed have steadily reversed this progress. Former President Muhammadu Buhari's tenure saw a resurgence in borrowing, and now, under Tinubu, the situation has escalated alarmingly. The World Bank loans alone, totaling $4.95 billion, cover sectors ranging from power and women’s empowerment to education and renewable energy. Additionally, an oil-backed loan of $3.3 billion from the African Export-Import Bank (Afreximbank) has further swollen Nigeria’s external debt profile.

Domestic Borrowing Surge

Domestically, the scenario is equally concerning. The Federal Government’s borrowing from local investors has skyrocketed to N20.1 trillion, marking a 117% increase from the previous year. This borrowing, facilitated through instruments such as FGN Bonds and Nigeria Treasury Bills (NTBs), has been driven by a high-interest rate environment. The average interest rate on NTBs rose to 9.1%, and on FGN Savings Bonds, it climbed to 17.91%. Such rates indicate a heavy burden on the nation's finances, exacerbating the cost of debt servicing.

Economic Implications

The implications of this borrowing spree are dire. Nigeria's external debt servicing payments nearly doubled to $2.19 billion in the first five months of 2024, compared to $1.12 billion in the same period in 2023. This rising debt burden could divert critical resources from essential sectors such as healthcare, education, and infrastructure, worsening socio-economic conditions.

Moreover, the increased borrowing costs are likely to fuel inflationary pressures, prompting further interest rate hikes by the Central Bank of Nigeria. This cycle of rising costs and interest rates can stifle private sector investment, making it more expensive for businesses to access credit. Consequently, economic growth could be stunted, and unemployment may rise, intensifying social unrest.

The Path Forward

President Tinubu’s administration must urgently reassess its fiscal strategy. Instead of resorting to borrowing, the government should focus on enhancing revenue generation through robust tax reforms and efficient public spending. The Presidential Committee on Fiscal Policy and Tax Reforms, tasked with achieving an 18% tax-to-GDP ratio within three years, must deliver tangible results. Strengthening tax collection mechanisms and broadening the tax base (not imposing new taxes) can provide sustainable revenue streams, reducing the need for excessive borrowing.

The government also needs to reduce to the barest minimum the oil thefts in the Niger Delta that have made it impossible to meet Nigeria’s OPEC+ quota of 1.5 million barrels per day. This huge revenue leakage must be blocked.

Additionally, transparency and accountability in managing borrowed funds are crucial. Ensuring that loans are utilized effectively for development projects can mitigate some of the adverse impacts. However, without a strategic shift away from borrowing, Nigeria risks falling into a debt trap that could take decades to escape.

Conclusion

Tinubu’s broken promise on borrowing highlights the urgent need for a disciplined and sustainable fiscal policy. The current trajectory of mounting debt threatens Nigeria’s economic stability and future prosperity. It is imperative for the government to chart a new course that prioritizes revenue generation, prudent spending, and long-term economic planning. Only then can Nigeria hope to avoid the pitfalls of perpetual debt and build a resilient economy that benefits all its citizens.