President Bola Tinubu has called on Nigerians to change their mindset about the country to foster progress. During a visit from a National Assembly delegation in Lagos on the occasion of Eid-el-Kabir, Tinubu emphasized the urgent need for a shift in the national value system to advance the country.

Highlighting acts of sabotage such as the theft of electric cables and rail tracks, Tinubu remarked, “Yes, there is poverty and suffering in the land. We are not the only people facing such challenges, but we must confront our issues head-on.”

The delegation, led by Senate President Godswill Akpabio, included Deputy Senate President Jibrin Barau and Deputy Speaker of the House of Representatives Benjamin Kalu, among others.

The President stated, “Good economics during harsh times is a challenge we must face. No matter how difficult or challenging, I will not turn my back on Nigeria. There is a need for some citizens to abandon a rent-seeking mindset and become more productive to the economy, halting smuggling and economic sabotage.”

Tinubu stressed the importance of changing the national mindset and value system to address these issues. “Why should we have people removing rail tracks, stealing electric cables, and sabotaging the economy? We must campaign for a change in our value system and mindset,” he said.

The President commended the National Assembly's support for his administration, noting that their cooperation has led to significant developments. “I am proud to have the best partners in the National Assembly. We must be inclusive and dedicated to serving our people despite the daunting challenges. This country must overcome its hardships,” Tinubu stated.

Acknowledging the severe challenges ahead, Tinubu reassured the nation of his steadfast commitment to improvement. “We must eliminate banditry and terrorism so farmers can safely produce food. Without good roads to transport this food, losses of 60-70 percent will incur, leading to higher costs,” he said.

Following the meeting, Akpabio spoke to journalists, expressing gratitude for Tinubu's leadership in his first year.

Nigerians have asked President Bola Tinubu to lead by example after saying that Nigeria needed sacrificing citizens to fulfil the dreams of its founding fathers.

They also tasked the president to ask those directly working under him like ministers, advisers and heads of agencies, as well as governors at the subnational level, and other people in position of authority, to also live by example, saying sacrifice must start from top to bottom, instead of the other way round.

Tinubu had, while addressing journalists after observing the Eid-el Kabir prayer at Dodan Barracks, Lagos, on Sunday, stressed the need for the people to follow the path of sacrifice to make the nation great.

“Being a very good citizen comes with responsibility. As citizens, what do you do to be a very committed member of our society? Go and sacrifice. Love your country, love your neighbours, share what you have with one another and be thankful to Almighty God. That’s all,” he had said.

The comment had elicited reactions from Nigerians, civil society organisations, and the opposition Peoples Democratic Party (PDP), among others.

An economist and lecturer at Saadatu Rimi University of Education, Kumbotso, Kano, who is also the Director, Fiscal Discipline and Development Advocacy Centre (FIDAC), Abdulsalam Kani, said the government had failed to fulfil its part of the bargain, especially promises made to Nigerians.

“The government has removed fuel subsidy and increased electricity tariff, plunging many into difficulty. Nigerians were promised that Port Harcourt refinery would begin production in December last year, and that has not happened. Despite these and the failure of the administration to fulfil promises, they are making plans to buy new aircraft for the president and vice president,” he said.

He said the government had equally failed to address rising inflation which is above 33 per cent at the moment.

“The primary responsibility of government is to ensure welfare and security of its citizens,” he said.

The Secretary-General, Nigeria Political Science Association (NPSA), Bakare Adegbola, said: “The statement of the president is a normal thing politicians say during eid celebrations, especially Eid-el Kabir, which is all about sacrifice. But when politically contextualised, then we begin to read meanings to it.

“An average politician cannot make sacrifices in terms of what they get when they get into power because they see the position as a business investment and must recoup their money,” he said.

“However, before demanding such from the masses, he should have shown that he is leading from the front. The cost of governance is too high and yet, we are talking about buying new carriers for the president when we already have ten. Why not sell some of those ageing ones?

“The number of cars in their convoys has shown that they are not making any sacrifice. They need to govern by example and take the lead in their campaign of sacrifice,” he said.

Abdullateef Abubakar, a resident of Kano, said the Tinubu administration should rather reduce cost of governance instead of asking poor Nigerians to make sacrifices.

He said the president appointed more ministers with retinue of aides who are paid allowances from the government’s coffers.

“People are really facing difficulties. Food is beyond the reach of many families. What else do they want people to do,” he asked.

He said despite increase of allocation from the Federal Account Allocation Committee (FAAC) to the states, the life of the poor citizens has not improved.

Umar Tijjani, a school teacher said Nigerian leaders should fear God and make life easy for the people as life is already unbearable for them.

“Tomato price has never in our history been this high. Things are so expensive that my salary means nothing,” he said.

Peter Azi, a resident of Jos, said: “The Sallah message of the President that Nigerians should sacrifice is very worrisome and disturbing. How can ordinary man sacrifice amidst massive killing, maiming and kidnapping of citizens every day?

“Minimum wage is a total mirage while the cost of governance is on the increase at all tiers of government”, he said.

Danjuma Salihu, another resident of Jos, said: “There is no way Nigeria will have sacrificing citizens when those in government are not willing to make enough sacrifices”. 

CSOs react

Tunde Salman, the Team Lead/Convener, Good Governance Team (GGT) Nigeria, said that Tinubu and his team should also practice what the administration is preaching.

“But unfortunately, Nigerian leaders have not been known to have practiced what they preached. As such, the expected import of the presidential appeal would most likely be ignored”, he said. 

Also, the Senior Communications Officer at Yiaga Africa, Mark Amaza, said that it was unconscionable to ask citizens to make more sacrifices in order to make the nation great, as though they have not been making sacrifices already, especially when the leaders were not doing the same.

“Sacrifices such as cutting down the cost of governance need to be made and be seen to be made, from the size of the cabinet, to spending priorities such as renovation and construction of new official residences for the president and his vice, to other extravagances rub salt into the wound of citizens who are going through some of the hardest times in Nigeria’s history,” Amaza said.

Equally, the Executive Director, Resource Centre for Human Rights and Civic Education (CHRICED), Ibrahim Zikirullahi, said that the call by President Tinubu on Nigerians to sacrifice more to make the country great was the height of insensitivity.

He said that neither the president nor any other member of the current ruling class had the moral right to make such demand on Nigerians, who had already been reduced to beggars and destitute in a country so blessed with abundant human and natural resources.

“The question we should be asking the president is: what has he and the other members of his cabinet sacrificed so far, to make Nigeria great? I think the only thing left for the citizens to sacrifice is their lives,” Zikirullahi said.

The Country Director, Action Aid Nigeria (AAN), Andrew Mamedu, said that the president’s call must be accompanied by demonstrable actions from the highest levels of government.

“The nation is currently grappling with inflation, leading to a significant rise in the cost of living that disproportionately burdens ordinary Nigerians. Those who peacefully protested for a change a few days ago were arrested.

“The Nigerian Labour Congress (NLC) has rightly called for an increased minimum wage to help workers cope with the escalating expenses. Yet, we see the glaring disparity between the sacrifices expected of the average Nigerian and the opulent lifestyle and substantial wages of our lawmakers”, he said.

On his part, the Executive Director, Cleen Foundation, Gad Peter, said that the request by Tinubu for Nigerians to make sacrifices is a request he has been asking for since he came into the office.

“But the fundamental question is that as Nigerians have made sacrifices for him to become our president, what are the things he’s doing as an individual? What sacrifices are his government making to ensure that Nigerians are enjoying the dividends of democracy and for electing him into office?”, he asked.

A former National Secretary of the Committee for the Defence of Human Rights (CDHR), Yinka Folarin, described Tinubu’s statement as unfortunate, and one that could agitate the consciousness of Nigerians at this critical time.

Speaking with our correspondent, Folarin said Nigerians have been sacrificing, enduring and dying in the face of the economic hardship and failed promises.

He said: “Obviously, the president appears to be in complete disconnect with the people, knowing fully well that Nigerians have been sacrificing and have been enduring even in the midst of unprecedented hardship.

“So, I wonder what the president wants from the suffering masses whose future appears to be bleak? We were promised renewed hope when the hope is even not forthcoming and we have to keep enduring? I wonder”, he exclaimed.

Leaders must lead by example – PDP

The main opposition Peoples Democratic Party (PDP) has asked Tinubu to stop corruption in his government and make sure that members of his administration lead by example before telling Nigerians to make sacrifices.

National Publicity Secretary of the party, Debo Ologunagba, told Daily Trust on phone, that: “If you look at our recent outing on the state of affairs in the country, we have told the president to take action and reduce profligacy and corruption in government.

“Yes, we agreed that every citizen needs to make sacrifices, but the leadership must lead by example; the government should show the way in making sacrifices by leading by example. That way, the people will be connected to the government.

“What we are saying as a party is that there are times everyone must make sacrifice for the good of the country, but the government must show the way by example; because that is the only way the people can be connected to the government.

“What is happening is that Nigerians have resorted to providing their own security, they have taken over the role of government, because government has apparently failed them and they are disappointed”, he said.

Ologunagba also said because of the situation in the country, “Majority of Nigerians have completely lost confidence in the APC government, which has failed to articulate any clear-cut, development-oriented policy direction that is geared towards guaranteeing the security and economic wellbeing of the people, leading to despondency and uncertainty”.

Sacrifice call unfair – YPP

The National Publicity Secretary of the Young Progressives Party (YPP), Egbeola Wale Martins, said that Tinubu asking Nigerians to make more sacrifices was unfair. He said that it is now clear that he (Tinubu) was insensitive because it is not clear what further sacrifices should be made after the removal of fuel subsidy, increment in electricity tariffs, introduction of stamp duty and other taxes to mention but a few, without providing any social safety net to ameliorate the suffering of Nigerians.

“Charity should begin from the president and all our so-called leaders across the board as they are the ones who should sacrifice because it’s obvious they are oblivious of the degree of sufferings being experienced by Nigerians”, he said.

 

Daily Trust

In a stunning display of keen insight, President Bola Tinubu has pinpointed the true architects of Nigeria’s economic woes: the small-time cable thieves and railway vandals. While some naïve souls might suggest that our troubles stem from corrupt leaders, wasteful public spending, bad policies, and fraudulent elections, Tinubu knows better. It’s the petty criminals, scraping by in poverty, who are sabotaging the economy.

During a visit from a National Assembly delegation in Lagos on the occasion of Eid-el-Kabir, Tinubu urged Nigerians to change their mindset. He passionately described the havoc wreaked by citizens who dare to steal electric cables and dismantle rail tracks. “Yes, there is poverty; there is suffering in the land,” Tinubu acknowledged. But clearly, it’s not the N15 trillion coastal highway awarded without transparency or the systemic corruption involving ex-governors and public officials that’s the issue. No, it’s the desperate acts of survival by the destitute.

The President, surrounded by the epitome of integrity – the leadership of the National Assembly – called for a shift in values. Imagine the nerve of those hungry souls, daring to smuggle and engage in economic sabotage. The real crime is not the trillions siphoned off by the elite or the fraudulent elections undermining democracy. No, the true sabotage is stealing a piece of wire.

Tinubu’s unwavering determination to address these “saboteurs” is commendable. Why focus on the entrenched culture of sleaze or the corrupt judiciary when you can target the marginalized, those with no choice but to engage in petty theft? After all, solving the issue of hunger, lack of infrastructure, and banditry is secondary to teaching the impoverished a lesson.

Meanwhile, a newly released global report from the Open Society Foundations highlights the endemic corruption hindering Nigeria’s development. But who needs global consensus when Tinubu has it all figured out? While the report suggests that deliberate strategies to combat ingrained corruption are necessary, Tinubu’s focus remains steadfastly on the small-time criminals.

And let’s not forget the accolades for the coastal highway – a shining example of due process abuse and misplaced priorities. Who cares about transparency when there are cable thieves to catch?

In conclusion, we must salute our President for his clarity of vision. While the world may scratch its head over Nigeria’s economic decline, he knows the real culprits: the downtrodden and desperate. Here’s to changing mindsets – but only for those who can’t afford to dine at the table of grand corruption.

The Director General of the National Agency for Food and Administration and Control, Moji Adeyeye, has urged Nigerians to refrain from storing cooked food in the refrigerator for more than three days.

Adeyeye warned that cooked food stored in the refrigerator for days is susceptible to contamination by disease-causing pathogens, key agents of foodborne diseases that can lead to death.

Adeyeye made this known in a statement on Tuesday signed by the agency’s Resident Media Consultant, Sayo Akintola.

Adeyeye, who said this in commemoration of the 2024 World Food Safety Day with the theme, ‘Food Safety: Prepare for the Unexpected’, urged stakeholders in the food supply chain to take deliberate actions to institute a food safety culture in their operations to mitigate food hazards and risks that could compromise food safety.

The World Food Safety Day celebrated annually on June 7 was established by the United Nations General Assembly task force in 2018 to raise awareness and encourage efforts to prevent, detect and address public health risks linked to unsafe food.

Adeyeye remarked that food safety is not only important for public health but a sine qua non for economic development and food security.

She noted that food safety is a collective responsibility, adding that everyone from producers to consumers needs to play their part to ensure food safety.

According to her, the campaign aims to promote global food safety awareness to strengthen efforts of preventing, detecting, and managing foodborne risks globally by highlighting the importance of being prepared for food safety incidents.

“Let us all stay true to the statements ‘food safety is everyone’s business’ and ‘food safety is a shared responsibility’ as we celebrate this year’s World Food Safety Day. Working together, we will continue to strengthen our food safety system, ensuring its resilience, robustness, and preparedness for the unexpected,” she said.

According to the World Health Organisation, an estimated 600 million – almost one in 10 people in the world – fall ill after eating contaminated food, and 420,000 die every year, resulting in the loss of 33 million healthy life years.

WHO said $110bn is lost yearly in productivity and medical expenses resulting from unsafe food in low- and middle-income countries.

 

Punch

Russian President Vladimir Putin vowed on Tuesday to deepen trade and security ties with North Korea and to support it against the United States, as he headed to the reclusive nuclear-armed country for the first time in 24 years.

The U.S. and its Asian allies are trying to work out just how far Russia will go in support of North Korean leader Kim Jong Un, whose country is the only one to have conducted nuclear weapon tests in the 21st century.

In a signal that Russia, a veto-wielding member of the United Nations Security Council, is reassessing its entire approach to North Korea, Putin praised Pyongyang for resisting what he said was U.S. economic pressure, blackmail and threats.

In an article published by North Korean state media, Putin praised "Comrade" Kim, and promised to "jointly resist illegitimate unilateral restrictions", to develop trade and strengthen security across Eurasia.

"Washington, refusing to implement previously reached agreements, continuously puts forward new, increasingly stringent and obviously unacceptable demands," Putin said in the article, printed on the front page of North Korea's Rodong Sinmun, the ruling Workers' Party mouthpiece.

"Russia has always supported and will continue to support the DPRK and the heroic Korean people in their opposition to the insidious, dangerous and aggressive enemy."

Putin noted the Soviet Union was the first to recognise the Democratic People's Republic of Korea (DPRK) founded by Kim's grandfather, Kim Il Sung, less than two years before the 1950 Korean War.

North Korean state media also published articles praising Russia and supporting its military operations in Ukraine, calling them a "sacred war of all Russian citizens".

Putin's state visit comes amid U.S. accusations that North Korea has supplied "dozens of ballistic missiles and over 11,000 containers of munitions to Russia" for use in Ukraine. South Korea, a staunch U.S. ally, has raised similar concerns.

The White House said on Monday it was troubled by the deepening relationship between Russia and North Korea. The U.S. State Department said it was "quite certain" Putin would be seeking arms to support his war in Ukraine.

Moscow and Pyongyang have denied arms transfers but have vowed to boost military ties, possibly including joint drills.

Russia is due to outproduce the whole NATO military alliance on ammunition production this year, so Putin's trip is likely aimed at underscoring to Washington just how disruptive Moscow can be on a host of global crises.

Russia in March vetoed the annual renewal of a panel of experts monitoring enforcement of longstanding United Nations sanctions against North Korea over its nuclear weapons and ballistic missile programmes.

PARTNERSHIP AGREEMENT

Putin's foreign policy adviser, Yuri Ushakov, said Russia and North Korea may sign a partnership agreement during the visit that would include security issues.

He said the deal would not be directed against any other country, but would "outline prospects for further cooperation".

The visit will include one-on-one discussions between the two leaders, as well as a gala concert, state reception, honour guards, document signings, and a statement to the media, Russia's Interfax news agency quoted Ushakov as saying.

Russian Defence Minister Andrei Belousov, Foreign Minister Sergei Lavrov, the ministers for natural resources, health, and transport, the heads of the Russian space agency and its railways, and Putin's point man for energy, Deputy Prime Minister Alexander Novak, will be part of the delegation.

Ahead of the visit, North Korea appears to have been making preparations for a possible military parade in downtown Pyongyang, commercial satellite imagery showed.

The summit presents the greatest threat to U.S. national security since the Korean War, said Victor Cha, a former U.S. national security official now with the Center for Strategic and International Studies.

"This relationship, deep in history and reinvigorated by the war in Ukraine, undermines the security of Europe, Asia, and the U.S. homeland," he wrote in a report on Monday.

He urged Washington to work with Europe and other partners to increase economic and diplomatic pressure on Pyongyang, engage with China, and launch a major human rights and information campaign to flood the North with outside media.

North Korea has been under U.N. sanctions for its ballistic missile and nuclear programs since 2006, and those measures have been strengthened over the years.

The Security Council has been divided over how to deal with Pyongyang.

Russia and China say more sanctions will not help and that joint military drills by the United States and South Korea merely provoke Pyongyang. Two years ago, they vetoed a U.S.-led push to impose more U.N. sanctions on North Korea over its renewed ballistic missile launches.

Washington and its Asian allies accuse Beijing and Moscow of emboldening North Korea by shielding it from more sanctions.

After North Korea, Putin will visit Vietnam on June 19-20.

 

Reuters

Israel's Netanyahu blames Biden for withholding weapons. US officials say that's not the whole story

Israeli Prime Minister Benjamin Netanyahu on Tuesday claimed the United States is withholding weapons and implied this was slowing Israel’s offensive in the southern Gaza city of Rafah, where fighting has exacerbated the already dire humanitarian situation for Palestinians.

President Joe Biden has delayed delivering certain heavy bombs since May over concerns about Israel’s killing of civilians in Gaza. Yet the administration has gone to lengths to avoid any suggestion that Israeli forces have crossed a red line in the deepening Rafah invasion, which would trigger a more sweeping ban on arms transfers.

Netanyahu, in a short video, spoke directly to the camera in English as he lobbed sharp criticisms at Biden over “bottlenecks” in arms transfers.

“It’s inconceivable that in the past few months, the administration has been withholding weapons and ammunitions to Israel,” Netanyahu said, adding, “Give us the tools and we’ll finish the job a lot faster.”

Netanyahu also claimed U.S. Secretary of State Antony Blinken, in a recent visit to Israel, said he was working around the clock to end the delays.

However, Blinken said Tuesday the only pause was related to those heavy bombs from May.

“We, as you know, are continuing to review one shipment that President Biden has talked about with regard to 2,000-pound bombs because of our concerns about their use in a densely populated area like Rafah,” Blinken said during a State Department news conference. “That remains under review. But everything else is moving as it normally would.”

Netanyahu didn’t elaborate on what weapons were being held back, and the Israeli military declined to respond to a request for comment. Ophir Falk, a foreign policy adviser to Netanyahu, deferred questions on details to the U.S. government.

Responding to Netanyahu’s claim Tuesday, White House press secretary Karine Jean-Pierre said, “We generally do not know what he’s talking about. We just don’t.”

She added that the U.S. is having “constructive discussions” with Israel about the paused shipment of heavy bombs and that it’s the only transfer being delayed.

Two top Democrats in Congress cleared the way this week for a $15 billion U.S. sale of F-15s to Israel to move forward, after a delay while one lawmaker sought answers from the Biden administration on Israel’s current use of U.S. weapons in the war in Gaza.

With Israel’s war against Hamas now in its ninth month, international criticism is growing over U.S. military and diplomatic support for the Israel’s campaign of systematic destruction in Gaza, at a huge cost in civilian lives.

The top United Nations court has concluded there is a “plausible risk of genocide ” in Gaza — a charge Israel strongly denies. Israel blames civilian deaths on Hamas, saying militants operate among the population.

Both Netanyahu and Biden are balancing their own domestic political problems against the explosive Mideast situation, and the embattled Israeli leader has grown increasingly resistant to Biden’s public charm offensives and private pleading.

Experts say Netanyahu’s message — delivered only in English — is likely meant to shore up U.S. arms support and doesn’t appear to indicate on-the-ground shortages.

“I’m not worried,” said Itamar Yaar, a former deputy head of Israel’s National Security Council who leads of a group of former senior security officials. He thinks Netanyahu wants “to make it difficult for the Biden administration to delay arms supply in the future.”

Aviv Bushinsky, a former Netanyahu adviser, suggested the prime minister’s office is working to set the agenda for Defense Minister Yoav Gallant’s meetings in the U.S. next week while allowing Netanyahu — rather than Gallant — to claim credit for releasing the shipment of bombs. The video also sets up a speech Netanyahu is set to deliver to Congress in about a week, he said.

“It’s a very belligerent style of diplomacy, but he’s in a win-win situation,” Bushinsky said. “He has nothing to lose at the moment — this serves him in all dimensions, internally, publicly.”

Netanyahu disbanded his war Cabinet on Monday, a move that consolidates his influence over the war and likely diminishes the odds of a cease-fire anytime soon. Critics accuse him of delaying an end to the war because it would mean an investigation into the government’s failures on Oct. 7 and raise the likelihood of new elections when the prime minister’s popularity is low. Netanyahu denies the allegations and says he is committed to destroying Hamas’ military and governing capabilities — no matter how long that may take.

Months of cease-fire talks have failed to find common ground between Hamas and Israeli leaders. Both Israel and Hamas have been reluctant to fully endorse a U.S.-backed plan that would return hostages, clear the way for an end to the war, and begin rebuilding the decimated territory.

Israel’s war against Hamas in Gaza has killed more than 37,100 people, according to Gaza’s Health Ministry, which does not distinguish between combatants and civilians in its count. The war has largely cut off the flow of food, medicine and other supplies to Palestinians who are facing widespread hunger.

Israel launched the war after Hamas’ Oct. 7 attack, in which militants stormed into southern Israel, killed some 1,200 people — mostly civilians — and abducted about 250.

 

AP

RUSSIAN PERSPECTIVE

Russian troops wipe out Western-supplied equipment depot in Ukraine operation

Russian troops destroyed a Western-supplied armament depot of the Ukrainian army over the past day in the special military operation in Ukraine, Russia’s Defense Ministry reported on Tuesday.

Russian troops "also destroyed an attack UAV production workshop and an equipment depot of the Ukrainian army’s 44th artillery brigade used to unload and distribute armament and military hardware delivered by Western countries to the Kiev regime, and struck massed enemy manpower and materiel in 124 areas," the ministry said in a statement.

Russia’s Battlegroup West inflicts 455 casualties on Ukrainian army over past day

Russia’s Battlegroup West inflicted roughly 455 casualties on the Ukrainian army over the past day, the ministry reported.

"Battlegroup West units gained better ground and inflicted casualties on formations of the Ukrainian army’s 163rd mechanized, 3rd tank and 3rd assault brigades in areas near the settlements of Novovodyanoye in the Lugansk People’s Republic, Peschanoye in the Kharkov Region and Torskoye in the Donetsk People’s Republic. In addition, they repulsed four counterattacks by assault groups of the Ukrainian army’s 115th mechanized and 12th special operations brigades. The enemy lost as many as 455 personnel, a 122mm Gvozdika motorized artillery system and a US-made 105mm M119 artillery gun," the ministry said.

 

Ukrainian drone attack causes fire at Russian oil terminal

A Ukrainian drone strike caused a large fire in a fuel tank at an oil terminal in Russia's southern port of Azov on Tuesday, according to Russian officials and a Ukrainian intelligence source.

Russia's ministry of emergency situations said a large fire-fighting team was tackling the blaze. Regional channels of the Telegram messaging app said a tank with methanol was on fire.

The Ukrainian source told Reuters the attack had been carried out by the Security Service of Ukraine (SBU).

"Powerful fires broke out at the facilities after the successful deployment of SBU drones," the source said, adding that the SBU agency would keep attacking Russia's oil refining complex in order to hinder its war effort.

The port of Azov has two oil product terminals, DonTerminal and Azovproduct, which handled a total of about 220,000 tons of fuel for export during the period from January to May 2024.

 

Tass/Reuters

Nvidia has become the world’s most valuable company following a staggering rally in its shares, underlining the outsized role investors expect artificial intelligence to play in the global economy over coming years.

Nvidia shares rose 3.5% on Tuesday, giving it a market value of about $3.34 trillion. That pushed the semiconductor bellwether past Microsoft and Apple, which had been jostling for the top spots in recent days.

The surge in Nvidia's market value has been driven by demand for its chips, which are the gold standard in the AI space. The company's shares are up more than 170% this year and have risen about 1,100% since their October 2022 low.

Blockbuster earnings and broadening investor enthusiasm over AI are supercharging Nvidia's rally. That fervor has been reflected in Nvidia’s market value, which took only 96 days to go from $2 trillion to $3 trillion.

Microsoft, one of the two other companies to reach those rarefied levels, took 945 days to go from $2 trillion to $3 trillion while Apple took 1,044 days to make the leap, according to Bespoke Investment Group.

Previously, just 11 U.S. companies since 1925 have reached the top spot in market value on a closing basis, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

Fortunes have diverged for past holders of the top position in recent decades. Microsoft reached No. 1 in the late 1990s but then its shares struggled for years during the early 2000s following the dotcom bubble, only to come roaring back in the latter half of the last decade.

Exxon Mobil became the world’s most valuable company in the 2000s but its shares retreated following a downturn in oil prices.

To some, Cisco is the cautionary tale. The company’s shares peaked at over $80 in March 2000 in the midst of the dotcom boom, during which investors often assigned dizzying valuations to internet-related companies.

Bespoke’s analysts recently contrasted the trajectories of Nvidia and Cisco, whose products were seen as essential in supporting the internet's infrastructure.

"NVDA's run has been incredible, but it will need to keep growing from here and stave off competition if its stock is going to keep putting up stellar returns," Bespoke said in a recent note.

For now, Nvidia’s earnings are supporting its stock price. Revenue more than tripled to $26 billion in the latest quarter, while net income jumped seven-fold to $14.9 billion.

Revenue for the current fiscal year is expected to roughly double to $120 billion, and then rise another 33% in fiscal 2026, to $160 billion, according to LSEG data.

Nvidia's impressive financial performance and forecasts have led its stock valuation, by some measures, to moderate despite the surge in its share price.

For example, Nvidia's forward price-to-earnings ratio last stood at 43, according to LSEG Datastream. That is higher than the 25 level it stood at to start the year but below levels it reached for much of last year. By contrast, the S&P 500 trades at 21 times earnings.

While Nvidia has been the standout performer, it is not the only stock to benefit from enthusiasm about the profit potential for AI. Shares of other technology companies, including Super Micro Computer and Arm Holdings , have also risen sharply this year.

 

Reuters

Long hours, heavy workloads, tight deadlines, job insecurity, a lack of control over your schedule and generally feeling unsupported can leave you feeling unhappy and discontented with your work environment. If gone unchecked for too long, this kind of chronic workplace stress can lead to job burnout.

As a Harvard-trained psychologist, one of the best ways to cope with these stressors is to set healthy boundaries. It might sound like a tall order. You may worry that you will make yourself seem difficult or unprofessional. But setting healthy boundaries is key to mental health and stress-relief. 

Simply put, boundaries are relationship expectations. 

They establish who you are, what you’re willing to do — and not do — as well as how you want to be treated and what you’ll do if someone violates those expectations. Boundaries reflect your values as a person. Establishing them helps you feel a sense of belonging, competence, safety, fairness and meaning in your work environment.

Although we don’t have the power to change other people or a company’s culture on our own, communicating our boundaries promotes a healthier professional environment for all. Here are eight phrases you can use to start setting clear boundaries today. 

1. ‘I need more time’

Setting reasonable timelines is helpful for managing stress. When asked to do a task or project that’s going to require more time than requested, communicate that as early as possible.

This boundary sets the expectation that you’re both willing to do what’s required and reasonably need the time it takes to do it well.

2. ‘I’m not available’

Establishing when you’re on the clock and when you aren’t is also key to reducing stress. If you find yourself continuing to check work-related emails or taking calls when you’re on vacation or supposed to be “off-duty,” this communicates to those around you that you’re always available. 

Setting a boundary that there are times that you will be unavailable because other aspects of your life will sometimes take priority, is critical to self-care.

3. ‘I need help’

When a task becomes overwhelming or is outside of the scope of what you know how to do, asking for help is reasonable and warranted. It sets the boundary that you need some assistance to do a job well, and that you care enough to ask for it.

4. ‘Please speak to me respectfully’

Some work environments can be toxic — negative, unsupportive or downright abusive. But even in healthy environments, stress can make people speak in unintentionally disrespectful ways.

If you find yourself in an emotionally heated situation that’s derailing into a tense moment, or even a full-blown argument, it’s important to set a boundary around communication itself. Stating that you’d like people to speak to you respectfully or you will walk away, is a healthy boundary to set in any relationship, including with coworkers and colleagues.

5. ‘I have a suggestion’

When confronted with a situation that’s not going well, one way to set a boundary is to describe your observations and suggest an alternative strategy for handling it. 

In this way, you’re communicating that you don’t like the way a current situation is being handled while taking a proactive, problem-solving approach about how to handle it in a way that could work better for you.

6. ‘I feel underappreciated’

Work-related stress is often elevated when your effort doesn’t seem noticed, acknowledged or appreciated. If that’s happening to you, it’s very reasonable to talk to colleagues or high-ups that you’re working hard but feel undervalued. 

This sets an expectation that when you think you’re doing a great job, it’s important to you to have that acknowledged.

7. ‘This doesn’t seem fair’

The perception of unfair treatment is a key predictor of work-related stress and burnout. When a policy or experience doesn’t seem ethically handled, directly communicating your experience not only makes your perspective of unfairness clear, it also creates a mechanism for change.

8. ‘I want to be more engaged’

Work-related engagement is the opposite of burnout. It’s being part of a workplace that feels like a good fit for who you are. This includes thinking that your career is meaningful, feeling connected to your colleagues, experiencing positive feelings towards your job and being valued or competent in your work community.

When you don’t feel engaged at work, communicating that directly conveys that you want to be a more connected, productive member of your organization or group.

Don’t be afraid to set boundaries at work 

Establishing boundaries at work can sometimes feel uncomfortable for many people because it can be vulnerable and feel risky. But ultimately, communication is key to developing and maintaining positive work relationships. 

Although we don’t have control over other people and how they respond to us, we have control over our own behavior. If a productive conversationdoesn’t seem possible, walking away and processing your experience with someone who can listen, support you and validate your experience is always a good option.

 

CNBC

For patients in Nigeria, the outrageous cost of life-saving drugs is a daily burden. Several people are now forced to take a risk with their health by extending or missing doses, settling for less potent substitutes, resorting to self-medication or traditional healers, or stopping medication entirely.

For those battling chronic ailments such as diabetes, high blood pressure or cancer, the affordability crisis has pushed essential medications and treatment out of reach for many Nigerians and strained the public healthcare system.

Experts are worried that a significant number of patients who are not taking their medications as prescribed, stand to develop complications and incur even more expensive interventions later.
Some patients, who spoke with our correspondents bemoaned the negative effects that rising drug costs are having on their well-being, financial situation, and survival.

Ngozi Uchenna, a petty trader, was concerned about her 10-year-old daughter’s persistent cough. At the neighbourhood health centre in Ikeja, Lagos, she was visibly worried at the high cost of the prescribed cough mixture. “I cannot afford the drugs, so I’m taking my child back home,” she stated.
James Akor, who had been coping with sporadic coughs and chest pains, said he resorted to taking herbal mixtures because the hospital treatment bills were outrageous.

“One of the drugs the doctor said I shoud buy costs N120,000 and I will need to buy it two or three times every month. Another drug is about N55,000. Where will I get the money? I don’t have it,’’ he lamented.
‘I can’t afford N1.2m for one drug’

Dayo A. who was diagnosed with prostate cancer in 2023, has not purchased any of the drugs prescribed for him.

He lamented: “The cancer was detected mid-stage, I am only on palliative treatment. One of the drugs prescribed for me was Lupron Depot. The doctor said I should take it once every six months, but it cost N1,200,000.

“I am self-employed and not on health insurance, so I could not afford it. I was placed on another drug, Zoladex, but one vial costs about N750,000, which was also unaffordable for me.”

For Olu F., a father of three, who lamented that paying his hospital bills was a nightmare, said: “I’m a civil servant with a heart problem. Actually, I’m on a basic health insurance plan, but it does not cover the full cost of treatment for my condition, so I’m paying out of pocket.

“I’m usually sacrificing one for the other. It is either I buy my drugs and not pay for one other need or I skip my medication. Either way, it’s not in my favour.”

Kate B. who is diabetic also has a sad story; and many older adults like her are particularly impacted by the rising costs of diabetes drugs, rationing their medication just to make it last.

Hers is a plight of being forced to choose between buying medicine and putting food on the table.

A market survey by Vanguard in Lagos revealed that the prices of common medications such as painkillers, antibiotics, anti-hypertensives and anti-diabetics have been increasing steadily since the beginning of the year.

Hardest hit are prescription drugs, the cost of some of which runs into millions of naira in some instances.

Causes of high cost of drugs

At the pharmacies, it was gathered that in addition to the naira devaluation, price adjustments by drug manufacturers, government regulations, taxes, availability and demand for specific medications are factors driving price increases.

Towards the attainment of the United Nations Sustainable Development Goal, SDG3, and Universal Health Coverage, UHC, the Federal Government assented to the 2014 National Health Bill aimed at providing increased access to basic health care for the vulnerable population.

But even this has failed because many Nigerians still pay out of pocket for medical expenses, pushing more families into experiencing burgeoning health expenditures.

With hospital care gradually becoming financially out of reach, Nigerians are turning to cheaper but largely untested options such as home remedies, herbal medicines, among others.

But experts are worried by this development. The consensus was that out of pocket expenditures will prevail until the gaps in financing essential health care services, particularly preventive health services, is addressed.

Worry over traditional, herbal medicine

A general practitioner at a General Hospital in Lagos, Femi Akintunde, cautioned that though traditional medicine practices and herbal treatments are prevalent and offer familiarity and cultural relevance, their effectiveness can vary significantly.

“When treatment costs become too high, people are forced to seek affordable and untested alternatives. Although traditional medicine practices and herbal treatments are widely used in Nigeria, their effectiveness can be unpredictable,” Akintunde warned.

Further he said: “While going to the pharmacy is okay for consultations for minor ailments and over-the-counter medications, relying on them for serious conditions can be risky due to limitations in diagnosis.

“Though public clinics offer affordable care, they may face resource limitations and longer wait times. The bottom line is that the inability to access proper diagnosis and treatment from qualified professionals can worsen health outcomes.”

Roadblocks to good healthcare

Another consultant medical practitioner, Bola Akinlolu, identified three major roadblocks to receiving good healthcare in Nigeria today: exorbitant costs for medications and treatment, long distances to reach medical facilities, and sometimes dismissive attitudes from healthcare providers.

Akinlolu emphasised that high cost remained the most critical hurdle, saying without health insurance or the ability to pay out-of-pocket, necessary treatment or medication might be out of reach.

“Of these, the issue of high cost is the most significant, because even if the patient succeeds in getting to the healthcare facility, and there are health workers to attend to them, there is little that can be done if such patient is not covered by health insurance, and cannot pay the treatment bill out of pocket or cannot afford to buy the required drugs,” he remarked.

Titilola Lawal, a registered nurse and midwife at a Lagos government hospital, blames skyrocketing medication prices as a key reason patients struggle to stick with their treatment plans.

While acknowledging that side effects could also make treatment compliance difficult, Lawal argued that cost was the biggest hurdle.

“Several factors can affect medication adherence but nowadays, high cost is number one. Medications in general are expensive, but some prescriptions, especially ‘orphan drugs’ for chronic illnesses like cancer, heart disease, and diabetes, can cost millions of naira,” she said.

Lawal explained that even with health insurance, the cost of these drugs could be overwhelming, leading patients to skip doses or ration their medication.

She added that some patients might even start treatment but abandon it halfway when the costs become unbearable.

She expressed particular concern for patients on multiple medication, saying managing such regimens could be challenging, and that high costs could increase the risk of accidentally skipped doses or medication errors.

Tolu Adetola, a pharmacist also regretted the development, warning that delay is dangerous.

“When people delay seeking medical attention, their condition can worsen and become more difficult to treat. This can lead to complications, increased healthcare costs, and even death.

“Worse still, if people with infectious diseases don’t seek medical attention, they can unknowingly spread the illness to others. This can be a particular risk for vulnerable populations.

“The rising costs of medical treatments and drug prices, exacerbated by the weakening value of the naira against foreign currencies, are negatively impacting families.

“Many households struggle to manage their healthcare expenses, which in turn affect their allocation of funds for necessities such as food and transportation.

“The general lack of reliable health insurance coverage by significant number of Nigerians further complicates the situation. Even where insurance is available, insurance companies are grappling with higher costs due to expensive medications,” Adetola said.

Catastrophic health expenditure

Launched in 2005, Nigeria’s National Health Insurance Scheme, NHIS, aimed to make healthcare affordable and accessible.

However, many Nigerians still face out-of-pocket medical expenses, risking financial hardship due to high costs. “What most Nigerians are facing today as a result of the economic downturn is catastrophic health expenditure.

‘’This is the health care payment beyond a certain fraction, that incurs negative economic consequences, ranging from sacrifice of basic goods and services, depletion of savings by individuals and families, to loss of income, and productivity, as well as disruption of welfare and living standards.

“Narrowing economic status gap across households, and increasing the depth of insurance are crucial mechanisms to reduce the probability of incurring catastrophic health expenditures in Nigeria,” he stressed.

 

Vanguard