News
FG VAT Collection Up 9.11% to N1.56tn
The federal government’s aggregate receipt of the Value Added Tax (VAT) in Q2 2024, stood at N1.56 trillion, indicating a growth rate of 9.11 per cent on a quarter-on-quarter (QoQ) basis from N1.43 trillion in Q1 2024.
The figure represents a 99.82 per cent increase compared to the N781.35 billion collected in the corresponding quarter of last year.
According to numbers released by the Nigeria Bureau of Statistics (NBS), On a quarter-on-quarter basis, the Q2 VAT rose by 9.11 per cent from N1.43 trillion in Q1 2024.
The data showed that local VAT payments recorded were N792.58 billion, foreign VAT payments stood at N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
Analysis of the NBS numbers showed that human health and social work activities recorded the highest growth rate with 98.44 per cent, followed by agriculture, forestry and fishing with 70.26 per cent, and water supply, sewerage, waste management and remediation activities with 59.75 per cent.
Contrarily, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –46.84 per cent, followed by real estate activities with –42.59 per cent.
In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78 per cent; information and communication with 9.02 per cent; and mining and quarrying with 8.79 per cent.
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 percent, followed by activities of extraterritorial organisations and bodies with 0.01 per cent; and water supply, sewerage, waste management and remediation activities with and Real Estate Services 0.04 per cent each.
“However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82 per cent from Q2 2023,” NBS stated.
News
FDA Okays Elon Musk’s ‘Blindsight’ Brain Chip to Restore Vision for the Blind
Neuralink, the brain-chip company co-founded by Elon Musk, has achieved a significant milestone with its latest device, “Blindsight,” receiving the U.S. Food and Drug Administration’s (FDA) breakthrough designation.
This recognition highlights the potential of Blindsight to restore vision to individuals suffering from complete or partial blindness, including those with damaged optic nerves.
Blindsight is designed to help even those who have been blind since birth, provided their visual cortex remains functional.
Initially, the device is expected to offer low-resolution vision, but over time, it holds the potential for users to perceive advanced wavelengths like infrared and ultraviolet, offering possibilities beyond natural sight.
Neuralink, established in 2016, is pioneering brain-computer interfaces aimed at addressing neurological disorders. Its technology includes brain implants capable of reading neural signals and wirelessly transmitting them to external devices.
The company is also working on devices to assist paralyzed individuals in controlling digital tools using their thoughts.
Recent developments include the successful implantation of Neuralink’s brain-computer interface in a second patient, who is now able to control video games and design 3D objects using thought alone.
News
Nigeria’s Mpox Cases Mostly Affect Children, Men – NCDC
Mpox infections are disproportionately affecting children and males in Nigeria, according to recent data from the Nigeria Centre for Disease Control and Prevention (NCDC).
Since January 2024, males have accounted for 67% of Mpox cases, with men making up approximately 70% of the 6,001 suspected and confirmed cases recorded since September 2017.
The disease is spreading rapidly, with 1,031 suspected cases reported across 47 local government areas in 23 states and the Federal Capital Territory.
Children under five years old are among the most affected, followed by the 26-30 and 46-50 age groups.
Mpox is an infectious disease caused by the monkeypox virus, characterized by a painful rash, swollen lymph nodes, and fever. While most people recover fully, some may become seriously ill.
The disease can spread from animals to humans and between humans through close contact, respiratory droplets, and contaminated objects.
To combat the outbreak, Nigeria has received a donation of 10,000 doses of Jynneos, a Mpox vaccine, from the United States government.
News
Avanti Communications, IHS Nigeria Recognized with Universal Broadband Award for Connecting Rural Nigeria
Global multi-orbit satellite provider, Avanti Communications (“Avanti”), and IHS Nigeria, part of the IHS Holding Limited (NYSE: IHS) (“IHS Towers”) group, have been recognized for their work in connecting rural Nigeria at the 2024 World Space Business Awards.
Each year at World Space Business Week, Novaspace, a merger of Euroconsult and SpaceTec Partners, award the most forward-thinking businesses and innovations contributing to the future of the global space sector.
The Universal Broadband Award recognizes those committed to helping transform the lives of underserved communities.
Together, Avanti and IHS Nigeria have been helping improve the connectivity landscape across Nigeria, bringing broadband connectivity to rural communities nationwide, where the cost of traditional telecommunications networks can leave millions behind.
IHS Nigeria already has a strong footprint in Nigeria, operating over 16,000 towers across the country.
To help extend this reach, Avanti has been supplying the physical, transport and network layer for the transmission of cellular backhaul traffic to and from cellular towers, back to the core network of mobile network operators.
The partnership has delivered fast, cost-effective and reliable 3G and 4G connectivity to 700 rural sites across Nigeria, directly benefitting more than 3.5 million people.
Mohamad Darwish, CEO, IHS Nigeria, said, “We are deeply honored to receive this award, recognizing our commitment to innovation and social responsibility in expanding global connectivity.
As one of the largest independent tower companies globally, IHS Towers is dedicated to helping bridge the digital divide, particularly in Nigeria, where we operate more than 16,000 towers.
IHS Nigeria’s partnership with Avanti Communications has been pivotal in bringing broadband connectivity as well as delivering sustainable, reliable, and cost-effective solutions to rural areas. Together, we are striving to help transform lives by enabling digital inclusion, job creation, and driving socio-economic development across underserved and unserved communities.”
Kyle Whitehill, CEO at Avanti, said, “The mission to provide cost-effective, reliable, and sustainable internet solutions is more than a professional endeavour; it is a mission we each carry personally at Avanti. Access to the internet is not a luxury, it is a necessity.
“It opens doors to education, healthcare, economic opportunities, and global connectivity. For too long, the remote and hard-to-reach regions of Africa have been left in the dark, disconnected from the boundless potential connectivity brings.”
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