News
FG spends $600m monthly on fuel importation – Minister of Finance, Wale Edun
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, has revealed that Nigeria currently spends $600 million each month on fuel imports.
Edun attributed this high expenditure to neighboring countries, extending to Central Africa, benefiting from Nigeria’s fuel imports.
Edun disclosed this information during an interview on AIT’s Moneyline program on Wednesday, August 7. He explained that this situation significantly influenced President Bola Tinubu’s decision to remove the fuel subsidy, as the country lacks accurate data on domestic fuel consumption.
According to a report by the National Bureau of Statistics, Nigeria’s petrol imports were reduced to an average of one billion liters monthly after President Bola Tinubu removed the fuel subsidy on May 29 last year.
“The fuel subsidy was removed on May 29, 2023, by Mr. President, and at that time, the poorest 40 percent of the population was only getting four percent of the value, and basically, they were not benefiting at all. So it was going to just a few,” Edun said.
He further elaborated, “Another point that I think is important is that nobody knows the consumption in Nigeria of petroleum. We know we spend $600 million to import fuel every month, but the issue here is that all the neighboring countries are benefiting.
“So we are buying not just for Nigeria, but for countries to the east, almost as far as Central Africa. We are buying for countries to the North and the West. And so we have to ask ourselves as Nigerians, how long do we want to do that for, and that is the key issue regarding the issue of petroleum pricing.”
Edun emphasized that the welfare of Nigerians remains a key priority for the current administration, particularly ensuring food availability and affordability.
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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