Nigeria’s Debt Climbs To N36 Trillion

Nigeria’s public debt, which includes domestic and external commitments of the Federal Government, 36 state governments, and the Federal Capital Territory (FCT), has climbed to N35.465 trillion as of June 30, according to the Debt Management Office (DMO). Ms. Patience Oniha, Director-General of the Debt Management Office, made the announcement during a public debt presentation on Wednesday evening. Nigeria’s total public debt stock, according to her, was N33.107 trillion ($87.239 billion) as of March 31, 2021, but had risen to N35.465 trillion by the end of June. From the end of the first quarter to the end of the second […]



E-payment Transactions Surge By 85.51% In One Year

According to data received from the Nigeria Inter-Bank Settlement System, electronic payment transactions in Nigeria surged by 85.52 percent year on year to N171.99 trillion in August 2021. E-payments totaled N92.71 trillion from January to August 2020. In the same period in 2021, it climbed to N171.99tn, an increase of 85.52 percent year on year. The Nigeria Instant Payment System and Point of Sale terminals are used to track e-payment transactions on the NIBSS. NIP transactions increased by 86.79 percent year on year, from N89.90 billion in 2020 to N167.93 billion in 2021. PoS transactions increased 44.85% year on year,[…]



Fidelity Bank’s Profit Before Taxes Increased By 72 Percent To N21 Billion In The First Quarter

Fidelity Bank Plc reported a profit before tax (PBT) of N20.6 billion for the half-year (H1) ended 30 June 2021, up 72 percent from the N12.0 billion it reported in the same period last year. The N20.6 billion PBT was accomplished, according to the tier-2 lending bank, as a result of higher client transactions and enhanced operating efficiency. The bank had a profit after tax (PAT) of N19.306 billion, up 70% from N11.303 billion in the same quarter of 2020. Mrs. Nneka Onyeali-Ikpe, the bank’s Managing Director/Chief Executive Officer, said: “We maintained our impressive financial performance with double-digit growth in[…]