04
OctThe Bank of Agriculture, BOA, asserts that it is diligently working to recover the N243 million loan extended to 150 Kwara debtors between 2011 and 2024. In an interview with the News Agency of Nigeria on Monday in Ilorin, BOA Ilorin Branch Manager Dele Aderibigbe revealed this information. According to him, the warehouse loan is classified as bad debt but is still being monitored for recovery. The BOA manager stated that the bank was already in discussions with telecommunications companies and other parties that could facilitate the tracing of debtors. “The loan is intended to be a revolving loan that […]
16
AugThe Ad-hoc Committee on Student Loan Fund and Access to Higher Education in Nigeria of the House of Representatives proposes an increase of 3% for the recently announced 1% increase in student loans by President Bola Ahmed Tinubu. The panel held this view during a public hearing held at the National Assembly to assess the level of progress made thus far by a presidential committee tasked with removing all legal obstacles impeding Nigerian students’ access to the loan. The Chairman of the Ad-hoc Committee, the Honorable Terseer Ugboh, has proposed an increase from one percent to three percent of the[…]
16
AugDue to lack of foreign exchange, Nigeria’s inflation rate in July 2023 reached the highest rate in years at 24.08%. The July 2023 rate increased by 1.29% points compared to the previous month’s rate of 22.79%, the National Bureau of Statistics (NBS) reported in a Tuesday report on the Consumer Price Index (CPI). The Consumer Price Index monitors the rate of price change for goods and services. On July 25, 2023, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent. The interest rate hike happened amid rising food prices and growing[…]