01

Nov

Banks Begin Deducting Loans From The Accounts Of Habitual Debtors

According to research, Deposit Money Banks are recovering debts due by chronic debtors from their accounts in other banks in order to slow the increase of non-performing loans in the industry. According to data from the Central Bank of Nigeria and the National Bureau of Statistics, NPLs in banks decreased slightly from N1.2tn at the end of the second quarter of 2020 to N1.1tn at the end of July 2021. Despite an increase in gross loans in the industry during the time, this is the case. The CBN stated that the actions it implemented, such as the Global Standing Instruction, […]

12

Oct

AfDB President – Nigeria must Address Its Debt Problems

Dr. Akinwumi Adesina, President of the African Development Bank, has encouraged the country to take quick action to address debt difficulties, noting that debt servicing costs and inadequate foreign exchange policies are substantial impediments to the country’s economic progress. Adesina made the remarks on Monday during the Mid-Term Ministerial Performance Review Retreat, which was held both virtually and physically at the Presidential Villa. He emphasized the importance of repairing the country’s economic framework. “Nigeria must address its debt challenges decisively,” he stated. The issue is not the debt-to-GDP ratio, as Nigeria’s debt-to-GDP ratio of 35% is still considered reasonable. “The[…]

16

Sep

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[…]