Finance THE CHALLENGING ECONOMIC SITUATION OF THE COUNTRY HAS PUSHED MORE NIGERIANS INTO DEBT AS ABOUT N290BN WAS BORROWED FROM BANKS IN THREE MONTHS.

WE ARE YET TO DECIDE PRESIDENTIAL CANDIDATE TO SUPPORT- WIKE

Adeyemi Olajide » The challenging economic situation of the country has pushed more Nigerians into debt as about N290bn was borrowed from banks in three months.

The challenging economic situation of the country has pushed more Nigerians into debt as about N290bn was borrowed from banks in three months.

This is according to the recent Economic Report for the Second Quarter of 2023 by the Central Bank of Nigeria (CBN).

According to the report, consumer credit, which includes personal and retail loans, increased by 12.2% from N2.35 trillion in the first quarter of 2023 to N2.64 trillion by Q2 of the same year.

This means an increase of N290bn in three months between April and June this year.

Out of the total consumer credit of N2.64 trillion as of June 2023, personal loans makeup N1.92 trillion (72.9 %) while retain loans make up N715.10 billion (27.1%).

The report read:

Consumer credit improved owing to increased demand for personal loans and strengthened enforcement of the Loan-to-Deposit Ratio (LDR) policy. Consequently, total consumer credit increased significantly by 12.2%, to 2,637.31 billion in the second quarter of 2023, compared with 2,349.88 billion at the end of the preceding quarter.

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THE CHALLENGING ECONOMIC SITUATION OF THE COUNTRY HAS PUSHED MORE NIGERIANS INTO DEBT AS ABOUT N290BN WAS BORROWED FROM BANKS IN THREE MONTHS.

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