Tag: loans
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CBN to PSBs: Don’t give loans to customers
Payment Service Banks (PSBs) operating in the country have been directed not to grant loans to their customers because they are not authorised to do so. This directive was contained in the guidelines for licencing and regulation of PSBs released a few days ago by the Central Bank of Nigeria (CBN). The apex bank in…
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Atiku lambasts Buhari: ‘Trading Nigeria’s sovereignty for loans, height of irresponsibility’
Former Vice President, Alhaji Atiku has again taken lambasted President Muhammadu Buhari-led government over the nation’s rising debt profile. Atiku in a statement on Sunday issued by his media office said though loans are not bad things in themselves, taking them for unproductive purposes remains a disservice to any nation. “Two months ago, the former…
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Amaechi reacts as DMO releases details of loans Nigeria obtained from China
The Debt Management Office (DMO) has released the details of the status of loans Nigeria obtained from the Export-Import (EXIM) Bank of China as at March 31, 2020. The projects listed in the document released by DMO are the Nigerian National Public Security Communication system Project, the Nigerian Railway Modernization Project (Idu- Kaduna section) and…
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Banks’ lending to private sector declines by N600.60b in Q2 – NBS
The total loans granted by Nigerian banks to the private sector declined from N16 trillion in the first quarter of 2017 to N15.34 trillion in the second quarter of 2018, a difference of N600.60 billion. A report by the National Bureau of Statistics (NBS) on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels…
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CBN orders banks to offer loans to agric, manufacturers at nine per cent
The Central Bank of Nigeria (CBN) will be refunding Cash Reserve Ratio (CRR) to banks that fund projects in agriculture and manufacturing sectors, its Director of Banking Supervision, Abdullahi Ahmad, has said. Speaking on Thursday at the end of the Bankers’ Committee meeting in Lagos, Ahmad said the outlook for the economy in 2018 is…
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Non-performing loans: CBN bars banks, discount houses from paying dividends to shareholders
In a smart move to stop Deposit Money Banks and Discount Houses with huge bad loans and low capital base from total collapse, the Central Bank of Nigeria (CBN) has stopped such banks from paying dividends to shareholders. This is due to the rising non-performing loans and the need to stop further erosion of the…
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Only four states can survive without loans in Nigeria
Civil society organisation, BudgIT, in a new report has said only four states in Nigeria can pay salaries without borrowing. The report titled State of State 2017, was launched on released to the public on Friday. The report said, “Important is states’ ability to meet their recurrent expenditure obligation with all revenue source — a…
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Federal Government MDAs’ owing N178bn outstanding loans – DMO
The Debt Management Office, DMO, has put the debts of ministries, departments and agencies, MDAs of the Federal Government at N178.09bn. In a report titled: ‘Federal Government On-Lent Loans to MDAs,’ the DMO disclosed that it raised the funds which were lent to various MDAs to carry out specific assignments in order to boost economic…
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Microfinance banks loans to MSMEs hit N214b in Dec 2016 — CBN
The Central Bank of Nigeria (CBN) on Friday said that total credit granted by Microfinance banks to Micro Small and Medium Enterprises (MSMEs) has hit N214.32 billion as at December 31, 2016 The Director of Other Financial Institutions Supervision Department (OFISD),Mrs Tokunbo Martins made this known at the 2nd Annual Professional Training organised for Lagos…
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1.2 million Nigerians to get from single-digit loans – FG
The Federal Government on Sunday said that 1.2 million Nigerians would be given soft loans at two or three per cent interest rate as part of efforts to create jobs under its social investment programme. Mr Laolu Akande, the Senior Special Assistant to the Vice President on Media and Publicity, said this when he appeared…