Tag: Loans

ADC accuses Tinubu govt. of fiscal recklessness over ₦1.15tr fresh loan

Aminu Imam
ADC accuses

The African Democratic Congress (ADC) has criticised the Federal Government’s recent approval of ₦1.15 trillion in domestic borrowing, describing it as reckless and inconsistent with President Bola Ahmed Tinubu’s earlier claims on Nigeria’s revenue performance. In a statement issued on Thursday by its National Publicity Secretary, Bolaji Abdullahi, the ADC accused the Tinubu administration of worsening Nigeria’s debt crisis despite boasting of meeting non-oil revenue targets. The party warned that if all of President Tinubu’s 2025 loan requests are approved, the country’s total public debt could increase by ₦40.61 trillion,…

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Flood Disaster: FG to disburse ₦6.3bn interest-free loans to 21,000 victims

Aminu Imam
FG to disburse

21,000 Nigerians affected by flood disasters across the country are to benefit from a Federal Government interest-free loan totalling ₦6.3 billion. Minister of State for Humanitarian Affairs and Poverty Reduction, Yusuf Sanunu, disclosed this yesterday, at a roundtable event to mark this year’s ‘International Day for Disaster Risk Reduction’, in Abuja. The event had in attendance Vice-President Kashim Shettima, the Deputy Speaker of the House of Representatives, Benjamin Kalu, Governor Dauda Lawal, of Zamfara State, lawmakers and international partners among others. Sununu said the intervention is to mitigate the impact…

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FG to disburse interest-free loans to small businesses, farmers nationwide

Aminu Imam
FG to disburse

The Federal Government will soon commence disbursement of interest-free loans to smallholder farmers and businesses across the country before the end of 2025. The National Programme Manager of the Government Enterprise and Empowerment Programme, (GEEP), Hamza Ibrahim Baba, made this known on Friday in Kaduna during an engagement with representatives of the traders’ associations and other stakeholders in the state’s informal business sector. He said the loans, up to N100,000 per beneficiary, were part of the FarmerMoni scheme under GEEP, aimed at supporting small-scale farmers involved in poultry, aquaculture, livestock…

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“Probe $1.5bn W’Bank loan to States, $3bn Chinese loan” – SERAP urges Tinubu

Aminu Imam
SERAP World Bank

The Socio-Economic Rights and Accountability Project, (SERAP), has called on President Bola Tinubu to instruct the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), along with relevant anti-corruption agencies, to conduct a thorough investigation into the use of a $1.5 billion World Bank loan and a $3 billion Chinese loan. In an open letter dated August 10, 2024, signed by its Deputy Director Kolawole Oluwadare, SERAP said it is concerned about potential mismanagement and corruption related to these loans, arguing that if there is sufficient evidence,…

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Bank chiefs obtain N549bn insider loans in five years

Aminu Imam
Banks banners

Directors and key management personnel of Deposit Money Banks borrowed about N549billion from their financial institutions in five years. This is according to analysis of the banks annual reports filed with the Nigerian Stock Exchange Limited between  2019 and 2023. However, the banks loans and advances to some directors and key management personnel as well as related party transactions dropped significantly in 2023. These transactions dropped to N52.40bn for eight financial institutions, when compared to N111.31bn in 2022, indicating a 52.92 percent decline in one year. This decline came amid…

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CBN to recover N20tr bad loans by bank owners, insiders

Aminu Imam

Major Nigerian banks are in a state of panic, as the new Central Bank of Nigeria (CBN) governor, Olayemi Cardoso moves to wield his regulatory oversight by scrutinizing the over N20 trillion of loans taken by bank insiders, major owners and shareholders. It was learnt that Cardoso has sent out sets of special examiners who are currently digging into the books of the major banks. Close to the end of the first quarter of 2024, many banks have still not released their Full Year 2023 financials. This is because Cardoso…

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