Nine Nigerian banks raked in a combined interest income of N14.26 trillion in 2024, an analysis of the audited financial results of the financial institutions shows. As the banks made trillions of naira from the interest on loans given to customers during the review period, manufacturers counted their losses, groaning under the weight of soaring borrowing costs totalling N1.3 trillion …

Delta State government has said it has not entered into any borrowing relationship with any institution, saying that it had not borrowed a dime since Governor Sheriff Oborevwori took over governance. The Commissioner for Finance, Chief Fidelis Tilije, who disclosed this at a press conference in Asaba on Friday, noted that the state remained, in terms of financial terms, the …

The federal government, on Thursday, said the disbursement of N150 billion loans to micro, small and medium enterprises (MSMEs) and manufacturers would commence by the end of July 2024. The fund dedicates N75 billion to MSMEs and another N75 billion to the manufacturing sector. It also disclosed that 60 per cent of the proposed one million beneficiaries of the Presidential …

Benue State Governor, Rev. Fr. Hyacinth Alia has said, for record purposes, that his administration is yet to borrow a dime since he became governor on 29 May 2023. The governor said he would only do so when it becomes extremely necessary, adding that “for now, prudence in governance must know us and call us by name”. Alia disclosed this …

The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25 billion on 13 June 2024. The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5 billion. The …

No fewer than 200,000 small-scale businesses have signified their interest in obtaining credit facilities worth N5 billion from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). This follows an agreement signed by the agency in partnership with Sterling Bank to disburse loan options ranging from N250,000 to N2,500,000 at a single-digit interest rate of nine per cent, facilitating …

Oyo State Government on Saturday flagged off the disbursement of student relief loan for about 96 indigenes of Iresa Adu in the Surulere Local Government Area of the state. The first phase of the interest-free loan disbursement was held on Friday, 5 January, at Iresa Adu Town Hall, Iresa Adu, and it was designed for both undergraduate and postgraduate students …

The Office of the Vice President on Tuesday said it would commence the disbursement of loans to Micro Small and Medium-sized Enterprises in collaboration with the Bank of Industry in January 2024. “The loans totaling about N75bn will be given to small businesses nationwide at an interest rate of 9 per cent,” a statement signed by the Senior Special Assistant …

The Federal Government has confirmed that it is in talks with the World Bank for a $1.5 billion budget support loan. The government also said it would release a new Medium-Term Expenditure Framework later this month. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made the disclosure on Saturday during a press conference at the …

The World Bank has approved a fresh $700million loan for Nigeria to enhance adolescent girls’ learning and empowerment. It disclosed this in a statement published on its website on Friday. The new loan is to provide additional funds for an ongoing project known as the Adolescent Girls Initiative for Learning and Empowerment. The statement read, “The World Bank approved additional …