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BAD LOANS: Banks Reduce Consumer Credits By 11%
~0.5 mins read
Lending by banks to consumers fell cumulatively by 11 percent or N100 billion to N1.4 trillion over two months – July and August 2020 – driven by pressure to curtail rising bad loans.
Bankers said the development was prompted by the impact of the COVID-19 pandemic as well as rise in bad loans in the first four months of the year.
Vanguard analysis of the monthly economic reports of the Central Bank of Nigeria (CBN) shows that volume of banks’ lending on consumer credit declined 3.8 percent in July to N1.47 trillion from N1.53 trillion in June.
The decline worsened in August when consumer credit dropped further by 6.7 percent to N1.43 trillion, giving a cumulative decline of 11 percent in consumer credit over the two consecutive months. profile/70948593195F-8AA7-41C8-8563-86DEB0543A83.jpeg
Nmaduchidiebere
Transport Minister Proposes N205bn Capital Budget For 2021
~0.4 mins read
The Minister of Transportation, Rotimi Amaechi has proposed N205 billion as capital budget for 2021 to enable the ministry make significant progress on all its ongoing projects. Amaechi made this known in a statement to newsmen during on his presentation before the Joint Committee of the Senate and House of Representatives on Land and Marine Transport in Abuja.
He said that out of the N205 billion, land transport had about N204 million, marine transport had N845 million with an overhead cost of about N358 million for the year 2021.
“The total capital appropriation of the ministry for 2020 is N70 billion, land has N69.6 billion, marine N698 million.
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