Connect with us

News

Bank loans to govt rise by 23% in nine months, hit N2.1tn

Published

on

Bank loans to government have risen by 22.59 per cent, hitting N2.17tn as of the end of September 2021 from N1.77tn recorded in December 2020.

This represents a N400bn increase within the nine-month period.

This was contained in the Central Bank of Nigeria report titled, ‘Deposit Money Bank’s sectoral allocation of credit.’

According to the figures, bank loans to the government rose from N1.88tn as of the end of March 2021 to N2.03tn in June 2021, and N2.12tn in August 2021.

The report further showed that the DMBs’ total loans to the private sector stood at N22.8tn as of September, 2021.

The data also showed the amounts of bank loans to other sectors such as industries, agriculture, mining and quarrying, manufacturing, oil and gas, power and energy. Others sectors include construction, trade and general commerce.

The CBN figures also revealed bank loans to real estate sector, finance, insurance and capital market.

Others sectors include education, oil and gas, power and energy, information and communication, transportation and storage and other general businesses.

The Governor, Central Bank of Nigeria, Godwin Emefiele, had said the banking sector would increase access to finance and credit for households in 2022.

“The policy focus of the bank for 2022 is with a pledge to sustain improved access to finance and credit for households and businesses, mobilise investment to boost domestic productivity, enable faster growth of non-oil exports, and support employment generating activities,” he said.

He noted that the country had been able to contain some of the effects of the COVID-19 pandemic on the economy.

He stressed the need for all stakeholders to join the apex bank to build a more resilient economy to better contain external shocks, support growth and enhance wealth creation in key sectors of the economy.

Emefiele said a major lesson from the COVID-19 pandemic was that deliberate efforts must be made to diversify the economy base.

Emefiele said the country must do everything possible to reduce the importation of goods into the country.

 Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News12 mins ago

EPL fixtures: Matches to watch this weekend as Premier League top-four race hots up

News32 mins ago

Baby, three others freeze to death near US-Canada border

News46 mins ago

Give back to alma mater, Lagos Baptist alumni tell Nigerians

News48 mins ago

FG builds multipurpose hall for adult literacy centre

News50 mins ago

ICOBA plans N1bn to refurbish school

News52 mins ago

Ondo NSCDC to deploy female officers in schools

News58 mins ago

Mock exam, condition for NECO/ WASSCE registration in Kogi

News60 mins ago

Alumni lament institution’s encroachment

News1 hour ago

BREAKING: 17 dead, 59 injured as explosion rocks Ghana town

News1 hour ago

Full fixtures: Nigeria face Tunisia at AFCON knockout stage, Ivory Coast vs Egypt

News1 hour ago

Beginning of the end of an era and 2023 presidential elections

News2 hours ago

Tinubu’s native intelligence

News2 hours ago

Ekiti community demands compensation for demolished houses, issues ultimatum

News2 hours ago

LASTMA probes officer’s attack on commercial bus, female passenger’s eye injured

News2 hours ago

Two killed, five injured as mast collapses in Benue

News2 hours ago

129 terrorists killed, 64 arrested, 27 victims rescued in two weeks – DHQ

News2 hours ago

Two in court for forging, selling Benue internal revenue receipts

News2 hours ago

Lagos photographer, mentor trade blame over N1m camera lens

News2 hours ago

Policeman arrested for attacking Rivers lady with burning stove

News2 hours ago

Ondo driver crushes motorcyclist, flees, residents burn truck

News19 hours ago

Dangote Refinery to Reduce Africa’s Petroleum Importation by 36%, says APPO

Entertainment16 hours ago

Woman trends after tattooing ‘baby hair’ to her forehead (photos)

News17 hours ago

What I told Super Eagles before first AFCON game -Eguavoen

Entertainment13 hours ago

Teenage-looking Nigerian boy brutalizes his girlfriend for refusing to open her phone for him (Disturbing video)

Business News16 hours ago

GSK Consumer Healthcare Business Not Worth Than £50bn—Unilever

Entertainment7 hours ago

Actor, Kolawole Ajeyemi reacts to claims that his wife, Toyin Abraham, bought him the Lexus SUV (video)

Metro14 hours ago

Bill Gates Warns Of Pandemics Worse Than Covid-19

News10 hours ago

Benue amends anti-open grazing law, imposes stiffer penalties for offenders

News17 hours ago

Pictorial: Buhari arrives in Kaduna for two-day official visit

Entertainment15 hours ago

Ubi Franklin jokingly pushes reality star, Queen away as she gets ‘romantic’ with him (video)

News19 hours ago

2023: Women’s group backs Osinbajo, seeks Buhari’s support

News21 hours ago

Reps mourn Alao-Akala, say ex-Oyo gov deserves national recognition

Entertainment13 hours ago

“It works, see the glow” – Lady declares after rubbing friend’s sp3rm on her face; says she won’t have to buy expensive creams again (video)

Entertainment16 hours ago

BBNaija star, Omashola and fiancee expecting their first child

News21 hours ago

2023: Underage persons won’t vote, says INEC

Business News14 hours ago

New High-Speed Trains to Boost Lagos Urban Transportation

Metro16 hours ago

I had to sleep with my pastor to get money to feed myself – Nollywood actress confesses

Relationship13 hours ago

7 Types Of People To Avoid When You’re Pregnant

Politics10 hours ago

Reps move to protect capital market investors

Metro17 hours ago

Pastor Asks Members To Pray Naked For Holly Spirit To Penetrate Them (See Photos)

Trending