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Lagos State records the highest volume of Credits booked in Q2 2020

Lagos State recorded the highest credit by geographical distribution with N14.92trn accounting for 78.94%.

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According to the report recently released by the National Bureau of Statistics (NBS) on the Geographical Distribution of Credit by state for Q2 2020, it is succinctly revealed that the total Credits booked stood at N18.90trn compared to N18.56trn in Q1 2020 and N15.44trn in Q2 2019. This represents 1.82% increase Quarter on Quarter and 22.38% Year on Year.

READ: R.T. Briscoe declares N618.9 million loss in H1 2020, as sales of vehicles fall 

Lagos State recorded the highest credit by geographical distribution with N14.92trn accounting for 78.94%, followed by Rivers and FCT/Abuja with  N861.72billion (5%) and N564.10 billion (3%) respectively, while Yobe State recorded the least with N13.8bn accounting for 0.07% in Q2 2020.

READ: Nigeria’s public debt is officially N28.63 trillion

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It is important to note that the volume of Credit per state may not necessarily reflect the level of economic activity in the state, as most of the oil majors operate outside Lagos but their credits are booked in Lagos. For example, Dangote Cement’s loan may have been booked in Lagos but their major activity is outside Lagos.

The total value of loans distributed under the Agricultural Credit Guarantee Scheme Fund (ACGSF) stood at N4.07m in 2019, compared to N4.37m distributed in 2018. This represents a decrease of -7.03% Year on Year.

READ: N3.2 billion Rights Issue: C and I Leasing files SEC application

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Remittance Inflows declined by -2.06% in 2019 to $23.81bn, from $24.31bn recorded in 2018; while total Remittance Outflows increased by 33.87% to $90.6m, from $67.68m recorded in 2018.

Breakdown of borrowers in the Banking Industry showed that the total number of borrowers increased by 47.35% to 2.59m in 2019, from 1.76m recorded in 2018; while number of credit facilities increased by 55.54% to 3.18m in 2019, from 2.04m recorded in 2018.

READ: Nigeria to ban foreign vessels operating without valid license by December – NIMASA

Total number of Individuals who registered for National Housing Fund in 2019 stood at 220,935; while total amount of loans disbursed as Mortgage Loans stood at N77.61bn in 2019.

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ENDSARS

Oyo sets up N500 Million fund each for youth entrepreneurs, compensation for victims of police brutality

Governor Seyi Makinde plans to disburse N500 million fund to youth entrepreneurs in Oyo state.

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#EndSARS: State Governors should have necessary powers to control the Police Force - Seyi Makinde, Seyi Makinde Proposes N3 Billion plan for water supply
Oyo State Government has directed that a N500 million MSME fund be set up to fund youth entrepreneurs in the State with bright business ideas.
This was disclosed by Governor Seyi Makinde while speaking at the Post-Protest Meeting with Traditional Rulers and other Stakeholders, held at Agodi, Ibadan.
According to the Governor, the fund will provide further employment and improve the economic landscape in Oyo State.

The Governor also approved N500 million as compensation to victims of police brutality and injustice. This fund is to encourage anyone who has suffered any form of injustice in the past or as a result of the #EndSARS protests.
He said, “I have directed that a N500 Million MSME fund be set up. This fund will be disbursed to youths who have bright entrepreneurial ideas that will provide further employment and improve the economic landscape in Oyo State.”
Let me also state that we have set up an initial Five Hundred Million Naira (N500million) Compensation Fund for victims of injustice.
“So, I encourage everyone who has suffered any form of injustice in the past or as a result of the #EndSARS protests, to please take advantage of the platforms we have provided to log their cases.
“We have an email service and a direct reporting portal on the Oyo State Government website. A judicial panel for Oyo State will be inaugurated in the next one week to look into cases of injustice.”
He stated further, “We know that the protests have been a result of simmering anger among the youths. We are aware of the economic situation, especially the reduced income of many due to the COVID-19 pandemic and also the general unemployment situation in the country. Let me reassure you that we will continue to prioritize actions that will positively impact the youths.”

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ENDSARS

VP Osinbajo leads Committee to address unemployment, poverty among others

The National Economic Council (NEC) is ready to address the concerns of youths and Nigerians at large.

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After over four hours of deliberations at the emergency meeting of the National Economic Council (NEC), a Committee was set up to meet the needs and demands of Nigerian youths behind the #EndSARS protests. The head of the Committee is Vice President Yemi Osinbajo.

This information is contained in the circular issued by the National Economic Council and shared by Laolu Akande, the Senior Special Assistant-Media & Publicity to the Vice President.

According to Akande, the Joint Committee was consequently set up by Osinbajo, SAN, to work with State governments represented by the Governors of Ebonyi, Ondo, Niger, Delta, Borno and the Sokoto States to implement the resolutions of the emergency meeting.

The National Executive Council during the meeting affirmed an unequivocal belief and assurance that most members of the nation’s security personnel are law-abiding and are capable of restoring law and order in the country.

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What you should know

The Joint Committee set-up by the NEC, to see to the implementation of the following frameworks and the given objectives:

• Framing of a new security and stability architecture for the country.

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• A framework of engagement with the youths, civil society, and religious leaders, in a bid to promote national unity.

• A framework to engage with security agencies that will devolve more control to State governors who are the chief security officers of their states.

• A framework for the Federal Government to provide compensation for those who have incurred losses in the last few weeks.

• A social security framework for the youths and Nigerians to deal with the problem of unemployment and poverty in the country.

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Energy

Nigeria to fix irregular power supply in 40 years- Senate

40 years is needed due to underfunding and the FG’s failure to fix the challenges of electricity generation.

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Customers to pay for metering through cost of tariff- NERC

The Nigerian Senate has said that it will take Nigeria 40 years to fix irregular power supply.

This was disclosed by the Senate Committee on Power on Tuesday after the Minister of Power and his team made a presentation to the Committee, according to Guardian.

The four decades wait, according to the lawmakers, is due to underfunding and the Federal Government’s failure to fix the challenges of electricity generation.

The committee was astonished by the submission of the Minister of Power, Mamman Saleh, that of the N165billion required for capital projects in 2020, N4billion was given as bribe of which only N3billion was cash-backed.

In lieu of this, the Committee dismissed claims made by the minister over raising hope on early provision of constant power supply, while Managing Director of the Transmission Company of Nigeria (TCN), Sule Ahmed Abdulaziz, painted a gloomy picture during the ministry’s budget defense.

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A member of the Committee, Danjuma Goje, expressed concern that based on Abdulaziz’s presentation, N165billion was proposed, but the ministry gave N4billion in envelope, insisting that it would take 41 years to deliver constant electricity when N165billion is divided by N4billion.

Backstory

Recall that Nairametrics had earlier reported that it will take nothing less than $100 billion to enable stable power supply in Nigeria.

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What they are saying

Mr. Danjuma expressed pessimism over hopes of stable power supply in the country. He went as far as stressing that even if ongoing projects are being completed there is still no hope for stable transmission of power in the country.

Mr. Danjuma was quoted as saying: “Going by the minister’s presentation that transmission gas increased from 5000 to 8000 megawatts, it is not enough. When dishing out figures, we should bear in mind that capacity, transmission, and distribution have increased and that Nigerians, manufacturers, and industrialists want to see stable electricity.

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