Personal Loans owed by Nigerians to commercial banks fell from N7.52 trillion in the first quarter of 2024 to N3.47 trillion in the second quarter of the year as Nigerians continue to face high interest rates on their debts.
Nigerians are bracing for tough months ahead, with many planning to rely on borrowing and depleting their savings to manage their financial obligations amid a challenging economic landscape.
The rising cost of living has pushed Nigerians to borrow about N4.82 trillion from banks between January and March this year.
The Nigerian Consumer Credit Corporation (CREDICORP) is set to commence operations; the presidency is asking eligible Nigerians to apply for consumer loans before May 15th
The Federal Executive Council (FEC) has approved the establishment of consumer credit scheme and the extension of payment of social security to NCE graduates upwards.
