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Debts owed by individuals according to their states in the Nigerian Selected Banking sector have reached N18.90 trillion in the Second Quarter (Q2) of the year 2020.
This was contained in a data released by the National Bureau of Statistics (NBS) on Friday.
According to NBS, the data shows that total Geographical Distribution of Credit by State was higher than in First Quarter of 2020 which was N18.56 trillion.
That is also a far cry from same Quarter in 2019 which stood at N15.44 trillion.
According to the report titled “Quarterly Geographical Distribution of Credit by State Q1 2015 to Q2 2020 (Volume 2)”, the credit represents 1.82 per cent increase in credit Quarter on Quarter.
It also represents a 22.38 per cent increase in Year on Year.
The report showed that Lagos State recorded the highest credit by geographical distribution with N14.92trn accounting for 78.94 per cent.
Yobe State recorded the least with N13.8bn accounting for 0.07 per cent in Q2 2020.
NBS noted that total number of Individuals who registered for National Housing Fund in 2019 stood at 220,935 while total amount of money given out as Mortgage Loans stood at N77.61bn in 2019.
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It also noted that the breakdown of borrowers in the Banking Industry showed that the total number of borrowers increased by 47.35 per cent to 2.59m in 2019 from 1.76m recorded in 2018 while number of credit facilities increased by
55.54 per cent to 3.18m in 2019 from 2.04m recorded in 2018.
The document explained that remittance Inflows declined by -2.06 per cent in 2019 to $23.81bn from $24.31bn recorded in 2018 while total
Remittance Outflows increased by 33.87 per cent to $90.6m from $67.68m recorded in 2018.
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 decrease of -7.03 per cent Year On year.
Some analysts attributed the sudden rise in debts to the Coronavirus pandemic which left many businesses at the mercy of banks.
