Total loans in Nigeria’s banking sector hit N15.35 trillion

The total loans in Nigeria’s banking sector hit N15.35 trillion as at the end of March 2019. This is according to the latest report released by the National Bureau of Statistics (NBS).

According to the report, about 3,891 firms and other debtors took individual loans above N1 billionin the banking sector.

The Breakdown: The NBS, in its latest report, revealed that 1,205 debtors who had collected loans above N500 million and N1 billion currently owe banks N744.72 billion.

Similarly, 4,441 debtors owed banks between N100 million and N500 million each while 3,486 debtors who took between N50 million and N100 million loans owed banks N229.56 billion.

More so, 17,883 debtors who took loans between N10 million and N50 million owed banks N382.6 billion while 87,485 debtors who took between N1 million and N10 million loans owed banks about N286.98 billion.

Additionally, 2.2 million debtors who took loans up to N1 million each owed banks N122 billion.

Non-Performing Loans: Non-performing loans as at the end of March 2019, stood at N1.676 trillion.

According to the NBS, the gross loans recorded in the banking sector stood at N15.480 trillion while the loans after specific provisions stood at N13.739 trillion in the period under review.

The ratio of the non-performing loans to total loans was 10.83% while non-performing loans to total loans after specific provisions was 12.20%.

Meanwhile, the figure of non-performing loans at the end of 2018 was N1.792 trillion while the gross loans and loans after specific provisions were N15.35 trillion and N13.562 trillion respectively.

Nairametrics had reported that the Lagos Chamber of Commerce and Industry (LCCI) had cautioned Deposit Money Banks (DMBs) against lending to unbankable projects. The President of LCCI, Babatunde Ruwase said it is important for banks not to lend to unbankable projects in order to avoid toxic assets and Non-performing Loans.

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