Private Sector Gets N15tr From Banks

The National Bureau of Statistics (NBS) revealed that the sum of N15.13 trillion as total value of credit has been allocated to the private sector in the second quarter of 2019 by the banking sector.

According to The Nation: The NBS figures, contained on its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2019) was released on its website on Sunday in Abuja.

It said of the amount, the oil and gas and manufacturing sectors got credit allocation of N3.33 trillion and N2.32 trillion, recording the highest credit allocation.

The report said a total volume of 711,299,990 transactions valued at N40.48 trillion were recorded in the quarter as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

“The Nigeria Inter-Bank Settlement System (NIBSS) Instant Payments (NIP) transactions dominated the volume of transactions recorded,” it said.

The report said 271,344,549 volume of NIP transactions valued at N25.18 trillion were recorded in the second quarter.

It further said that the total number of banks’ staff as at the second quarter of 2019, decreased by 0.62 per cent quarter-on-quarter from 105,017 in quarter one to 104,364.

The NBS said that the data was supplied administratively by the Central Bank of Nigeria (CBN) and was verified and validated by the agency.

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