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Nigeria’s Debt Hits N28. 63tr

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Nigeria’s total debt portfolio stands at N28.63trillion as at 31st March 2020, the National Bureau of Statistics has disclosed it.

 

Its website report titled “Nigeria domestic and foreign debt first quarter 2020,” said in the period under review, the country’s domestic debt hits N18.

64 trillion, representing 65.11 percent of the entire debt profile.

 

NBS said: “Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total public debt portfolio stood at N28.63trn.

 

“Further disaggregation of Nigeria’s total public debt showed that N9.99trn or 34.89% of the debt was
external while N18.64trn or 65.11% of the debt was domestic.

 

“N18.64trn or 65.11% of the debt was domestic. Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total
public debt portfolio stood at N28.63trn.”

 

According to the report, States and FCT domestic debt was put at N4.11trillion with Lagos state accounting for 10.8 percent of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.7 percent.

 

The Bureau explained the highlights of Nigerian Domestic and Foreign Debt – Q4 2019.

 

It contained the Domestic Debt Stock for 28 States: Abia, Adamawa, Akwa Ibom, Bauchi, Bayelsa, Benue, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, and the Domestic Debt Stock Figures for six States: Anambra, Borno, Kano, Kebbi, Lagos and Zamfara were as at December 31, 2019.

 

The report also announced the Domestic Debt Stock Figures for Rivers State were as at December 30, 2018
Jigawa, Kaduna, Kogi, Kwara, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Sokoto, Taraba, Yobe and the FCT as at March 31, 2020.

NBS said the report explained the Domestic Debt Stock Figures for Katsina State were as at June 30, 2019

(Credit The Nation.)

 

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Business

TAJBank records highest EPS in Banking Industry, N845m PAT

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….As assets grew 443% growth in first year of operations

TAJBank, Nigeria’s leading non-interest banking services provider, has recorded the highest earning per share (EPS) in the nation’s banking industry with its shareholders earning N11.

82 per share, representing an appreciation of 1,182% on every N1 investment by them in the financial year 2020.

This is even as the lender reported N845 million Profit After Tax (PAT) in its first year of operations ending December 2020 just as its other performance indices were upswing, demonstrating the management’s superior financial competencies to create sustainable value for its various stakeholders.

The performance also lends credence to the success and market acceptance of the non-interest banking model.

The bank’s impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the global, and particularly Nigeria’s economic landscape.

TAJBank’s financial statements already approved by the monetary authorities indicated that the lender, which had achieved its breakeven mark barely nine months after it debuted in the non-interest banking terrain, grew its total assets from N9.2billion in 2019 to N50 billion in 2020, representing a 443% increase and a remarkable growth.

A further analysis of the ethical and value-driven bank’s financials showed 1,495% growth in its deposit base showcasing the lender’s capacity to thrive in the non-interest banking sub-sector through innovation and efficient service delivery in the face of the COVID-19 triggered disruptions in the financial sector.

The Bank has also grown its agency banking network (TAJExpress), to over 3,000 agents within its first year of operations.  

Quite remarkably, at a time when electronic frauds are threatening the global banking system, TAJBank has guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since its inception.

Commenting on the bank’s impressive performance in its maiden year and capacity to break even within nine months of operation, the Founder and Chief Operating Officer, Mr. Hamid Joda, said the feat “is indicative that in this short period of business operations we have received such a massive amount of support and encouragement from various bodies and individuals.

“Breaking even in nine months of operations is a laudable feat and we are appreciative of the enormous support and encouragement that we have received so far. We assure our customers that we will continue to ts explore the business landscape with a view to consistently deliver on our mission to provide the very best of products and services to our customers”, Joda added.

The bank’s Co-founder and Chief Marketing Officer, Mr. Sherif Idi, also enthused: “In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority.

“We are delighted with the satisfaction rate and feedback we have received so far on TAJBank, a thought leader in the increasingly dynamic non-interest banking sub-segment of the banking industry, and its numerous value-adding services to customers”, Idi enthused.

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