A new study conducted by SBM Intelligence has revealed that 27 per cent of Nigerians across different income categories now resort to loan apps to keep up with their living expenses in the wake of a record inflation.
Recall that there has been a proliferation of online banks that offer credit facilities primarily targeted at people in the low-income bracket. There are also about 161 loan apps with full approval from the Central Bank of Nigeria authorities to operate.
The study also reports that 49 per cent of Nigerians who earn the minimum wage of N30,000 and below spend it all on food. In its latest inflation report, the National Bureau of Statistics stated that Nigeria’s inflation rate stands at 26.72 per cent with food inflation at 30.64 per cent. President Bola Ahmed Tinubu has directed that the new Student Loan Scheme he signed into law earlier in the year should take off fully in Nigeria by January 2024.
The President of the National Union of Road Transport Workers , Alhaji Tajudeen Baruwa, has accused the Minister of Labour and Employment, Solomon Lalong, of bias by taking side with the Alhaji Tajudeen Agbede’s led group in the ongoing reconciliation process of the union.
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