By Ade Jacobs
The oil and gas sector topped the list of non-performing loans (NPL), from commercial banks, which dipped in the third quarter of the year, the National Bureau of Statistics (NBS), said.
According to NBS, the NPL dipped from N1.21trillion in the second quarter of the year to N1.17 trillion in the third quarter which ended in September.
The NBS report titled ‘Latest Selected Banking Sector Data Report’, published on its website and obtained indicates that the sector received over N3.74trillion, closely followed by the manufacturing sector with N3 trillion, during the period under review.
“Oil and gas and manufacturing sectors got credit allocation of N3.74tn and N3.03tn to record the highest credit allocation as at the period under review,” the report said.
The report further stated that the private sector received the highest credit from commercial banks valued at N19.87 trillion, while the Electronic Payment Channels (EPC), in commercial banks within the period was valued at over N319 trillion.
The data also showed that most beneficiaries of bank loans were from Lagos state with a total loan of over N19 trillion.
The NBS said “Lagos beneficiaries recorded the highest credit by geographical distribution with N15.13 trillion, accounting for 77.74 per cent of the total credit by geographical distribution, while Yobe State recorded the least with N19.38 billion.”
The breakdown of the figures indicates that beneficiaries from Abia, Abuja, Adamawa and Akwa-Ibom, borrowed N115.83billion, N594.02 billion, N62.16 billion and N92.21billion respectively, while beneficiaries from Anambra, Bauchi, Bayelsa and Benue, borrowed N98.72billion, N48.13 billion, N98.81 billion and N90.18 billion respectively.
Borrowers from Borno, Cross River, Delta and Ebonyi borrowed N38.24bn, N77.25bn, N216.39 and N25.06 billion respectively, while those from Edo, Ekiti, Enugu and Gombe borrowed N142.1 8billion, N47.56 billion, N53.37 billion and N63.01 billion respectively.
The NBS said that Imo, Jigawa and Kaduna beneficiaries borrowed N93.63 billion, N25.4 billion and N86.26 billion respectively.
It added that beneficiaries from Kano, Katsina, Kebbi and Kogi borrowed N187.89 billion, N34.89 billion, N25.42 billion and N101.03 billion respectively, while those from Kwara, Nasarawa, Niger and Ogun got N73.92 billion, 33.66 billion, 63.26 billion and N118.74 billion loans respectively.
Ondo, Osun, Oyo and Plateau beneficiaries borrowed N96.7 billion, N66.04, N208.82billion and N75.43 billion respectively, while those from Rivers, Sokoto, Taraba and Zamfara got N977.06 billion, N62.53 billion, N53.41 billion, and N65.26 billion loans respectively.