Nigerians now borrowing money from financial institutions to feed – Investigation

Investigations have revealed that more Nigerians now borrow money from financial institutions to feed their families.

Small financial institutions that do not require collateral before giving out soft loans have become haven for many salary workers who rely on them to keep going before the next salary is paid.

Investigations reveal that, soft loans which range between N20,000 and N100,000 are given out by financial institutions like Ren Money, Fair Money, Naira Land, among others.

Analysts who spoke with Blueprint attributed the trend to fast eroding spending power by salary workers in the country.

Osita Igwe told Blueprint that, government policy have eaten away most of the salary. He said, increase in fuel, electricity tariff, declining value of the naira, among others have helped ensure Nigerians have little left to feed their families.

He lamented that, the government is once again tightening the noose further by directing that electricity tariff be hiked beginning from tomorrow.

Market women are not left out in the increasing misery. They are complaining that patronage has become very poor. In fact, they say, patronage is at all-time low.

Even as Nigerians are complaining of excruciating misery, Nigeria recorded its third consecutive quarterly growth, National Bureau of Statistics (NBS ) said last week. The aggregate GDP now stand at N39.12 trillion in nominal terms – higher than the second quarter of 2020 with aggregate GDP of N34.02 trillion, indicating a year-on-year nominal growth rate of 14.99 per cent.

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