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Four of 10 Nigerians indebted to loan sharks— Report

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A report from a research carried out by Nigerian fintech platform, Piggy Vest, has revealed that four out of 10 Nigerians are indebted to online loan sharks and are finding it difficult to come out of such debts.

The report noted that 26 per cent of average Nigerians were indebted to different loan apps spread across the country which is as a result of the harsh economic challenges brought about by different unfavourable government policies.

The report which was discussed at a Finance Roundtable in Lagos on Saturday by co-founder and COO of PiggyVest, Odun Eweniyi, lamented the widening wealth divide among Nigerians, saying it was inimical to economic growth as a vast majority of Nigerians live below the poverty line.

According to Eweniyi, the report ‘captures the attitude of different demographics in the country viz- a-viz their savings and spending habits, debt management, and future financial plans.’

As a panacea to solving the problems of indebtedness, Eweniyi advocated ‘savings before spending in order to avoid running into debt,’ adding that the option of savings was still elusive to Nigerians who live below the poverty line of $2 per day dollars per day.

“We must also know that while innovation is key, it cannot go far without social interventions for the people.”

She urged the government to focus on Nigerians at the bottom of the pyramid in its conversation as well as simplify access to public credit facilities to improve income status of average Nigerians.

“This is why government must as much as possible explore collaboration with private sector to improve the living conditions of Nigerians and also drive financial literacy and inclusion,” Eweniyi emphasized.

Metro

‘Resign or face the law’, Zambian President Hichilema warns ministers with ‘long fingers’

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Zambian President, Hakainde Hichilema, has warned ministers, civil servants and officials with intention to perpetrate corruption in government to have a rethink and resign before the law catches up with them.

President Hichilema, who gave the warning while speaking at the Sam Lya Momba traditional ceremony in Namwala on Sunday, stressed that his administration would not tolerate theft of public funds as seen in previous governments, while also condemning the actions of those whom he said had enriched themselves over the decades at the expense of ordinary Zambians.

“The country needs discipline. Zambian money should work for the people, not go into a few pockets,” Hichilema said, as he vowed that his government would recover stolen resources and redirect them to benefit the public.

He added that recovering stolen assets serves as a warning to current officials not to engage in corrupt activities, as the law will apply equally to everyone, inside or outside government.

“It’s a lesson to all of us. If you have long fingers, you are on your own. Ministers, Members of Parliament, council chairpersons, mayors, civil servants—if you’re involved in theft, resign now because the law will catch up with you,” he cautioned.

The president further stressed that national resources should be used to support vital areas such as education, healthcare, and debt repayment, expressing surprise that individuals responsible for incurring the country’s massive debt were now criticizing the government’s performance.

“Do not steal from the government. Health workers pilfering medicine to sell in private pharmacies, your time is up. We will deal with you because you’re stealing taxpayers’ money,” the head of state warned.

He also addressed concerns over the rising cost of Zambia National Service (ZNS) Eagle Mealie Meal, urging traders to maintain the recommended price of K230 and warning them against exploiting citizens during times of hunger by inflating prices.

“This is a year of hunger. The government has intervened by producing affordable mealie meal through the ZNS and correctional services. The Eagle Mealie Meal should not be sold for more than K230. Traders who ignore this should not complain when the law catches up with them,” he said.

The president also called on politicians to use traditional ceremonies as platforms for promoting unity, not division, underscoring the importance of preserving the country’s heritage and values and documenting its history to educate future generations on Zambia’s journey to unity.

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‘Severe malnutrition rises in Northern Nigeria by 51%’ — MSF

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International charity organization, MédecinsSans Frontières (MSF), says severe malnutrition in Northern Nigeria has risen by 51 per cent after treating over 52,725 children with the life-threatening condition across the region over the first eight months of this year.

MSF’s International President, Dr Christos Christou, who disclosed this during a press briefing in Abuja on Sunday, said for the past few years, MSF had seen a significant increase in the number of admissions for malnutrition.

Christou stated that the numbers in 2022 and 2023 were already critically high, adding that between January and August of 2024, MSF has seen a 51 per cent increase in admissions of children with severe malnutrition, compared to the same period last year.

“On top of this, outbreaks of vaccine-preventable diseases, such as measles are recurrent in Nigeria, and one of the leading causes of death amongst children. Between January – August this year alone, we had already treated over 12,500 cases of measles. That’s nearly double the same period last year,” he said.

“Outbreaks of infectious diseases significantly increase mortality risks for children under the age of five. Unvaccinated children in this age group are particularly vulnerable to vaccine-preventable diseases; diseases which elevate the risk of acute malnutrition.”

He noted that during his visit to Nigeria, he saw why the recent massive flooding in Maiduguri had gained some attention worldwide, stressing that the shocking scale had affected millions of people.

“Maiduguri is not the only place in Nigeria affected by flooding, the people in northern Nigeria have been through a lot.

“This includes overwhelming levels of malnutrition, frequent outbreaks of vaccine-preventable diseases, lack of medical facilities and medical personnel. All of this has been compounded by continuous insecurity.

“People now have to seek temporary shelter in displacement camps once again, rebuild their homes once again, and try to figure out what’s left of their farmlands. Because this flooding happened at the end of the lean season, it has deprived farmers of even the illusory hope to harvest.

“All this has happened in the background of a catastrophic malnutrition crisis. One of my colleagues, a Nigerian doctor who has been working with MSF for more than eight years, told me that this year is very different.

“Every year, he said, during this season, we see terrible numbers of malnourished children coming to the hospital in severe condition. But this year, at a time when the peak is supposed to be over, the number of patients admitted to the hospital is not going down. Worse, the condition in which they arrive is even more severe than usual.

“Very often people don’t have access even to basic medical care where they live, and do not have enough money or available transport. As a result, they reach to us too late.

“This is not the time to relent, this is not the time to stop. We have to help the people who need assistance now,” Christou added.

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