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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

65% of Nigerian households lack money for healthy food—Survey

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A survey conducted by the National Bureau of Statistics (NBS) has revealed that around 65% of Nigerian households, which is about two-thirds of the population, lack the financial means to eat healthy food.

According to the survey by the agency, the decline is a reflection of the multidimensional poverty in the country and the impact of continuous reduction in the purchasing power of Nigerians due to rising prices of goods and services.

And as a result, two-thirds of households in the country lack money to eat healthy, nutritious food, the NBS said.

Titled “Nigeria General Household Survey – Panel (GHS-Panel) Wave 5 (2023/2024),” the survey examined demographics, education, and health trends in Nigeria, comparing data from Wave 4 (2018/19) and Wave 5 (2023/24).

On food insecurity, the survey stated:

“Approximately two out of three households indicated being unable to eat healthy, nutritious or preferred foods because of lack of money in the last 30 days.

“Similarly, 63.8 per cent of households ate only a few kinds of food due to lack of money, 62.4 percent were worried about not having enough food to eat, and 60.5 percent ate less than they thought they should.”

It added that between Waves 4 and 5, the proportion of households that reported being worried about not having enough food to eat because of lack of money increased significantly, from 36.9 percent to 62.4 percent.

On access to energy, the survey revealed said:

“82.2 percent of urban households have electricity, compared to 40.4 per cent in rural areas. Nigerian households face an average of 6.7 power blackouts weekly.

“Cooking typically involves traditional three-stone stoves (65.0 percent), primarily using wood as fuel (70.2 per cent), but with use of liquefied petroleum gas (LPG) rising significantly.

“Many households lack toilet facilities and rely on tube wells or boreholes for drinking water. Waste disposal is mostly informal, with 45.6 percent of households using bushes or streets,” it added.

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Zambia: APP leader lampoons PF over pledge to reverse forfeited properties

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Leader of one of Zambia’s opposition parties, Advocates for People’s Prosperity (APP), Mwenye Musenge, has criticised the Patriotic Front (PF) over its promise to reverse forfeited properties if the party won the 2026 presidential election.

Musenge, who was reacting to a statement credited to the PF Member of Parliament (MP) for Lukashya Province, George Chisanga, described the PF’s promise as a betrayal, saying the declaration had exposed the party’s disregard for accountability and justice.

The APP leader, who spoke to Zambia Monitor in a telephone interview from Kitwe, expressed shock that Chisanga, a former Law Association of Zambia president, would endorse what he termed a “regressive agenda,” accusing the PF of prioritising the protection of corrupt individuals over the welfare of citizens.

“This declaration reveals the PF’s true intentions, returning to power not to serve Zambians, but to shield their corrupt network and restore stolen assets,” Musenge said.

He alleged that former President Edgar Lungu’s consistent calls to protect his family, who he claimed cannot explain their amassed wealth, further demonstrate the party’s self-serving mission.

Musenge further described the PF as “a political carcass animated by greed and nostalgia for its days of unchecked looting,” and accused its leaders of leaving Zambia impoverished while enriching themselves.

“Allowing them near power again would be akin to handing a butcher’s knife to a thief already drenched in the blood of the nation’s resources.

“The PF represents everything wrong with Zambian politics—a relic of the past clinging to survival through recycled lies and corrupt agendas,” he added.

Musenge went on to call for the party to be permanently eradicated, saying it had no vision, morality, or credibility to serve Zambians.

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