The value of credits allocated to the private sector by Nigerian banks hit N16.25 trillion as at the third quarter of 2019.

Data on Electronic Payment Channels in the Nigeria Banking Sector released yesterday by the National Bureau of Statistics (NBS) disclosed this.

The data analysed by Daily Trust showed that Oil & Gas and Manufacturing sectors are the preferred sectors of Nigerian banks in terms of credit allocations.

Oil & Gas and Manufacturing sectors got credit allocation of N3.39trn and N2.57trn to record the highest credit allocations during the period.

Meanwhile, the data revealed a total volume of 800.2 million transactions valued at N42.76trn were recorded in third quarter of 2019.

The data also revealed that NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded.

A breakdown showed that 298.99m volumes of NIP transactions valued at N26.18trn were recorded in the third quarter of 2019.

The NBS’ report also showed that total number of banks’ staff decreased by 2.81 per cent quarter over quarter from 104,364 in the second quarter of 2019 to 101,435 in the third quarter of 2019.

Meanwhile the Federal Government generated N275.12 billion as Value Added Tax (VAT) in the third quarter of 2019.

The Sectoral distribution of VAT data for the third quarter of 2019 according to NBS said the latest VAT generated was less than the N311.94bn generated in the second quarter of 2019 ,and slightly higher than the N273.50bn generated in third quarter of 2018.

Further analysis showed that the third quarter 2019 VAT represented -11.81 per cent decrease Quarter-on-Quarter and 0.59 per cent increase Year-on-Year.

The report showed that Professional Services generated the highest amount of VAT with N32.09bn generated and closely followed by Other Manufacturing generating N30.27bn, Commercial and Trading generating N14.47bn.

Mining generated the least and closely followed by Textile and Garment Industry and Pharmaceutical, Soaps & Toiletries with N44.30m, N253.83m and N291.06m generated respectively.

The data showed that out of the total amounted generated in in the third quarter of 2019, N150.74bn was generated as Non-Import VAT locally, and N63.00bn was generated as Non-Import VAT for foreign while the balance of N61.37bn was generated as Customs import VAT.

The post Banks’ loans to private sector now N16.25trn appeared first on Daily Trust.

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