Nigerians repaid about N1.33tn in personal loans within one year as outstanding household borrowing declined sharply between November 2024 and November 2025, data from the Central Bank of Nigeria has shown.
Figures contained in the CBN Economic Report for November 2025 indicated that personal loan balances fell from N3.32tn in November 2024 to N1.99tn in November 2025, reflecting a significant drop in consumer borrowing during the period.
The sharp decline in personal lending drove a broader contraction in consumer credit across the banking system. Further analysis of the report showed that total consumer credit outstanding fell from N4.42tn in November 2024 to N3.19tn in November 2025, signalling weaker household borrowing conditions.
The apex bank attributed the decline to reduced activity in both personal and retail lending.
According to the report, “Consumer credit outstanding declined by 13.32 per cent to N3.19tn, from N3.68tn in the preceding month. The decrease was owing to contraction in both retail and personal lending.”
Despite the decline, personal loans remained the largest component of consumer credit in the economy.
