Information, communication, and technology firms, including telecommunications companies in Nigeria, owed Deposit Money Banks N1.69tn as of September 2024 amid telcos’ calls for a hike in the tariff payable by subscribers for data and voice calls.
Figures obtained from the Central Bank of Nigeria’s quarterly statistical bulletin indicate that the indebtedness of the telcos and the other ICT firms represents a year-on-year decrease of N68.04bn, or 3.9 per cent, compared to the N1.77tn owed in September 2023.
The decline reflects the impact of the CBN’s repeated interest rate hikes, which has tightened monetary conditions and discouraged borrowing within the sector.
Month-on-month, however, there was a slight increase of N31.61bn, or 1.9 per cent, from the N1.66tn recorded in August 2024. The year-on-year analysis shows that credit to the ICT sector experienced mixed trends throughout 2024.
In January, credit stood at N2.47tn, marking a significant increase of N1.23tn, or 99.3 per cent, compared to N1.24tn in January 2023.
