Top 5 Stories Of The Day | Nigerians’ Personal Loans Rise by ₦58.5bn Amid Economic Pressure

Across Nigeria’s 36 states and the Federal Capital Territory, these are the top five Nigerian news stories you shouldn’t miss.

Nigerians’ personal loans rose by ₦58.5bn in the second quarter of 2026, reaching ₦1.99tn by the end of June, as inflation and high borrowing costs continued to strain households.

The Punch’s review of the Central Bank of Nigeria’s quarterly economic report revealed that personal loans grew 3.03% to ₦1.93tn in March. Total consumer credit also increased by 3.26% to ₦3.17tn, up from ₦3.07tn.

Personal loans accounted for 62.87% of consumer credit, while retail loans made up 37.13%. Retail borrowing rose by ₦46.5bn to ₦1.18tn during the quarter.

Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, has accused President Bola Tinubu of failing to deliver on his promise of steady electricity supply to Nigerians.

In a statement issued on Sunday, Atiku also pledged to scrap the current five-band electricity system and introduce a framework he described as fair, transparent and affordable.

However, APC campaign spokesperson Dele Alake said Tinubu’s 2023 electricity promise had been taken out of context. He argued that the president’s performance should be assessed alongside measures such as the Electricity Act, 2023, the national metering initiative and efforts to settle debts owed to power and gas companies.

David Umahi, Minister of Works, has called himself the “lion of the South-East”, insisting that Peter Obi is not better than him. He made the remarks on Sunday during an APC presidential campaign town hall in Abakaliki, Ebonyi State.

Umahi described Obi as a “nobody” and questioned his promise to serve only four years as president. He argued that the South-East should support President Bola Tinubu in the 2027 election to improve its chances of producing a future president.

The minister also said the region had gained greater federal inclusion under Tinubu, citing key appointments and road rehabilitation projects. He urged Igbo people to prioritise wisdom over sentiments and reject hate speech.

The channel, created in 2011, has grown through his music, worship sessions and online prayer meetings. His popular Hallelujah Challenge, launched in 2017, has attracted participants worldwide and contributed to the milestone.

Known for songs such as Imela, Onise Iyanu and Olowogbogboro, Bassey’s achievement highlights the growing global reach of African gospel music. He has stressed that the prayer initiative focuses on worship rather than revenue.

Italian driver Kimi Antonelli has become the youngest Formula 1 champion, winning the title at 20 years and 68 days. He surpassed Sebastian Vettel’s previous record, set in 2010 when the German was 23 years and 134 days old.

Antonelli secured the championship in his second season, after setting several records. He became the youngest driver to take pole in China, lead the championship in Japan, and achieve a Monaco Grand Slam.

His success marks a remarkable turnaround after a difficult 2025 rookie season, when he scored 150 points, less than half of George Russell’s total.

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