Five things to know to start your Monday

Personal loans spiked to N3.3trn in November

According to new figures from the Central Bank of Nigeria, Nigerians borrowed a staggering N3.32 trillion in personal loans by November 2024, showing a dramatic 37.76 per cent jump from the previous month.

This surge in borrowing clearly shows how rising prices and living costs are affecting everyday people. In just one month, personal loans shot up from N2.41 trillion in October to N3.32 trillion in November—one of the biggest monthly increases seen in recent times.

The figures reveal that personal loans now make up nearly three-quarters (74.95 per cent) of all consumer credit. This suggests more people are turning to loans without collateral to cover basic needs like rent, healthcare, schooling, and everyday household expenses.

The House of Reps wants the President to address the National Assembly twice yearly

A new bill in Nigeria’s House of Representatives could make it mandatory for the President and state governors to give formal updates to lawmakers every six months.

The proposed change to the 1999 Constitution would require the President to address the National Assembly twice yearly about important national matters, including the economy and security. State governors would have similar duties, needing to update their State Houses of Assembly regularly.

Two members of parliament, Mansur Soro from Bauchi State and Fatima Talba from Yobe State, are backing the bill. It would add new rules to Sections 67 and 108 of the Constitution.

The exact wording for the President’s duty states: “The President shall attend a joint meeting of the National Assembly at least every six months to deliver an address on national affairs, including fiscal and security measures, or to make a statement on the government’s policy considered to be of national importance.”

Trump says he could meet Putin ‘soon’

The US President has indicated he might meet with Russian President Vladimir Putin soon, as both countries prepare for talks in Saudi Arabia about the Ukraine war.

“There’s no time set, but it could be very soon,” Trump told reporters on Sunday ahead of the planned Saudi Arabia meeting. When asked if it might happen this month, he added, “It’ll be soon; we’ll see what happens.”

The President’s remarks came after US Secretary of State Marco Rubio had tried to lower expectations about quickly ending the conflict. Trump, however, expressed optimism about Putin’s willingness to end the fighting.

Speaking after a flight on Air Force One, Trump reflected on Russia’s military history: “They have a big powerful machine, you understand that. They defeated Hitler and they defeated Napoleon. They’ve been fighting a long time. They’ve done it before. But I think he would like to stop fighting.”

Read Also: US, Russia to meet in Saudi Arabia over Ukraine war

M23 rebels entered DR Congo’s second-biggest city

Rebels backed by Rwanda have entered Bukavu, eastern Congo’s second-biggest city, marking a major advance in their military campaign, according to local officials.

“They [the M23] are in Bukavu,” the governor of South Kivu province, Jean-Jacques Purusi, told Reuters on Sunday. He explained that government forces had pulled back to avoid fighting in populated areas.

This development comes after the rebels captured Goma, the region’s largest city, in late January. The rebels’ move into Bukavu represents their biggest territorial gain since their latest uprising began in 2022.

While Congo’s government confirmed the rebels had entered Bukavu and accused Rwandan troops of being with them, they stopped short of saying the rebels controlled the entire city. “Rwanda is stubbornly pursuing its plan to occupy, pillage and commit crimes and serious human rights violations on our soil,” the government said in a statement.

Argentina’s President got into a memecoin scandal

Argentina’s President Javier Milei shared a link on social media late Friday night. The link was for a website that said it would help small businesses in Argentina by using cryptocurrency.

This caught the eye of Hayden Davis, who helped create a digital currency called Libra. He watched as his token’s value exploded overnight – first hitting $1 billion, then $2 billion, and eventually passing $4 billion.

But then, as often happens with these kinds of digital tokens, it all came crashing down. This created huge problems for President Milei. Many people lost money, including Dave Portnoy, who started Barstool Sports. Portnoy called it “the biggest rug pull of all time” – which is what people in crypto call a scam. However, Davis admitted online that he made some money despite the crash.

The Argentine government is now investigating what happened.