The Central Bank of Nigeria (CBN) has revealed that credit extended to the government by banks rose to N42.02 trillion in September 2024.
The amount represents a 78.6 per cent increase from N23.52 trillion in January.
According to data from the CBN, credit to the government experienced fluctuations from January to September.
The figure stood at N23.52 trillion in January, jumping to N33.93 trillion in February before falling to N19.59 trillion in March.
The CBN said credits to the government slightly rose to N19.98 trillion, followed by a significant increase to N28.38 trillion in May.
It further noted that by June, the figure declined to N23.93 trillion and further decreased to N19.83 trillion in July.
The trend shifted upward again in August, with credit reaching N31.15 trillion and finally peaking at N42.02 trillion in September.
The data further showed that while there was a significant increase in government borrowing, credit to Nigeria’s private sector fell by 1 per cent between January and September this year.
It showed that credit to the private sector started the year at N76.48 trillion in January, rising to N80.86 trillion by February. In March, however, it declined to N71.21 trillion and rose marginally to N72.92 trillion in April.
By May, credit increased by 2 per cent, reaching N74.31 trillion, followed by N73.19 trillion in June and N75.51 trillion in July. In August, the amount slightly dropped to N74.73 trillion before edging up to N75.84 trillion in September.
The figures indicate a general fluctuation in private-sector lending throughout the period, despite an overall increase in government borrowing.
