Nume Ekeghe
Credit to the federal authorities expanded by 63.1 per cent year-on-year to N39.40 trillion in September 2026, outpacing the 15.7 per cent development in private-sector credit score, as the newest Central Bank of Nigeria (CBN) information confirmed contrasting actions in lending to each segments of the economic system.
The CBN cash and credit score statistics confirmed that credit score to authorities rose from N24.16 trillion in September 2025 to N39.40 trillion in September 2026, a rise of N15.24 trillion. Credit to the non-public sector, in the meantime, climbed from N72.53 trillion to N83.93 trillion, including N11.41 trillion over the identical interval.
The distinction in development charges is important. authorities credit score expanded roughly 4 instances sooner than private-sector credit score, whereas the rise in financing to authorities exceeded the extra credit score prolonged to companies by N3.83 trillion.
A month-by-month examination of the figures reveals a unstable 12-month trajectory for each segments, with authorities credit score accelerating in direction of the top of 2025 earlier than retreating in the midst of 2026 and rebounding sharply in September. Private-sector credit score additionally skilled appreciable fluctuations, rising above N94 trillion early in 2026 earlier than falling again to the N80 trillion vary.
In September 2025, credit score to authorities stood at N24.16 trillion, whereas private-sector credit score was N72.53 trillion. By October, authorities credit score had elevated to N24.79 trillion and private-sector credit score to N74.41 trillion.
The upward motion continued in November, when authorities credit score reached N26.35 trillion and private-sector credit score rose marginally to N74.63 trillion.
December marked a extra pronounced shift. Credit to authorities jumped to N34.22 trillion, a rise of N7.87 trillion from November, whereas private-sector credit score rose to N75.83 trillion.
The enlargement in authorities credit score continued into January 2026, reaching N37.87 trillion. Private-sector credit score, nonetheless, surged to N93.74 trillion, up from N75.83 trillion in December.
In February, authorities credit score elevated additional to N39.36 trillion, whereas private-sector credit score climbed to N94.61 trillion, the best degree recorded within the equipped month-to-month collection.
The subsequent figures, nonetheless, confirmed a reversal in private-sector credit score. By April, it had fallen to N80.73 trillion, a decline of N13.88 trillion, or about 14.7 per cent, from February. Government credit score stood at N39.63 trillion in April, remaining shut to its February degree.
