CBN: Credit to Government Reaches N42 Trillion in September, up 78% in Nine Months
The Central Bank of Nigeria (CBN) has reported a significant increase in credit extended to the government by banks, which surged to N42.02 trillion in September 2024.
This marks a remarkable 78.6 percent rise from N23.52 trillion in January of the same year as the credit provided to the government encompasses various forms of financial support, including loans and bonds from banks and financial institutions.
Meanwhile, the data from the CBN indicates that credit to the government experienced notable fluctuations throughout the year. Starting at N23.52 trillion in January, the figure increased to N33.93 trillion in February before dropping to N19.59 trillion in March.
Following a slight recovery to N19.98 trillion, there was a substantial rise to N28.38 trillion in May but however, by June, credit fell to N23.93 trillion and continued to decrease to N19.83 trillion in July as a sharp upward trend began in August, culminating in the peak of N42.02 trillion in September.