Bank lending to the private sector increased from N41.5 trillion in February to N43.06 trillion in March 2023, a month-on-month increase of N1.6 trillion (m/m) or 4%.
However, credit by the government to the private sector fell by 3% on month-on-month from N28.4 trillion in February to N27.5 trillion in March 2023.
Data from the Central Bank of Nigeria, CBN, Money, and Credit statistics released today showed that the credit to the private sector and the government resulted in a net domestic credit of N70.6 trillion during the period.
This represents a 0.56 percent MoM rise compared to N70.2 trillion in February 2023.
The Minister of Finance, Budget, and National Planning announced that Nigeria secured an $800 million World Bank facility. The cash transfers will aid 50 million vulnerable Nigerians affected by the planned removal of petrol subsidy in June.
However, the International Monetary Fund (IMF) urged the federal government to cut borrowing and increase net taxes to reduce the debt burden at the IMF-World Bank spring meeting in Washington, DC.
According to the Debt Management Office (DMO), Nigeria’s public debt increased 17% year-on-year from N39.56 trillion in December 2021 to N46.25 trillion in December 2022%.
cc: Vanguard Ng
