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Credit to government rises by 42% to N28.4trn

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Credit to the government rose by N8.4 trillion or 42 per cent, month-on-month to N28.4 trillion in May from N19.98 trillion in April.

The Central Bank of Nigeria, CBN, disclosed this in its Money and Credit Statistics data for the review period.

The CBN further disclosed that credit to the private sector grew MoM by 1.9 percent to    N74.3 trillion in May from N72.93 trillion in April.

Consequently, net domestic credit rose MoM by 10.5 percent to N102.7 trillion in May from N92.9 trillion in April.

Last week, the Debt Management Office, DMO, Nigeria’s Public Debt report for Q1’24, said that the total public debt  surged  rose to N121.67 trillion in Q1’24   from N97.34 trillion in Q4’ 23, reflecting an increase of N24.33 trillion.

This trend is projected to  persist according to analysts at Cowry Asset Management Limited.

They said: “Cowry Research foresees no immediate relief for Nigeria’s debt levels and debt service costs.

“Financing costs are expected to continue consuming a larger portion of the Federal Government’s revenues, while the local currency remains weak against the dollar and the interest rate environment remains tight, reflecting the Central Bank’s monetary tightening measures.

“Given the government’s activities in the domestic capital market so far in 2024, it is anticipated that approximately N3 trillion will be raised from subsequent FGN Bond issuances.

“This is part of an effort to meet its funding target of N6.06 trillion in domestic borrowing and N1.77 trillion in foreign borrowings, as outlined in the N28.77 trillion 2024 budget.”


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Michael Tanyare Professionally known as Starmich is a talented and accomplished individual with a passion for excellence. With a strong background in writing, Michael has established himself as a respected professional in the blogging industry. Beyond his professional endeavors, Michael is known for his diverse range of interests. He is an avid online journalist, which further showcases his well-rounded personality and passion for exploring new horizons. Michael's commitment to continuous growth and learning is evident in his pursuit of excellence. This drive allows him to stay at the forefront of emerging trends and maintain a competitive edge in his field. With a warm and approachable demeanor, Michael is highly regarded for his strong communication skills and ability to connect with others. He thrives in collaborative environments and enjoys building meaningful relationships with colleagues and clients alike. In his free time, Michael enjoys surfing the internet. This balance between his professional and personal life reflects his belief in leading a fulfilling and well-rounded lifestyle. With a proven track record of success and a genuine passion for his work, Michael Tanyare continues to make a significant impact in his field. His dedication, expertise, and personable nature make him a valuable asset to any project or team."

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