Nume Ekeghe
Credit to the federal government expanded by 63.1 per cent year-on-year to N39.40 trillion in September 2026, outpacing the 15.7 per cent growth in private-sector credit, as the latest Central Bank of Nigeria (CBN) data showed contrasting movements in lending to both segments of the economy.
The CBN money and credit statistics showed that credit to government rose from N24.16 trillion in September 2025 to N39.40 trillion in September 2026, an increase of N15.24 trillion. Credit to the private sector, meanwhile, climbed from N72.53 trillion to N83.93 trillion, adding N11.41 trillion over the same period.
The difference in growth rates is significant. government credit expanded approximately four times faster than private-sector credit, while the increase in financing to government exceeded the additional credit extended to businesses by N3.83 trillion.
A month-by-month examination of the figures reveals a volatile 12-month trajectory for both segments, with government credit accelerating towards the end of 2025 before retreating in the middle of 2026 and rebounding sharply in September. Private-sector credit also experienced considerable fluctuations, rising above N94 trillion early in 2026 before falling back to the N80 trillion range.
In September 2025, credit to government stood at N24.16 trillion, while private-sector credit was N72.53 trillion. By October, government credit had increased to N24.79 trillion and private-sector credit to N74.41 trillion.
The upward movement continued in November, when government credit reached N26.35 trillion and private-sector credit rose marginally to N74.63 trillion.
December marked a more pronounced shift. Credit to government jumped to N34.22 trillion, an increase of N7.87 trillion from November, while private-sector credit rose to N75.83 trillion.
The expansion in government credit continued into January 2026, reaching N37.87 trillion. Private-sector credit, however, surged to N93.74 trillion, up from N75.83 trillion in December.
In February, government credit increased further to N39.36 trillion, while private-sector credit climbed to N94.61 trillion, the highest level recorded in the supplied monthly series.
The subsequent figures, however, showed a reversal in private-sector credit. 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 stood at N39.63 trillion in April, remaining close to its February level.