The Central Bank of Nigeria (CBN) has disclosed that credit extended to the government by banks rose significantly to N42.02 trillion in September 2024, marking a 78.6% increase from N23.52 trillion in January.
CBN data show fluctuations in government credit throughout the year, with an initial spike to N33.93 trillion in February before dipping to N19.59 trillion in March.
Subsequent months saw credit figures vary, with slight increases and notable rises, peaking at N28.38 trillion in May. By mid-year, credit fell to N23.93 trillion in June and further to N19.83 trillion in July.
The trend reversed in August as government credit surged to N31.15 trillion, eventually reaching its highest point at N42.02 trillion in September. This credit typically encompasses loans, bonds, and various financial assistance from banks and institutions to the government.
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