The total net credit by the Nigerian banking sector to the government rose by N2.2tn in the first quarter ended March 2022 to N16.32tn. Figures obtained from the Central Bank of Nigeria’s data on ‘Money and credit statistics’ have shown.
According to the data, the net credit to the government rose from N14.12tn as of the end of January 2022 to N14.72tn as of the end of February 2022. The figure showed that this was an increase from the first quarter figure of 2021.
It showed that the net credit to the government rose from N12.09tn, N12.59tn, and N12.07tn in January, February, and March 2021 respectively. The CBN also disclosed in its recent Monetary Policy Report that it reviewed the performance of its various interventions to stimulate productivity in manufacturing, industry, agriculture, energy, infrastructure, healthcare, and micro, small and medium enterprises.
Between January and February 2022, the CBN disbursed N29.67bn under the Anchor Borrowers’ Programme for the procurement of inputs and cultivation of maize, rice, and wheat – three crops that hitherto were significant import concerns.
