In the first two months of 2023, banks’ credits to the government increased by N3.77 trillion. According to data acquired from the Central Bank of Nigeria, the total government credit increased from N24.66 trillion at the end of December 2022 to N28.43 trillion at the end of February 2023.
According to information provided by the CBN in its “Money and Credit Statistics” report, credit increased from N14.9 trillion at the end of January 2022 to N26.65 trillion in the same period of 2023.
In accordance with information provided by the CBN, Aliyu Sanusi, a member of the Monetary Policy Committee, stated at the meeting in January that rates needed to be tightened in order to temper the effects of election-related spending and the liquidity brought on by the proposed government borrowing in 2023.
