Banks’ Credit To Government Rise to N25trn in May

The financial industry credit to the government rose in the month of May to N25.074 trillion as credit to the private sector declined to N77.828 trillion compared to the figure recorded for the month of April.

According to latest data released by the Central Bank of Nigeria (CBN), credit to the government rose from N23.934 trillion in the month of April to a 4.8 per cent rise in May. However, lending to the private sector declined slightly by 0.32 per cent in May compared to N78.082 trillion which it was in April.

Meanwhile demand deposits declined from N36.431 trillion in April to N35.742 trillion in May while currency outside banks rose by 1.4 per cent from N4.568 trillion in April to N4.633 trillion in May.

Currency in circulation remained at N5.014 trillion as banks reserves rose to N30.864 trillion from N29.72 trillion in April