Financial institutions’ credit to the economy (government and private sector) rose by N44.60 trillion or 63.55 per cent to N114.79 trillion in February 2024 compared with N70.19 trillion in the corresponding period of last year, latest Central Bank of Nigeria (CBN) data shows.
According to the latest Money and Credit Statistics posted on the apex bank’s website over the weekend, month-on-month, credit to the economy increased by N2.32 trillion or 2.06 per cent to N114.79 trillion last month compared with N112.47 trillion in January. Specifically, the data indicates that while net credit to government increased by N5.49 trillion or 19.33 per cent to N33.93 trillion in February 2024 compared with N28.43 trillion in the corresponding period of last year, month-onmonth, it dropped by 6.22 per cent compared with N36.17 trillion in January.
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According to the latest Money and Credit Statistics posted on the apex bank’s website over the weekend, month-on-month, credit to the economy increased by N2.32 trillion or 2.06 per cent to N114.79 trillion last month compared with N112.47 trillion in January. Specifically, the data indicates that while net credit to government increased by N5.49 trillion or 19.33 per cent to N33.93 trillion in February 2024 compared with N28.43 trillion in the corresponding period of last year, month-onmonth, it dropped by 6.22 per cent compared with N36.17 trillion in January.
Read more at Newtelegraphng
