Nigeria: Credit to Economy Rises 1.7 Percent to N100trn

5 January 2026
Vanguard (Lagos)
By Elizabeth Adegbesan

Credit to the economy crossed the N100 trillion mark for the first time, as it rose by 1.7 per cent, month-month, MoM to N100.98 trillion in November from N99.2 trillion in October.

The increase was driven by 6.4 per cent, MoM rise in Credit to the government to N26.4 trillion in November 2025 from N24.8 trillion in October 2025.

The Central Bank of Nigeria, CBN, disclosed this in its Money and Credit Statistics for November 2025.

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According to the regulator, credit to the private sector also recorded growth slightly by 0.26 percent MoM to N74.6 trillion in November 2025 from N74.4 trillion in October 2025.

The increase in domestic credit is reflected in banks' reserves which maintained a two consecutive months decline to N30.9 trillion in November from N31.58 trillion in October.

This was also reflected in Money supply (M2) which increased by 3.2 percent to N122.94 trillion in November from N199.03 the previous month.

According to the Debt Management Office, DMO, the total public debt outstanding stood at N152.40 trillion (33.98 percent of GDP) at end-June 2025, compared with N144.67 trillion (38.80% of GDP) at end-December 2024 due to new borrowings.

Recently, the CBN in its Macroeconomic Outlook for 2026 mentioned that the Federal Government revenue was N34.82 trillion in 2025, 21.98 per cent above the 2024 revenue of N28.55 trillion citing higher resource-based revenue, owing to the recovery of the oil sector, policy reforms, institutional improvements, stable global oil prices and higher crude oil production.

The apex bank however projected that the impact of exchange rate changes on public debt, which was the main driver of debt growth from 2023 to 2025, is expected to reduce significantly in 2026 as the exchange rate stabilises.

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