Credit to Nigeria’s economy has crossed the ₦100 trillion threshold for the first time, underscoring the expanding scale of financial intermediation and the growing role of credit in supporting economic activity.
According to the Central Bank of Nigeria (CBN), total credit rose by 1.7 per cent month-on-month (MoM) to ₦100.98 trillion in November 2025, up from ₦99.2 trillion recorded in October. The data was contained in the apex bank’s Money and Credit Statistics for November 2025.
The increase was driven largely by a sharp rise in credit to the Federal Government, which grew by 6.4 per cent MoM to ₦26.4 trillion in November, compared with ₦24.8 trillion in October 2025. This reflects continued government borrowing to finance fiscal operations and development spending.
Credit to the private sector also recorded marginal growth, rising by 0.26 per cent MoM to ₦74.6 trillion in November from ₦74.4 trillion in the preceding month. Analysts say the modest expansion highlights cautious lending conditions, as banks continue to balance risk management with the need to support businesses and households amid a tight monetary environment.
The rise in domestic credit was mirrored by developments in banking system liquidity. Banks’ reserves declined for the second consecutive month, falling to ₦30.9 trillion in November from ₦31.58 trillion in October, suggesting increased deployment of funds into lending and other assets.
Money supply (M2) also expanded, rising by 3.2 per cent to ₦122.94 trillion in November, compared with ₦119.03 trillion in the previous month, reflecting the combined effects of credit growth and liquidity conditions in the financial system.
Meanwhile, data from the Debt Management Office (DMO) shows that Nigeria’s total public debt stock stood at ₦152.40 trillion, representing 33.98 per cent of Gross Domestic Product (GDP), as of end-June 2025. This compares with ₦144.67 trillion, or 38.80 per cent of GDP, recorded at the end of December 2024, with the increase attributed mainly to fresh borrowings.
In its Macroeconomic Outlook for 2026, the CBN disclosed that Federal Government revenue rose to ₦34.82 trillion in 2025, representing a 21.98 per cent increase over the ₦28.55 trillion recorded in 2024. The improvement was attributed to higher resource-based revenue, supported by recovery in the oil sector, policy reforms, institutional improvements, relatively stable global oil prices, and increased crude oil production.
The apex bank, however, noted that exchange rate movements were a major driver of public debt growth between 2023 and 2025. It projected that this pressure would ease significantly in 2026, as exchange rate stability improves, helping to moderate the pace of debt accumulation.
Economic analysts say the crossing of the ₦100 trillion credit mark reflects both opportunities and risks, noting that while rising credit can stimulate growth, it also underscores the need for prudent fiscal management and effective deployment of borrowed funds to productive sectors of the economy.
Ifeoluwa Okonkwo ✔
Ifeoluwa Okonkwo is a dedicated News Content Editor at Naija247news, bringing over five years of experience in news writing and editorial work. A graduate of the University of Abia State, Ifeoluwa specializes in curating and refining impactful news stories that resonate with readers. Her expertise lies in delivering accurate, timely, and engaging content across diverse topics, contributing to the platform’s reputation for excellence in journalism. Through her leadership, she ensures high editorial standards and an unwavering commitment to journalistic integrity.
View Archive →
