CBN’s Net Domestic Credit rose to N70.6trn in March

Amid the growing debt burden, the Central Bank of Nigeria’s Net Domestic Credit rose to N70.6 trillion in March from N70.2 in February.

The figure represented 0.56 per cent on a monthly comparison.

Data from the Central Bank of Nigeria’s Money and Credit statistics released on Friday showed that the credit to the government and private sector resulted in a net domestic credit of N70.6 trillion.

On the one hand, the Bank’s net credit to the government fell by 3 per cent to N27.5 trillion in March 2023 from N28.4 trillion in February.

Conversely, credit to the private sector rose monthly by N1.6 trillion, representing 4 per cent to N43.06 trillion in March 2023 from N41.5 trillion in February.

According to the International Monetary Fund, Net Domestic Credit is the sum of net claims on the central government and claims on other sectors of the domestic economy.

Recall that the Debt Management Office, DMO, said Nigeria’s total debt stock was N46.25 trillion at the end of December 2022.

Meanwhile, economic experts have continued to lament Nigeria’s growing debt profile, saying it raises economic uncertainties.