Business
Council Gives N500,000 To 20 Widows
The Bariga Local Council Development Area (LCDA) in Lagos has gaven grants totalling N500, 000 to 20 needy widows residing in the area.
Secretary to the Bariga LCDA , Mr Bode Sotomi, said that the programme was designed to give support to the widows.
“As part of reaping the dividend of democracy, the programme is designed to regularly give financial support to widows in the area.
“We are mindful of their needs and we want to always give them a sense of belonging,” Sotomi said.
The Special Adviser, Women Affairs and Poverty Alleviation (WAPA), Bariga LCDA, Mrs Bukola Adedeji, said that the programme began in August and was a continuous one.
“We gave 20 widows N25, 000 each in August.; this is for September, the second in the series.
“The programme is here to stay; these grants will be given every month to the nominated candidates,” Adedeji said.
The President, Widows Association, Bariga, Mrs Abolaji Jaiyesimi, told NAN that recipents of the grants were nominated based on their present circumstances.
“Every widow will get this support eventually, but we give first place consideration to the very needy ones, and those who have been loyal to this association.
“Prior to receiving these grants, we made contributions in the association to help ourselves. We are, however, immensely grateful for the recognition and help we have received,’’ she said.
According to Jaiyesimi, the widows association, in conjuction with WAPA, also provided advisory support to the recipients, to help them make profitable use of the funds.
One of the recipients, Mrs Omodele Fakolade, a mother of four, said she intended to use the money to expand her petty trading and make ends meet.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
