Business
FAAN Begins Updating Of Airport Plans
The Federal Airports Au
thority of Nigeria (FAAN) has said that it has began the updating of its airports plans internally to make it usable for urgent land use considerations.
The General Manager, Land, Water and Survey of FAAN, Surveyor Aderemi Aromiwura disclosed this while interacting with newsmen at the Port Harcourt International Airport. He said that the updating will be done systematically to cover all the airports.
“We intend to map Lagos, Abuja, Port Harcourt and Kano. We have done extensive work in Abuja and Lagos already, and in the current 2016 budget we proposed that only four airports be mapped.
“The survey plans of the airports are quite obsolete as most of the physical features were not represented on the plan, and it was difficult to function using the available map information”, he said.
Aromiwura noted that FAAN is constantly being challenged with the land use demand because they do not have current masterplans for the airports.
According to him, it was not that there was no master plans for the airports but that they are obsolete because master plans are developed for a period of time with provision for review in five years.
He said when review was not carved out they become obsolete, pointing out that this has become a major challenge to the FAAN, stressing that there had been attempts in the past to produce new plans but that those attempts had not be very successful.
The Manager noted that plans are not to be altered, but are to be reviewed, adding that a lot of alternations had been done to the current plans.
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.
