Business
River Basins’ MDs Pledge To Fight Poverty
The newly appointed managing directors of the 12 River Basin Development Authorities in the country have assured the Federal Government of their commitment to repositioning the river basins to reduce poverty.
The managing directors collected their appointment letters on January 7, from the Federal Ministry of Water Resources.
Some of them, who spoke to our correspondent after collecting their letters, said that they would use their wealth of experiences to transform the basins to create jobs and reduce poverty.
They promised to boost food production, export and enhance power generation through the implementation of irrigation and other agricultural activities in their various basins.
Managing Director of the Lower Niger River Basin Development Authority, Mr. Aduragba Abubakar, said that he would work toward the improvement of water resources to reduce poverty in the basin, covering Kwara and parts of Kogi.
He added that he hoped to achieve the feat through the development of irrigated land, supply of water to rural people and generation of electricity through dams located in the basins.
Also speaking, Mr. Jimmy Omoliki, the managing director of the Ogun-Osun River Basin Development Authority, spoke of his determination to implement projects within the basin.
“For me, it will not be business as usual. I will work to justify the position by coming up with programmes that will empower farmers and young graduates,’’ he said.
He urged the Federal Government to be consistent in policy formulation, noting that frequent reversal of policies had restricted the river basins from effective performance of their functions.
“The River Basin is being re-structured and re-organised for professionalism so there shouldn’t be any policy reversal again to ensure sustainability.
“We also need the support of other stakeholders in the sector to achieve the mandate of the river basins because we cannot do it alone,” Omoliki said.
Mr. Nnaa Aleru, managing director of the Niger Delta River Basin Development Authority, expressed his readiness to make the basin more productive to boost food production.
He promised to key into President Goodluck Jonathan’s vision to re-engineer and reposition the River Basin Authorities to reduce poverty.
“I hope to pursue these policies as spelt out by the Honourable Minister when I resume in my basin and I will also ensure that I come up with projects that will increase farmers’ yields,” Aleru said.
Speaking along the same vein, Mr. Suleiman Musa, managing director, Upper Benue River Basin Development Authority, promised to implement government’s policies as prescribed in the Charter, establishing the river basin authorities.
“I hope to achieve this through integrated water resources development, farmer support programmes as well as come up with vibrant empowerment programmes that will help tackle poverty,” Musa said.
He expressed optimism that the current repositioning of the river basins would enable the government to boost production, create jobs, generate electricity and provide water supply.
The managing directors expressed appreciation to Jonathan for appointing them to serve the nation.
Our correspondent reports that the formal inauguration of the management team of the12 River Basin Development Authorities is slated for yesterday.
Business
Private sector gets N2.2tr credit in 30 days — CBN
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.
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