Business
Abuja Hotels Record Low Patronage During Eid-el-Kabir
Hotels in Abuja recorded low patronage as Muslims celebrate Eld-el-Kabir after alleged threat by Boko Haram sect to attack the city. Our correspondents, who went round major hotels in the city centre on Monday, report that security was beefed up at Abuja Sharaton Hotel and Towels, Transcorp Hilton Hotel and the Luxury Hotel in the city.
The hotels were devoid of the crowd synonymous with festive periods.
Some of the hotel staff said that the low patronage was not unusual, saying it had nothing to do with the threat.
“It is not unusual to have low patronage at a time like this because it is Sallah and most people are at home celebrating with their families,’’ the Duty Manager of Transcorp Hilton Hotel said on condition of anonymity.
She explained that those who needed to stay in the hotels were there, adding that activities were going on unhindered.
Meanwhile, motorists had to spend time with security operatives for their vehicles to be searched before driving into the hotel premises.
It was further gathered that major streets within the city centre were also devoid of heavy traffic as few taxis were seen plying the major routes.
In Gwagwalada, a satellite town in the FCT, buses filed the El-Rufai bus stop and other bus stops in the town as there were few passengers on the roads.
Transporters were seen lobbying few available passengers to board their vehicles, a contrast to what the situation used to be during festive periods when they normally took advantage of the large turnout of commuters to hike fare.
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.
