Business
RSG Assures On Monorial Phase 1A Completion In 2013
The Rivers State Government has assured that the Phase 1A of
the monorail project from Sharks Park to UTC Junction would be completed by
December 2013.
The State Commissioner for Transport, Hon George Tolofari
stated this while conducting Journalists round the ware-house where equipment
for the project were kept at Trans-Amadi Layout, Port Harcourt, recently.
Tolofari said with the arrival of the equipment for the
Phase 1A of the project, he is optimistic that it would be delivered by next
year.
He declared, “by the grace of God, Phase 1A of the Rivers
State monorail project would be completed in December 2013”. He appealed to the
citizens to be patient with the government.
The Transport Commissioner noted that the non-availability
of space at the monorail ware-house was responsible for the keeping of the
equipment of the project at Onne Port. He assured that from this month, all the
other equipment would be conveyed from the warehouse to the state to meet the
target.
According to him, the Rivers State monorail project is a
social responsibility that the administration of Governor Chibuike Rotimi
Amaechi is fulfilling to the people of the state.
He said, that as soon as all the equipment for the project
were conveyed to the station at Sharks Park, the tracks would be installed for
the train to start operation.
The Phase 1A of the Rivers monorail project will be
operational with one train on a single track system, with six coaches and one
exclusively for wheel chair passengers, the state commissioner had earlier
said.
The Tide correspondent gathered that distance of Phase 1A
from Sharks Park to UTC Bus Stop is 2.6km, while the train will travel within a
time of six minutes from the Sharks Park to UTC bus stop, with a capacity of
170 passengers.
Our correspondent also learnt that for Phase 1A, there are
three stations and one depot from UTC bus stop, Sharks Park and Azikiwe Road
with a guide-way track construction.
It would be recalled that the state Ministry of Transport
had during the public forum held in Port Harcourt, in June this year stated
that its reform project would help build a sustainable public mass
transportation system that would befit the status of Rivers State and Port
Harcourt as a business hub in the oil-rich, South-South region of Nigeria.
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.
