Business
IFAD Spends $447,000 On Projects In C’River
The Cross River State Government has in the last six years accessed $447,000 from the International Fund for Agriculture Development (IFAD) for projects, the State Programme Officer, Mr. Innocent Ogbin, said.
Ogbin told newsmen in an interview in Calabar on Wednesday that the amount represented 40 per cent of the total project cost.
He said the lack of prompt payment of counterpart funds from contributory partners was responsible for the low level of implementation of IFAD programmes in the state.
He said, “So far, we have been able to draw down $447,000 from IFAD to date and that is just over 40 per cent. We still have more than over 50 per cent yet to draw.
“And the reason is because of low commitment in terms of counterpart funding.”
Ogbin said the state had paid N154m as counterpart funding between 2006 and 2011 but had yet to pay for 2012.
He added, “The state is doing very well, the state’s yearly contribution is N45m, which they have paid up to 2011, as at today, the state is 75 per cent compliant.
“But the huge challenge lies with the local government councils. Incidentally, this takes about 45 per cent of the entire project funding.
“So you can agree that if you take away 45 per cent funding in the project, the remaining 55 per cent cannot complete the project. That is a huge challenge.”
He, however, said an agreement had been reached for the funds to be deducted at source from the accounts of the nine councils involved in the project.
Ogbin said, “But now we have been able to get the commitment of local government councils involved. And they are in line with the agreement that this fund should be deducted from their allocations.
“We hope that by the first quarter of 2013, these funds would be paid.
He said his office had devised a means of taxing the benefiting communities in order to augment the lack of payment of counterpart funds by the councils.
He further noted that in spite of the shortcoming of the councils, they were still asking for more projects in their communities.
He added, “The councils are equally asking for expansions of the projects to more communities which we had recommended in the last review mission.”
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.
