Business
NULGE Recommits To LG Autonomy
The Nigeria Union of Local Government Employees (NUGLE) says it will ensure that any state assembly member opposed local government autonomy is not re-elected during the 2019 general election.
The National President of NULGE, Comrade Ibrahim Khalil, said this in Katsina during a rally organised by the union to sensitise Nigerians on local government autonomy.
“Any state assembly member that sabotages our noble struggle of getting our independence from state governments will be dealt with during the forthcoming election in 2019.
“We have established the machinery for enlightenment as well as mobilisation of electorate toward rejecting assembly members who refuse to support our struggle.
“The local government staff are closer to the electorate and such, they will use their contact and connection to deal with erring members that opposed our cause.
“We shall enter all nooks and crannies of the 774 local government areas to reject any member of the state House of Assemblies that refuse to embrace our position paper of local government autonomy.
“We equally have the numerical strength in the 774 local government areas in the country to fight the members that oppose our cause,” he said.
Earlier, the Katsina State NULGE President, Comrade Aliyu Kankara, urged members to give all the necessary support and cooperation to the national leaders in their quest for local government autonomy.
“At present, the entire local government system in Katsina State has collapsed as no single local government is functional.
“Due to lack of funds, our system has not been able to fulfil its mandate to rural dwellers,” he said.
Receiving the position paper from the NULGE National President, the Speaker, Katsina House of Assembly, Alhaji Abubakar Yahaya, said that the assembly would study the paper with a view to making positive contributions.
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.
Business
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Business
NDDC Intensifies Women Empowerment Initiative Across Niger Delta
