Business
June 12: Banks, Schools, Offices Shut In Osun
Banks, schools and government offices were all shut in Osun State yesterday as workers in the state observed the June 12 public holiday declared by the state government.
The Tide source recalls that June 12 has always been observed as holiday by states in the South West region where Late Chief MKO Abiola came from.
The military government had annulled the June 12, 1993 presidential election believed to have been won by Abiola.
Abiola had contested the election on the platform of the Social Democratic Party (SDP) against Alhaji Bashir Tofa of the National Republican Convention (NRC).
The defunct National Electoral Commission (NEC) headed by Prof. Humphrey Nwosu had organised the presumed freest and most credible election.
Following the consistent public demands, President Muhammadu Buhari on June 7 replaced May 29 with June 12 as the country’s new Democracy Day.
Tide source reports that all the commercial banks in Osogbo were closed as no business transaction was carried out on their premises.
The state secretariat and local government secretariat gates were also shut as state civil servants stayed back at home to observe the holiday.
All the schools in the state as well as other state owned businesses and establishments were under lock and key.
Federal establishments, however, were opened for business as staff members of these establishments were at their duty posts, carrying on their daily activities.
Some of the federal workers that spoke with our source about the holiday claimed that the directive was targeted at only state workers for now.
A staff of the Federal Road Maintenance Agency (FERMA), who spoke under the condition of anonymity said: “Federal workers only observe national holidays and not state declared holidays’’.
“Though June 12 has been declared the new Democracy Day, by the Federal Government, which I believe subsequently would be celebrated as national public holiday,’’ the staff said.
Local businesses, markets, motor parks and the likes were all providing services to the people.
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.
