News

Bank Borrowing From CBN Rises By 260% To N21.87trn

Published

3 years ago

January 18, 2023

Depositmoney banks (DMBs) borrowed the sum of N21.87trillion from the Central Bank of Nigeria (CBN) via the Standing Lending Facility (SLF) window and Repurchase Lending (RPL) platform in 2020, according to the CBN financial data.
This represents a 260per cent increase when compared to the N5.744trillion recorded via the same windows in 2022.
It, however, represents a 19.3per cent decrease when compared to the N27.08trillion the banks borrowed from the apex bank in 2021.
The apex bank has two short-term lending windows for banks and merchant banks namely-Standing Lending Facility (SLF) and Repurchase (Repo) lending.
While the CBN lends money to banks and merchant banks through the SLF at interest rate of 100 basis points above the Monetary Policy Rate (MPR), it also lends money to banks through Repo arrangement, which involves the purchase of banks’ securities with the agreement to sell back at a specific date and usually for a higher price.
The financial data by the CBN revealed that borrowing by banks and merchant banks through the SLF in 2022 dropped by 14.25per cent to N11.15trillion as against N13.01trillion in 2021.
The month-on-month breakdown of SLF revealed that the DMBs and merchant banks in January 2022 borrowed N313.48billion from the CBN.
It, however, dropped to N186.48billion in February.
The financial data by apex bank showed that SLF data in March stood at N377.13billion and increased further by 62.4per cent M-o-M to N612.43billion in April 2022.
For May, the CBN reported N897.05billion, after which the borrowing increased significantly to N1.93trillion in June.
However, the financial data by apex bank showed N1.46trillion and N1.19trillion for July and August 2022, respectively.
In addition, the DMBs and merchant banks had borrowed N836.5billion in September; N464.07billion in October; N1.56trillion in November and N1.33trillion in December 2022.
Consequently, borrowing by the DMBs and merchant banks through the CBN’s Repo declined by 24per cent to N10.7trillion in 2022 from N14.07trillion disclosed by financial data in 2021.
For Repo, the data by the CBN revealed N968.8billion in January but it dropped to N480.35billion in February.
With nine Repo activities in March, a sum of N343.48billion was reported.
It, however, increased to N474.83billion in April.
For other months, the CBN data showed that N870.32billion was borrowed in May; N1.65trillion in June; N3.07trillion in July; N1.62trillion in August; N1.197trillion in September and N46.32billion in October.

News

HoS Hails Fubara Over Provision of Accommodation for Permanent Secretaries

Published

2 days ago

February 2, 2026

The Tide

The Head of Service (HoS) of Rivers State, Dr. Mrs. Inyingi S. I. Brown, has commended Governor Sir Siminalayi Fubara, GSSRS, for approving befitting accommodation for Permanent Secretaries in the state.

This commendation was contained in a press release made available to newsmen in Port Harcourt.

According to the Head of Service, Governor Fubara has continued to demonstrate uncommon commitment to the welfare of civil servants in Rivers State, stressing that such gestures underscore his people-oriented leadership style. She urged civil servants across the state to remain supportive of the governor’s administration in order to sustain good governance and effective public service delivery.

Speaking on behalf of the Body of Permanent Secretaries, Dr. Brown congratulated Governor Fubara on the occasion of his 51st birthday, describing him as “a Governor who leads by serving.”

She further praised the governor’s service-driven and people-centred leadership approach, noting that it has significantly contributed to institutional stability and improved efficiency within the state’s public service. Special appreciation was expressed for the approval of a befitting accommodation complex for Permanent Secretaries, which she said reflects the governor’s commitment to staff welfare and enhanced productivity.

As part of activities to mark the governor’s birthday, the Body of Permanent Secretaries announced the sponsorship of 329 Joint Admissions and Matriculation Board (JAMB) forms for indigent students across the state.

A breakdown of the initiative shows that 319 forms will be distributed across the 319 political wards in Rivers State, while five forms are allocated to non-indigenes and five forms to persons living with disabilities.

Interested applicants are advised to contact the Office of the Permanent Secretary, Ministry of Education, for further details.

The Body of Permanent Secretaries wished Governor Fubara continued good health, divine wisdom, and greater accomplishments in his service to the people of Rivers State.

By John Bibor

News

Allegation of Disrespect to President Tinubu Unfounded — Rivers Government

Published

2 days ago

February 2, 2026

The Tide

The attention of the Rivers State Government has been drawn to a statement credited to an acclaimed Rivers State chapter of the National Youth Council of Nigeria (NYCN), purportedly authored by one Bestman Innocent Amadi, alleging that the Governor of Rivers State, His Excellency Sir Siminalayi Fubara, GSSRS, removed the official portrait of the President of the Federal Republic of Nigeria, President Asiwaju Bola Ahmed Tinubu, from the Government House, Port Harcourt.

For the avoidance of doubt, the Rivers State Government wishes to categorically state that there is no policy, directive, or intention on the part of the government or the Governor that disrespects the President of the Federal Republic of Nigeria or undermines the authority of the Federal Government.

On the contrary, the Rivers State Government, under the leadership of Governor Siminalayi Fubara, currently enjoys a robust, cordial, and collaborative relationship with the Federal Government, President Bola Ahmed Tinubu, and the Renewed Hope Agenda—a partnership that is already yielding positive and tangible benefits for the people of Rivers State.

Consequently, the insinuation that the Governor acted out of “ingratitude” or “disrespect” is misleading, irresponsible, inflammatory, and entirely unsupported by verifiable facts, and should therefore be disregarded by the public.

It is regrettable that a body expected to promote youth unity, peace, and responsible engagement would resort to incendiary language, personal attacks, and unsubstantiated claims capable of overheating the polity at a time when Rivers State requires calm, dialogue, and mature leadership.

The Rivers State Government therefore calls on well-meaning members of the public, particularly its esteemed and hardworking youths, to disregard and dissociate themselves from individuals or groups bent on advancing divisive rhetoric and falsehoods for political purposes.

Rivers State belongs to all of us. Political differences must never be allowed to override truth, civility, peace, and the collective pursuit of progress.

Members of the public are further urged to remain vigilant and avoid lending credence to inflammatory statements or the activities of fifth columnists pursuing dubious agendas aimed at sowing discord.

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News

Rivers Government Dismisses Allegations of Disrespect to President Tinubu

Published

2 days ago

February 2, 2026

The Tide

The Rivers State Government has dismissed as unfounded and misleading allegations that Governor Sir Siminalayi Fubara removed the official portrait of President Asiwaju Bola Ahmed Tinubu from the Government House in Port Harcourt.

In a statement issued on Tuesday, the state government reacted to claims credited to an acclaimed Rivers State chapter of the National Youth Council of Nigeria (NYCN), describing the allegation as false, irresponsible, and unsupported by any verifiable facts.

The government clarified that it has no policy, directive, or intention that disrespects the President of the Federal Republic of Nigeria or undermines the authority of the Federal Government. It emphasized that Governor Fubara maintains a cordial, respectful, and collaborative relationship with President Tinubu and the Federal Government.

According to the statement, the relationship between Rivers State and the Federal Government has grown stronger under the Renewed Hope Agenda, with tangible benefits and positive impacts already being felt by residents of the state.

The Rivers State Government described insinuations that the governor acted out of “ingratitude” or “disrespect” as deliberately provocative, noting that such claims are capable of misleading the public and unnecessarily heating up the polity.

It further expressed concern that an organization expected to promote youth unity and peace would engage in what it termed incendiary language, personal attacks, and unsubstantiated accusations at a time when the state requires calm, dialogue, and responsible leadership.

The government called on well-meaning members of the public, especially the youths of Rivers State, to disregard the claims and dissociate themselves from individuals or groups spreading divisive rhetoric and falsehoods for political purposes.

Reaffirming its commitment to peace, unity, and progress, the state government stressed that political differences must never be allowed to override truth, civility, and the collective interest of the people.

Members of the public were also urged to remain vigilant and not give attention to inflammatory statements or individuals described as fifth columnists bent on causing division within the state.