Business
ICAN Seeks Accountability, Transparency In Power Sector
The Institute of Chartered Accountants of Nigeria (ICAN) has said it would continue to advocate for greater accountability and transparency in the power sector given that it holds the key to production and service activities that would boost the economic growth in Nigeria.
The 59th President of ICAN, Innocent Okwuosa, stated this, lamenting that the lack of reliable power is a significant constraint for citizens and businesses, resulting on annual economic losses estimated at $26.2 billion (¦ 10.1 trillion).
Okwuosa made the statement when the institute paid a courtesy visit to the Managing Director/Chief Executive of Eko Electricity Distribution Company who is a fellow of the institute.
He said despite a recent position paper by ICAN which drew attention to a $500 million World Bank loan meant for DISCOs large-scale metering to improve electricity distribution sector, the World Bank reported that 85 million Nigerians, or 43 percent of the population don’t have access to grid electricity, making Nigeria the country with the largest energy access deficit in the world.
He further said that addressing the challenges of the power sector in the country would require a comprehensive and sustained policy reforms driven by both the public and private sectors with involvement of professionals.
“It is, therefore, essential to create a conducive environment that will attract investment to the sector by establishing and implementing clear and consistent policies as well as creating the right incentives”, he said.
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.
