Business
PH Traders Decry New Petrol Pump Price
Some traders in Port
Harcourt, the Rivers State capital are lamenting over the recent increase in pump price of Premium Motor Spirit (PMS), otherwise known as petrol, from N86.50 to N145.00 by the Federal Government.
The traders in an interview with The Tide correspondent vehemently condemned the increase, because they are going to bear the cost while transporting their goods to the markets.
According to them, the development could lead to the traders paying more money to transport their wares thereby also increase the cost to the common people in order to make some gains after the huge transport fares.
They noted with dismay that as a democratic system of government, the federal government should have dialogued with the various stakeholder representatives before embarking on such increase, adding that the increase is outrageous and a ploy to send some of the traders out of business, as people will use up all the money they had on transportation or buying of fuel at the exorbitant price.
A trader, Mr Tubobereni Orupabo, said the increase in pump price is the highest dictatorial blunder that the present government of President Muhammadu Buhari had done, because nobody or organisation was consulted before the increase, describing it as ill-timed and unfortunate.
Orupabo opined that traders have been passing through some difficulties, including low sales due to the harsh economy and now there is an increase in pump price which will definitely affect the traders the more.
Also lamenting, Madam Cynthia Okoroba, expressed disappointment with the action of the government saying, “The increase will affect both the traders and the consumers as transporters have increased their fares”.
Another trader, Chidi Mba viewed the increase as insensitive by the Federal Government on the suffering masses, stressing that not only the traders but the commuters and consumers alike would be highly affected.
In his own view, Chief Leo Okonkwo, also condemned the fuel pump price increase, adding that the action would make the traders to pay more while transporting their goods to the market.
Okonkwo decried the Federal Government action over the pump price increase, pointing out that those who support the like are enemies of the public and traders in particular.
Meanwhile, the Nigerian Labour Congress (NLC), the Trade Union Congress (TUC) and Civil Liberty Organisation CLO) have concluded plans to embark on three days nationwide warning strike from Wednesday to press home their refusal over the increase in fuel pump price by the Federal Government.
Collins Barasimeye
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.
