Business
PH Residents Cry Out Over Abandoned Vehicles
Some residents of Port
Harcourt, the Rivers State capital, have condemned the indiscriminate abandonment of vehicles on major roads and streets of the city.
Some residents who made the condemnation in a chat with The Tide in Port Harcourt recently said such abandoned vehicles caused traffic obstructions and as well as constitute hideouts for criminals and lunatics who unleash mayhem on unsuspecting passers-by.
According to them, the state government and other relevant authorities should take proactive measures in ensuring that the roads and streets are rid of such vehicles in order to encourage free flow of traffic and rid the city of other criminal activities.
They lamented that in some areas abandoned vehicles included trucks, tankers and trailers, adding that they portend great danger even at nights and harped on the need for urgent attention.
The residents also condemned the use of rickety vehicles by some drivers and even companies, saying that they often broke down on the road, thereby causing danger to motorists and other road users.
A resident, Mr Cambell Opii, said it is dishear tening that some owners of vehicles deliberately abandoned them on the roads without finding ways of removing them, and insisted that such habit should be resisted by relevant authorities.
Another resident, Ezekiel Tuborkombia also said it is an eyesore that people abandoned their broken down vehicles for a long time on the road, which had now become a criminal he-out or cause nuisance on the road, and called for appropriate sanction in order to serve as deterrant to others.
Also condemning the act, Mrs. Gladys Apollos lamented that some vehicles were abandoned on major roads and streets without any caution sign to warn on-coming vehicles, thereby posing great danger to all road users in the area.
In his reaction, Emeka Chigozie said the act of abandoning vehicles on the road was alarming because they congest the road. He called on the authorities to swing into action now that the city had been given a face-lift following the massive road constructions and rehabilitations in the state.
Ada Epelle called for urgent steps to rid the streets of abandoned vehicles, which she said is defacing the beauty of the city, pointing out that government should remove them to a particular site or auction them since the owners have abandoned them for a long period of time.
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.
