Business
Reconstitute Varsity Governing Councils, SSANU Tells FG
The Senior Staff Association of Nigerian Universities (SSANU), has called on the Federal Government to reconstitute the governing councils of the nation’s universities.
The union, in a communiqué singed by its National President, Comrade Sampson Chijioke Ugwoke, and the National Publicity Secretary, Comrade Salaam Abdussobur, respectively on Wednesday after the Union’s National Executive Council (NEC) meeting at the Federal University, Kashere, Gombe State, lamented the non-constitution of university governing councils have elapsed.
The union’s NEC in session said, “Appointment into the Governing Councils as many of the present councils of Universities should not be treated as political patronage by the present administration and that government should avail itself of the use of seasoned university administrators whose experience and knowledge of the university system would serve the universities in better stead”.
The union said that, Vice Chancellors cannot run the University Administration as Sole Administrators. Governing councils appointed by the Federal and even some state governments act as checks and balances on the University administration.
The NEC, urged the government to tackle the issue of alleged corrupt practices of some vice chancellors, rather than such indicted vice chancellor subjecting its members that had helped to oppose the high level corruption to harassment and suspension while the government kept mute.
The union alleged that, government’s position amounts to double standard, given the way suspected corrupt judges were arrested recently.
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.
