Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have jointly demanded that the Nigerian Electricity Regulatory Commission (NERC) revoke its recent electricity tariff increase before May 12, 2024. Failure to comply, they warn, will prompt unprecedented industrial action.

In a letter addressed to the Chairman/Chief Executive Officer of NERC, dated May 3, 2024, and copied to key government officials and electricity distribution companies, the presidents of NLC and TUC expressed outrage over the tariff hike, labeling it as exploitative and unjust. They argued that the increase, from N65/kWh to N225/kWh, imposes undue hardship on Nigerians amidst existing economic challenges.

The unions accused NERC of neglecting its regulatory duties and siding with electricity companies at the expense of consumers' rights. They demanded an immediate reversal of the tariff hike, cessation of discriminatory practices in tariff application, and adherence to statutory obligations.

Warning of swift action if their demands are not met, the unions vowed to mobilize members and occupy NERC offices and those of distribution companies nationwide until justice is served.

The Federal Government of Nigeria has dismissed speculations surrounding the establishment of foreign military bases within its borders. Mohammed Idris, the Minister of Information and National Orientation, unequivocally rejected assertions of discussions with foreign nations regarding military installations on Nigerian soil.

In a press release issued on Monday, Idris addressed what he termed as "baseless rumors" and urged the public to disregard such claims. He stressed that there have been no talks, nor is there any intention, to allow foreign military bases in the country.

According to the statement, "The Federal Government is not engaged in any such negotiations with any foreign nation. We have neither received nor are we entertaining any proposals from any country for the establishment of foreign military bases in Nigeria."

Highlighting existing collaborations in addressing security challenges, the statement affirmed the government's commitment to enhancing these partnerships. It stated, "Nigeria already benefits from international cooperation in addressing ongoing security issues, and the President remains dedicated to strengthening these alliances."

The Presidency has responded to former Vice President Atiku Abubakar's allegations regarding the Lagos-Calabar coastal highway contract, dismissing his claims and questioning his moral authority to raise concerns about conflicts of interest.

Atiku had accused President Bola Tinubu of favoritism in awarding the contract to Hitech Construction Company due to alleged ties between the company's owner, Gilbert Chagoury, and Tinubu. He also raised concerns about the demolition of buildings for the highway project.

In a statement, the Presidency refuted Atiku's claims, emphasizing that he lacks the moral high ground to question conflicts of interest given his own business dealings during his tenure as Vice President. The statement pointed out Atiku's involvement in Intels Nigeria, which secured major port concession deals while he was in office.

Furthermore, the Presidency highlighted Atiku's role in approving the sale of state-owned enterprises to his associates and friends during his tenure as Chairman of the National Council on Privatization.

Regarding Atiku's allegations against Seyi Tinubu's involvement with CDK, a tiles manufacturing company, the Presidency defended Seyi's right to pursue legitimate business interests, stating that his membership on the board does not conflict with Hitech Construction Company's work on the Lagos-Calabar highway.

The Presidency also challenged Atiku's assertion that the highway project would discourage investors, citing significant foreign direct investments attracted to Nigeria under the Tinubu administration. It highlighted the growth of various sectors in the economy, including telecoms, manufacturing, and fintech.

In response to Atiku's remarks on Nigeria's economy, the Presidency dismissed reports of IMF reclassifying Nigeria's economy due to Naira devaluation as "stale news," expressing confidence in Nigeria's economic resilience and potential for growth.

Ultimately, the Presidency urged all Nigerians to prioritize national unity and economic development, emphasizing the importance of infrastructural projects like the Lagos-Calabar Coastal Highway in stimulating economic growth and attracting investments.

Nigeria's electricity regulator, the Nigerian Electricity Regulatory Commission (NERC), has instructed the grid operator to decrease electricity exports to overseas customers (Benin Republic, Niger, and Togo)

in order to enhance domestic supply.

In a directive issued recently, NERC highlighted that the grid operator's prioritization of supply to international customers, under bilateral contracts, has resulted in significant challenges for Nigerian consumers. To address this, NERC has imposed a 6% cap on total grid generation available to international off-takers for the next six months, starting from May 1.

While Nigerian power firms have agreements with neighboring African nations to export electricity, delays in payment have been a recurring issue. This move aims to alleviate domestic power shortages exacerbated by recent tariff hikes, which were intended to provide more consistent power but have not been fully realized due to supply constraints.

The decision to limit overseas sales could introduce operational uncertainties, requiring adjustments in production and distribution by power generation companies. Moreover, it may exacerbate financial strains by reducing revenue from foreign customers and necessitate debt repayment from distribution firms.

Since the directive, electricity supply from the national grid has increased, surpassing 4,700 megawatts compared to the previous weeks' levels below 3,000 megawatts. However, challenges persist, including lax terms in international contracts and unpaid debts owed by international customers, totaling $12.02 million according to a report by NERC.

The move underscores Nigeria's commitment to prioritize domestic electricity needs while seeking to address systemic issues within the power sector to ensure sustainable and reliable energy provision for its citizens.

Hamas accepts Gaza cease-fire; Israel says it will continue talks but presses on with Rafah attacks

Hamas said Monday it accepted an Egyptian-Qatari cease-fire proposal, but Israel said the deal did not meet its core demands and it was pushing ahead with an assault on the southern Gaza city of Rafah. Still, Israel said it would continue negotiations.

The high-stakes diplomatic moves and military brinkmanship left a glimmer of hope alive — but only barely — for an accord that could bring at least a pause in the 7-month-old war that has devastated the Gaza Strip. Hanging over the wrangling was the threat of an all-out Israeli assault on Rafah, a move the United States strongly opposes and that aid groups warn will be disastrous for some 1.4 million Palestinians taking refuge there.

Hamas’s abrupt acceptance of the cease-fire deal came hours after Israel ordered an evacuation of some 100,000 Palestinians from eastern neighborhoods of Rafah, signaling an invasion was imminent.

The Israeli military said it was conducting “targeted strikes” against Hamas in eastern Rafah. Soon after, Israeli tanks entered Rafah, reaching as close as 200 meters (yards) from Rafah’s crossing with neighboring Egypt, a Palestinian security official and an Egyptian official said. Both spoke on condition of anonymity because they were not authorized to talk to the media. The reported incursion came a day after Hamas militants killed four Israeli soldiers in a mortar attack that Israel said originated near the Rafah crossing.

The Egyptian official said the operation appeared to be limited. The Associated Press could not independently verify the scope of the operation.

Israeli airstrikes also hit elsewhere in Rafah late Monday, killing at least five people, including a child and a woman, hospital officials said.

The Israeli military declined to comment.

Shortly after Hamas said it had accepted the Egyptian-Qatari truce proposal, Israel’s War Cabinet decided to continue the Rafah operation, Prime Minister Benjamin Netanyahu ‘s office said. It also said that while the proposal Hamas agreed to “is far from meeting Israel’s core demands,” it would send negotiators to Egypt to work on a deal. Late Monday, Qatar announced it was sending a team to Egypt as well.

President Joe Biden spoke with Netanyahu and reiterated U.S. concerns about an invasion of Rafah. U.S. State Department spokesman Matthew Miller said American officials were reviewing the Hamas response “and discussing it with our partners in the region.”

It was not immediately known if the proposal Hamas agreed to was substantially different from one that U.S. Secretary of State Antony Blinken pressed the militant group to accept last week, which Blinken said included significant Israeli concessions.

An American official said the U.S. was examining whether what Hamas agreed to was the version signed off on by Israel and international negotiators or something else.

Egyptian officials said that proposal called for a cease-fire of multiple stages starting with a limited hostage release and partial Israeli troop pullbacks within Gaza. The two sides would also negotiate a “permanent calm” that would lead to a full hostage release and greater Israeli withdrawal out of the territory, they said.

Hamas sought clearer guarantees for its key demand of an end to the war and complete Israeli withdrawal in return for the release of all hostages, but it wasn’t clear if any changes were made.

Israeli leaders have repeatedly rejected that trade-off, vowing to keep up their campaign until Hamas is destroyed after its Oct. 7 attack on Israel that triggered the war.

Netanyahu is under pressure from hard-line partners in his coalition who demand an attack on Rafah and could collapse his government if he signs a deal. But he also faces pressure from the families of hostages to reach a deal for their release. They say that time is running out to bring their loved ones home safely, and a ground operation would further endanger them.

Thousands of Israelis rallied around the country Monday night calling for an immediate agreement. About 1,000 protesters swelled near the defense headquarters in Tel Aviv. In Jerusalem, about 100 protesters marched toward Netanyahu’s residence with a banner reading, “The blood is on your hands.”

Israel says Rafah is the last significant Hamas stronghold in Gaza, and Netanyahu said Monday that the offensive against the city was vital to ensuring the militants can’t rebuild their military capabilities.

But he faces strong American opposition. Miller said Monday the U.S. has not seen a credible plan to protect Palestinian civilians. “We cannot support an operation in Rafah as it is currently envisioned,” he said.

The looming operation has raised global alarm. Aid agencies have warned that an offensive will bring a surge of more civilian deaths in an Israeli campaign that has already killed over 34,000 people and devastated the territory. It could also wreck the humanitarian aid operation based out of Rafah that is keeping Palestinians across the Gaza Strip alive, they say.

Israeli leaflets, text messages and radio broadcasts ordered Palestinians to evacuate eastern neighborhoods of Rafah, warning that an attack was imminent and anyone who stays “puts themselves and their family members in danger.”

The military told people to move to an Israel-declared humanitarian zone called Muwasi, a makeshift camp on the coast. It said Israel has expanded the size of the zone and that it included tents, food, water and field hospitals.

It wasn’t immediately clear, however, if that was already in place.

Around 450,000 displaced Palestinians already are sheltering in Muwasi. The U.N. agency for Palestinian refugees, known as UNRWA, said it has been providing them with aid. But conditions are squalid, with few sanitation facilities in the largely rural area, forcing families to dig private latrines.

The evacuation order left Palestinians in Rafah wrestling with having to uproot their families once again for an unknown fate, exhausted after months living in sprawling tent camps or crammed into schools or other shelters in and around the city. Israeli airstrikes on Rafah early Monday killed 22 people, including children and two infants.

Mohammed Jindiyah said that at the beginning of the war, he tried to hold out in his home in northern Gaza under heavy bombardment before fleeing to Rafah.

He is complying with Israel’s evacuation order this time, but was unsure whether to move to Muwasi or elsewhere.

“We are 12 families, and we don’t know where to go. There is no safe area in Gaza,” he said.

Sahar Abu Nahel, who fled to Rafah with 20 family members, including her children and grandchildren, wiped tears from her cheeks, despairing at a new move.

“I have no money or anything. I am seriously tired, as are the children,” she said. “Maybe it’s more honorable for us to die. We are being humiliated.”

The war was sparked by the unprecedented Oct. 7 raid into southern Israel in which Palestinian militants killed around 1,200 people, mostly civilians, and abducted some 250 hostages. After exchanges during a November cease-fire, Hamas is believed to still hold about 100 hostages as well the bodies of around 30 others.

AP

WESTERN PERSPECTIVE

Russia says it takes control of two more settlements in eastern Ukraine

Russian forces have taken control of the settlements of Soloviove in Ukraine's eastern Donetsk region and Kotliarivka further north in the Kharkiv region, the defence ministry said on Monday.

Ukraine's military made no mention of either locality in its evening General Staff report. Kharkiv Regional Governor Oleh Syniehubov said on Monday that Kotliarivka, located near the town of Kupiansk, was one of several locations to come under Russian shelling.

But Ukrainian bloggers appeared to acknowledge that both villages were in Russian hands.

DeepState, a popular forum on the war, noted on Saturday that Kotliarivka had been captured by Russian forces and on Sunday said the neighbouring village of Kyslivka was also in Russian hands.

DeepState reported that Soloviove, northwest of the Russian-held town of Avdiivka, had been taken by Russian forces last week.

Russia has made slow but steady advances since taking Avdiivka in February, with a string of villages in the area falling to Moscow's forces.

RUSSIAN PERSPECTIVE

Russia makes new gains in Ukraine’s Kharkov Region – MOD

Russian forces have driven Ukrainian troops out of two settlements in Kharkov Region and Donbass, the Defense Ministry in Moscow has announced.

In a statement on Monday, the ministry said forces from Russia’s ‘Western’ group had seized the village of Kotlyarovka in the north of Ukraine’s Kharkov Region. The settlement is around 25km east of Kupyansk, described as a key Ukrainian logistics hub, the capture of which would allow Russia to advance directly on the city of Kharkov or support further operations in Donbass.

The announcement came after several Russian Telegram channels posted footage last week of what appeared to be Moscow’s troops holding a national banner in Kotlyarovka.

Meanwhile, the ministry said Russia’s ‘Center’ group of forces had also taken control of the Donbass village of Solovyovo, around 40km northwest of Donetsk. Solovyovo is near the key supply hub of Ocheretino, a village captured by Russia on Sunday.

Russian military blogger Boris Rozhin suggested that within days Moscow could announce the capture of Kislovka, a village near Kotlyarovka, as well as several other frontline Donbass settlements. This came after the pro-Ukrainian, US-based think tank Institute for the Study of War (ISW) last week reported the presence of Russian forces in Kislovka.

The new gains in Kharkov and Donetsk Regions come after Russian Defense Minister Sergey Shoigu said in April that Moscow’s forces are fully in control of the battlefield situation and are steadily expanding their gains.

Aleksandr Syrsky, commander-in-chief of Kiev’s armed forces, admitted last month that the Ukrainian military is in a “difficult operational and strategic situation.” In similar remarks, the deputy head of Ukraine’s military intelligence, Vadim Skibitsky, said last week that Moscow “always knew April and May would be a difficult time for us,” adding that Kiev’s main problem is a lack of weapons.

Reuters/RT

“Fools at the top would cause damage to any system not to talk of the fragile institutions of a fledgling democracy.” – Charles Archibong, A Stranger in Their Midst: A Memoir, 97 (2021)

In the last week of April, Chief Justice of Nigeria (CJN) Olukayode Ariwoola co-convened and chaired a “National Summit on Justice” in Abuja, Nigeria’s federal capital. Addressing the participants “with a profound sense of responsibility”, the CJN invited them “on a journey of comprehensive reform to ensure that justice is not only dispensed but also perceived to be dispensed fairly and impartially.” More specifically, he asked them to identify “gaps and inconsistencies that hinder the efficient administration of justice.”

No issue is as afflicted with such gaps in knowledge and inconsistencies of practice and yet so dispositive of outcomes in justice administration as judicial appointments in Nigeria. Yet, it is the one area about which little is public and debate is discouraged.

On 21 December 2023, the Senate consented to the appointment of 11 new Justices of the Supreme Court, all of whom used to be Justices of the Court of Appeal. In addition to the 11 vacancies, mortalities and retirements combined to create a total of 22 vacancies that the NJC approved to be filled on the Court of Appeal bench. On 24 January, the President of the Court of Appeal (PCA), Monica Dongban-Mensem, with consent of the National Judicial Council (NJC) led by the CJN, wrote to all heads of courts in the country to request nominations to the Court of Appeal.

Three years earlier, when they met on judicial elevations to the Court of Appeal on 19 November 2020, the Federal Judicial Service Commission (FJSC) had approved a rule proposed by Dongban-Mensem, that “judges that had not spent up to five years on the Bench” and “those who would not spend up to five years if appointed before retirement” should not be considered.

On 2 April, the same FJSC approved 22 nominees by Dongban-Mensem for appointment to the Court of Appeal, including six from the North-Central; five from the South-East; four from the South-West; three each from the North-West and South-South; and one from the North-East. To reprise the formulation of Chief Justice Ariwoola, this list is full of “gaps and inconsistencies.”

One of the nominees from the North-Central is Eleojo Enenche from Kogi State. He was only appointed a judge of the High Court of the Federal Capital Territory (FCT) in November 2021, from his then position as personal assistant to the Chief Judge of the FCT High Court. Enenche spent nine months attached to Olukayode Adeniyi, a senior judge of the same High Court. At less than three years as a judge of the FCT High Court, few of his cases would have come to judgment and it is unlikely that any of his judgments would have been tested on appeal. On any objective reading of the applicable criteria, this is at best a profoundly premature preferment.

Enenche is not the only one in this category. Sister-in-law to a senior politician and former junior to an influential Senior Advocate of Nigeria (SAN), Victoria Nwoye, the nominee from Anambra State, became a lawyer in 2005 and worked in the Customary Court system in Abuja before being sworn in as judge on 2 December, 2019. She is currently studying for an LL.M at the Nnamdi Azikiwe University in Awka, the state capital. Of the 30 judges currently in service in Anambra State High Court, she is dead last at number 30 in seniority and clearly below five years as a judge.

Born on 9 March 1959, Henry Aja-Onu Njoku, the nominee from Ebonyi State, does not have five years before mandatory retirement at 70. Nominated from Lagos State, Lateef Lawal-Akapo was born 6 August, 1959. From Nasarawa State and born on 2 November, 1959, Abdullahi Liman is currently the third most senior judge in the Federal High Court. None among these three has judicial shelf-life to spare to the Court of Appeal.

The applicable rules of the NJC require all judicial nominations to be accompanied by a “detailed medical certificate of fitness issued by government hospital or medical institution.” Although health information is ordinarily confidential, this requirement makes the health status of judicial nominees a matter of public interest and for good reason too.

In June 2023, Nyesom Wike, the husband of one of the nominees from the South-South, Eberechi Nyesom-Wike, publicly announced that she had been diagnosed with cancer in 2022. Ordinarily, cancer survivorship is computed at the threshold of five years post-diagnosis. It is proper and human to wish a cancer patient full recovery. It is a brutal and relentless disease. But it is doubtful that advancing a cancer patient to an equally relentless judicial office necessarily enhances the cause of their wellbeing (unless the administration of justice is not the primary consideration).

On this list of nominees to the Court of Appeal, Oyo State, which already has two Justices of Appeal, will receive another two, the only state to be so favoured. This will bring to four the number of Justices from the state from which the outgoing CJN hails. By contrast, Ogun State, which is also in the South-West, has only one Justice of Appeal – Adebukola Banjoko. In this round of appointments, they got none.

To understand the perverse incongruities in the Court of Appeal preferments, it is relevant to mention that there is also a contemporaneous process of hire into the bench of the FCT High Court. That list contains a daughter-in-law of the CJN, a daughter of the PCA, and a daughter of the current CJ of the FCT, among many judicial daughters on it.

It does not take a major feat of insight to figure out that the CJ of the FCT High Court, the PCA and the CJN are clearly doing mutual back-scratching in judicial appointments. The CJN gets whom he wants into the Court of Appeal and the FCT High Court in return for looking the other way with what goes on in the court systems run by the PCA and the FCT Chief Judge. Meanwhile, the FCT Chief Judge and the PCA square nomination accounts too. In so doing, these three arbitrarily retrench applicable rules and reduce judicial appointments to cynical transactions. There’s no need to add “for profit”.

A recent article about this CJN notes “his nepotistic appointments, especially his unbridled appetite for Iseyin-centrism and shamelessly keeping too much in the family.” Iseyin is the community in the Oke-Ogun area of Oyo State, South-West Nigeria, from which the CJN hails. The author seems oblivious to the contradiction when in another breadth he invites his readers to commend the same man for “being prudent and transparent with public money.” It is too much to expect anyone to produce evidence of financial breach by a person whose auditor is his own blood brother.

But such evidence not necessary in order to show that the methods of the CJN and his coterie is corrupt. He sits at the top of what is clearly a conspiracy by those responsible to subvert the rules governing judicial appointments in order to prefer members of their own families or intimate networks. It is condemnable because it makes judicial appointments hostage to irrelevant considerations and the judiciary liable to capture. It also disincentivises honest, hardworking judges.

This is also a clear violation of Rule 11(iv) of the Code of Conduct for judicial officers in Nigeria, which requires that “in the exercise of his administrative duties, a judicial officer should avoid nepotism and favoritism.” The irony is that Olukayode Ariwoola would not be able to get away with this tendency if he were to be Adajo Agba (Chief Justice) of Iseyin or of Oke-Ogun. That is a sad commentary on the current state of the judiciary that he will leave behind when Olukayode Ariwoola departs from office on 22 August.

** Chidi Anselm Odinkalu, a professor of law, teaches at the Fletcher School of Law and Diplomacy and can be reached through This email address is being protected from spambots. You need JavaScript enabled to view it..

Richard Branson doesn’t want to be defined by his money.

Specifically, he finds it “quite insulting” when he is introduced as “the billionaire Richard Branson,” rather than as the co-founder of Virgin Group, he tells CNBC Make It. The reason: Nobody should view their net worth as an ultimate measure of success, and it’s “very sad” when making money is the sole focus of a person’s life, he says.

“Maybe in America, ‘billionaire’ is a sign of success, but that rankles me,” says Branson. “I think that your reputation is what you create.”

In Branson’s case, his reputation is often defined by Virgin Group, a venture capital and holding company that owns businesses in a wide variety of industries, from airlines and telecommunications to spaceflight.

The company is largely responsible for his estimated net worth of $2.5 billion, according to Forbes — but he chafes at the idea he created it to make money.

“Your reputation is [whether] your team of people who work with you are proud of what they’ve created,” Branson says. “Paying the bills at the end of the year is important, but what entrepreneurs are doing all over the world today — and the only reason they’re succeeding — is that they’re making a difference in other people’s lives. And that’s all that really matters.”

Whenever Branson launches a new venture — citing Virgin Atlantic in 1984 and Virgin Mobile in 1999 — he asks himself two questions, he says:

• If I create this, can it be better than what everybody else is doing?
• Can it make a real difference in the world?

Financial success has often followed, but Branson is adamant that money has never been his chief motivating force.

His first successful business venture, a youth culture magazine called “Student,” was primarily meant to challenge “stale” traditional publications, Branson has noted. It tackled cultural issues like popular music and campaigning against the Vietnam War.

“I wanted it to survive. And yes, I wanted to have enough advertising to pay the printers and the paper manufacturers,” he says. “But money was certainly not the motivation for running a magazine.”

Branson’s top advice for becoming successful

Branson’s advice: Seek out opportunities you find interesting and exciting. It’s a recipe for greater happiness, and you’re more likely to end up successful than if you’re only thinking about the bottom line, he says.

“We only have one life,” says Branson. “We spend a lot of time at work and it’d be sad if we’re only doing it for our paychecks.”

Of course, success is never guaranteed. If you do follow your passions, you’ll still need factors like talent and perseverance on your side to avoid falling flat, experts say.

But Branson isn’t the only billionaire who advises that personal fulfillment doesn’t always have to come from amassing great wealth.

“Success isn’t necessarily how much money you have,” serial entrepreneur and investor Mark Cuban told LinkedIn’s “The Path” podcast last year. “Success is just setting a goal and being able to wake up every morning feeling really good about what you’ve accomplished.”

Cuban, who grew up in a blue-collar family near Pittsburgh, has long held that his career path was dictated more by a desire to control his own time than any financial aspirations.

“Time is the one asset you can never get back. You can never truly own [it],” he said at SXSW in March. “I wanted to be ... in a position where I get to call my own shots [and] spend time the way I wanted to spend time. That was always my motivating factor.”

CNBC

Atiku Abubakar, the People's Democratic Party (PDP) presidential candidate for 2023, has voiced strong criticism against the handling of the Lagos-Calabar Highway project, alleging personal interests overshadowing national priorities.

In a statement released by his media adviser, Paul Ibe, Atiku condemned the lack of proper notification regarding the demolition of properties in the Oniru corridor, including parts of Lagos State's landmarks, for the construction of the Coastal Highway.

Atiku pointed fingers at President Bola Tinubu and Gilbert Chagoury, owner of Hitech, the project contractor, suggesting their close ties as the driving force behind the project's hastened progress. He raised concerns over procurement violations and conflicts of interest, notably Tinubu's son's involvement on boards of companies linked to Chagoury.

The former Vice President noted that “Tinubu’s son, Seyi, is a director on the board of CDK Integrated Industries, a subsidiary of the Chagoury Group, which manufactures ceramic tiles and sanitary wares.”

Says Atiku: “To add insult to injury, this project that is being done more than $13bn was awarded without competitive bidding. From all indications, the so-called Badagry-Sokoto highway would be awarded similarly at an enormous cost to taxpayers purely because Tinubu has put his interest ahead of the Nigerian people.”

Atiku emphasized that the rushed execution of the project, without competitive bidding and amidst Nigeria's economic crisis, raises red flags. He lamented the disregard for local businesses and proper planning, attributing it to Tinubu's prioritization of personal interests over national welfare. Atiku highlighted discrepancies in project coordination, environmental impact assessment, and funding, accusing the Tinubu administration of bypassing legislative approval. He warned of adverse effects on investor confidence and the nation's economic standing if such practices persist unchecked.

The Central Bank of Nigeria (CBN) has revealed a substantial reduction in banks' loans to the private sector, amounting to N71.21 trillion in March. This marks a notable decline of 11.93 percent or N9.65 trillion from February's figure of N80.86 trillion, as reported in the CBN's money and credit data.

However, on a year-on-year basis, there was a significant increase of 65.57 percent compared to March 2023's N43.01 trillion.

Concurrently, credit to the government also witnessed a decline to N19.59 trillion in March from February's N33.93 trillion, representing a month-on-month decrease of 42 percent. Yet, on a yearly basis, credit to the government rose by 28.8 percent.

These shifts follow CBN's continued monetary tightening efforts, including consecutive interest rate hikes since May 2022 and a recent downward revision of the loan-to-deposit ratio (LDR) from 65 percent to 50 percent in April. The LDR adjustment aims to regulate banks' liquidity, impacting their ability to extend loans to both businesses and individuals.