Credit to the Nigerian economy crossed the N100 trillion threshold for the first time, rising by 1.7 per cent month-on-month to N100.98 trillion in November from N99.2 trillion recorded in October.

The growth was largely driven by a significant increase in credit to the government, which expanded by 6.4 per cent month-on-month to N26.4 trillion in November 2025, compared with N24.8 trillion in October 2025.

The Central Bank of Nigeria, CBN, disclosed the figures in its Money and Credit Statistics for November 2025.

The apex bank noted that credit to the private sector also recorded marginal growth, increasing by 0.26 per cent month-on-month to N74.6 trillion in November 2025 from N74.4 trillion in October 2025.

The rise in domestic credit was reflected in banks’ reserves, which declined for the second consecutive month to N30.9 trillion in November, down from N31.58 trillion in October.

A similar trend was observed in money supply, M2, which grew by 3.2 per cent to N122.94 trillion in November from N119.03 trillion in the previous month.

Data from the Debt Management Office, DMO, showed that Nigeria’s total public debt outstanding stood at N152.40 trillion, representing 33.98 per cent of Gross Domestic Product, GDP, at the end of June 2025. This compares with N144.67 trillion, or 38.80 per cent of GDP, recorded at the end of December 2024, reflecting the impact of new borrowings.

In its Macroeconomic Outlook for 2026, the CBN disclosed that Federal Government revenue amounted to N34.82 trillion in 2025, representing a 21.98 per cent increase over the N28.55 trillion recorded in 2024.

The apex bank attributed the revenue growth to higher resource-based earnings, driven by the recovery of the oil sector, ongoing policy reforms, institutional improvements, relatively stable global oil prices and increased crude oil production.

The CBN, however, projected that the impact of exchange rate movements on public debt, which was the major driver of debt growth between 2023 and 2025, is expected to decline significantly in 2026 as the exchange rate stabilises.