NIGERIA IN BRIEF: CBN rate cut fails to unlock credit as Nigerian banks’ lending decline and other stories

CBN rate cut fails to unlock credit as Nigerian banks’ lending decline

Nigerian banks recorded rising liquidity levels in the first four months of 2026, but lending to businesses declined sharply despite the Central Bank of Nigeria’s rate cut earlier in the year. CBN data showed broad money supply rose to N124.99 trillion in April, while private-sector credit dropped from N94.61 trillion in February to N80.59 trillion in April, suggesting banks are becoming more cautious amid economic uncertainty and attractive government security yields.

The figures also showed increased government borrowing, stronger bank reserves and deposits, while net foreign assets declined to N24.01 trillion in April from N27.09 trillion in January, reflecting continued pressure on Nigeria’s external balances. Olayemi Cardoso said the apex bank remains focused on inflation control and macroeconomic stability.

Tinubu’s approval rating falls to 30% as economic hardship bites harder — Survey.

A new nationwide survey by Eagle Badger Data Analytics shows President Bola Tinubu’s approval rating has fallen to 30.2 per cent, with 47.5 per cent of Nigerians disapproving of his administration. The report attributes the decline mainly to worsening household economic conditions, despite signs of macroeconomic improvement.

The survey found that 62 percent of respondents feel worse off than three years ago, driven by rising food and living costs. While inflation has eased and the naira has strengthened, many Nigerians say these gains have not translated into better living standards, widening the gap between economic indicators and public sentiment.

Atiku set for 7th presidential run after ADC primaries victory

Former Vice President Atiku Abubakar has emerged as the presidential candidate of the African Democratic Congress (ADC) for the 2027 election, marking his seventh attempt at Nigeria’s presidency. Atiku defeated Rotimi Amaechi and Mohammed Hayat-Deen in the party’s primary, reigniting debate over whether the veteran politician can finally secure victory after decades of failed presidential bids across different political platforms.

Analysts are divided over his chances, with some arguing that northern support and growing dissatisfaction with President Bola Ahmed Tinubu could strengthen Atiku’s prospects, while others insist power should remain in the South until 2031. Political observers also believe the unity or division of opposition parties ahead of 2027 will play a major role in determining the outcome of the election.

Arsenal’s greatest season in decades may also be its richest

Arsenal’s historic 2025/26 season has brought both major trophies and huge financial rewards after winning their first Premier League title in 22 years and reaching the UEFA Champions League final. Mikel Arteta’s side are expected to earn hundreds of millions of pounds from prize money, television rights and commercial deals, with total season revenue projected to surpass £770 million.

The club’s success has also boosted Arsenal’s global value, with analysts predicting a sharp rise in sponsorship income, merchandising and overall valuation. A Champions League victory against Paris Saint-Germain could further cement Arsenal’s place among the world’s richest and most valuable football clubs.

Three years later, petrol subsidy gains filled state treasuries, not classrooms or clinics

Three years after President Bola Tinubu removed Nigeria’s fuel subsidy, long fuel queues have largely disappeared, with petrol now readily available across major cities. The policy freed an estimated N4 trillion annually and boosted investor confidence, reflected in improved credit outlooks and claims of greater fiscal stability.

However, the gains have not clearly translated into better living conditions. Despite record allocations to states, concerns persist over weak infrastructure spending, rising state debt, and poor service delivery. Meanwhile, petrol prices have surged above N1,300 per litre, driving up transport and food costs and deepening the cost-of-living pressure on households.