Consumers can sell excess solar power to Discos – FG

NERC. electricty

The Nigerian Electricity Regulatory Commission has commenced the implementation of the Net Billing Regulations 2026, creating a framework that will allow eligible electricity consumers with renewable energy systems, particularly solar installations, to generate electricity for their own use and sell surplus power to electricity distribution companies.

The development is expected to accelerate the adoption of renewable energy technologies across the country, encourage private sector investment in power generation, and provide an additional source of electricity supply to the distribution network.

In a public notice titled “Commencement of the Net Billing Regulations 2026” and released on Wednesday, the commission notified electricity consumers, distribution companies, renewable energy developers, commercial and industrial customers, and the general public of the commencement of the new regulatory regime.

According to the regulator, the framework is designed to transform eligible electricity customers into what it describes as “prosumers” — consumers who not only use electricity but also generate it.

The commission also specified that participating customers must have a “renewable energy system with a minimum installed capacity of 50 kilowatt peak and a maximum of 1.5 megawatt peak”.

It stated that the regulations establish a framework that enables “eligible electricity customers (prosumers) to generate electricity from renewable energy sources, primarily solar photovoltaic systems, for their own consumption and export surplus energy to the distribution network under a net billing arrangement.”

The arrangement effectively creates a pathway for businesses and institutions with large solar power installations to monetise excess electricity that would otherwise remain unused.

Under the framework, a customer with a solar power system will first consume electricity generated from the installation. If the system produces more electricity than is required at any given time, the excess energy can be exported into the distribution company’s network.

The amount of electricity exported will be measured through specially installed bidirectional meters capable of recording both electricity consumed from the grid and electricity supplied to it.

The exported energy will then be credited in accordance with tariffs approved by the commission. The regulation marks a significant shift from the traditional electricity consumption model in which customers solely purchase power from the grid.

Under the new arrangement, eligible customers can become small-scale power producers capable of supplying electricity back to the network.

Experts say the model could prove particularly attractive to factories, shopping malls, universities, hospitals, industrial estates, telecommunications facilities, and large commercial enterprises that already operate substantial solar power systems.

For many of these organisations, solar installations often generate excess electricity during peak sunshine hours, especially on weekends or periods of reduced operational activity. The new framework allows such surplus generation to be utilised rather than wasted.

NERC said the regulations are aimed at achieving several strategic objectives within the electricity sector.

According to the commission, the objectives of the Net Billing Regulations 2026 are to promote the adoption of renewable energy technologies, enhance energy security and reliability for electricity consumers, encourage private sector participation in distributed generation, support the reduction of greenhouse gas emissions, and facilitate efficient integration of renewable energy systems into distribution networks.

The regulation comes amid growing interest in alternative energy sources as businesses and households continue to seek more reliable and cost-effective power solutions.

Nigeria’s electricity sector has struggled for years with inadequate generation, transmission constraints, and distribution challenges, leading many consumers to invest heavily in self-generation through diesel, petrol, and increasingly solar-powered systems.

The commission believes the new framework will help unlock private capital for renewable energy development while reducing pressure on the national grid. To qualify for participation, customers must meet a number of conditions set out by the regulator.

NERC stated that participants must be connected to a distribution licensee’s network and install renewable energy systems that comply with applicable technical standards and regulatory requirements.

Producers must obtain approval from the relevant distribution licensee, execute a net billing agreement, and register with the commission. The capacity threshold indicates that the scheme is targeted primarily at medium- and large-scale consumers rather than residential customers with small rooftop solar systems.

The commission said interested customers would be required to undergo technical evaluation before being admitted into the scheme. According to the notice, interested customers are required to apply to their distribution licensee for a technical feasibility assessment.

 

IFC, Standard Chartered launch $300m finance facility

The International Finance Corporation and Standard Chartered Bank have launched a $300m risk-sharing facility to expand access to supply chain finance for businesses across eight African countries, including Nigeria, as firms on the continent continue to grapple with funding shortages.

The initiative, announced in a statement by Standard Chartered Bank on Wednesday, is expected to support supply chain and trade finance transactions worth about $1.9bn over the next three years, benefiting more than 500 suppliers, including small and medium-sized enterprises.

According to the statement, the programme will be implemented in Côte d’Ivoire, Egypt, Ghana, Kenya, Nigeria, South Africa, Tanzania and Zambia, targeting sectors such as agriculture, healthcare, and manufacturing.

The facility is designed to help suppliers receive payments faster, thereby improving cash flow and enabling businesses to expand production, pay workers, and invest in growth.

Under the arrangement, IFC, the private sector investment arm of the World Bank Group, will provide guarantees of up to $150m, with an initial commitment of $100m. The guarantees will support transactions denominated in both United States dollars and selected local currencies.

The statement noted that the risk-sharing structure would cover up to $300m in supply chain and trade finance assets originated by Standard Chartered across Africa.

It explained that the programme would deploy financing tools, including payables finance, receivables discounting, and pre-shipment finance schemes, to improve access to working capital for smaller businesses.

“The facility will help ensure their suppliers get faster payments, freeing up the working capital they need to improve production, pay wages, and hire,” the statement said.

The partnership comes amid growing concerns over the financing gap facing businesses in emerging markets, particularly SMEs that often struggle to secure affordable credit despite playing a critical role in economic activity and employment generation.

IFC Vice President for Products and Clients, Mohamed Gouled, said supply chain finance remained one of the fastest ways to address the funding challenges confronting businesses in developing economies.

“Supply chain finance is among the fastest ways to narrow the growing finance gap that businesses, particularly small and medium enterprises, are facing in emerging economies,” Gouled said.

He added, “By partnering with Standard Chartered to support companies at the centre of strategic value chains, we can unlock much-needed working capital at scale for businesses across Africa, including smaller firms and farmers, making supply chains more competitive and boosting job creation.”

The statement projected that the initiative could indirectly benefit more than one million farmers through stronger value-chain linkages and improved access to finance.

Chief Executive and Head of Coverage, Standard Chartered Africa, Dalu Ajene, said the partnership would strengthen supply chains and encourage sustainable business expansion across the continent.

“This $300m facility with IFC underscores our shared commitment to strengthening Africa’s supply chains and enabling sustainable business growth,” Ajene said.

He noted that the bank’s presence across major trade corridors linking Africa with Europe, Asia, the Middle East and the Americas would help channel financing to businesses involved in regional and global trade.

“By expanding access to supply chain finance, we are helping African companies unlock liquidity, manage risk, and invest with confidence,” he said.

Ajene added that the collaboration would empower businesses ranging from large corporations to local suppliers to participate more actively in international trade while supporting job creation and inclusive growth.

The statement highlighted the rapid growth of the global supply chain finance market, which reached an estimated $2.7tn in 2025, representing an eight per cent increase from the previous year.

However, it noted that access to such financing remains limited in many emerging and low-income economies because commercial lenders have traditionally focused on developed markets.

According to the statement, the new facility seeks to reduce risk associated with short-term trade and supply chain finance portfolios, thereby encouraging greater lending activity in markets where capital remains scarce.

Nigeria’s capital importation surges 84% to $10.37bn – NBS

Nigeria’s capital importation surges 84% to $10.37bn – NBSNigeria attracted $10.37bn in capital importation in the first quarter of 2026, representing an 83.83 per cent increase from the $5.64bn recorded in the corresponding period of 2025, according to the National Bureau of Statistics.

The latest Capital Importation Report released by the bureau on Wednesday also showed that capital inflows rose by 60.97 per cent from $6.44bn recorded in the fourth quarter of 2025, reflecting renewed foreign investor interest in the country’s financial markets.

The report stated, “In Q1 2026, total capital importation into Nigeria stood at $10.37bn, higher than $5.64bn recorded in Q1 2025, indicating an increase of 83.83 per cent. In comparison to the preceding quarter, capital importation increased by 60.97 per cent from $6.44bn in Q4 2025.”

Analysis of the inflows showed that portfolio investment remained the dominant source of foreign capital, accounting for $9.86bn or 95.09 per cent of the total amount imported into the economy.

The NBS disclosed that foreign direct investment stood at $135.08m, representing only 1.30 per cent of total capital inflows, while other investments accounted for $374.48m or 3.61 per cent.

“Portfolio Investment ranked top with $9.86bn, accounting for 95.09 per cent, followed by Other Investment with $374.48m, accounting for 3.61 per cent. Foreign Direct Investment recorded the least with $135.08m, representing 1.30 per cent of total capital importation in Q1 2026,” the report added.

A further breakdown showed that money market instruments attracted the largest share of portfolio investments at $6.50bn, while investments in bonds amounted to $3.23bn. Equity investments under the portfolio category stood at $131.81m.

The banking sector emerged as the biggest destination for foreign capital during the quarter, attracting $7.55bn, representing 72.79 per cent of total inflows.

The financing sector followed with $2.43bn or 23.42 per cent, while the production and manufacturing sector attracted $152.27m, accounting for 1.47 per cent of total capital imported.

According to the report, “The Banking sector recorded the highest inflow with $7.55bn, representing 72.79 per cent of total capital imported in Q1 2026, followed by the Financing sector, valued at $2.43bn (23.42 per cent), and the Production/Manufacturing sector with $152.27m (1.47 per cent).”

Other sectors that received foreign investments included shares, trading, agriculture, information technology services, telecommunications, oil and gas, transport, construction, healthcare, education, and consultancy services.

The United Kingdom remained Nigeria’s largest source of foreign capital, accounting for $5.08bn or 49.01 per cent of total inflows. The United States followed with $3.18bn, representing 30.69 per cent, while South Africa accounted for $983.83m or 9.49 per cent.

The NBS said, “Capital importation during the reference period originated largely from the United Kingdom with $5.08bn, representing 49.01 per cent of the total capital imported. This was followed by the United States with $3.18bn (30.69 per cent) and the Republic of South Africa with $983.83m (9.49 per cent).”

Among financial institutions, Standard Chartered Bank Nigeria Limited received the highest capital inflow during the quarter at $4.41bn, representing 42.56 per cent of the total.

Stanbic IBTC Bank Plc followed with $2.78bn or 26.79 per cent, while Rand Merchant Bank handled $930.82m, accounting for 8.97 per cent. Other banks that facilitated capital inflows into the country during the period included Citibank Nigeria, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank, Fidelity Bank, and United Bank for Africa.

The report noted that the capital importation data was compiled from information supplied by the Central Bank of Nigeria and captured fresh foreign capital reported by commercial banks. It added that the figures did not include other components of foreign direct investment, such as reinvested earnings.

Africa can raise $469bn without tax hikes – AfDB

Africa can raise $469bn without tax hikes – AfDBAfrica can unlock more than $469bn in additional annual revenue without raising statutory tax rates, according to the African Development Bank.

Chief Economist and Vice President for Economic Governance and Knowledge Management at the African Development Bank, Prof Kevin Urama, said this in an interview with the News Agency of Nigeria on Wednesday in Abuja.

He said the additional revenue could be mobilised without increasing tax rates, stressing that stronger domestic resource mobilisation remained the most sustainable source of development financing for the continent.

According to him, improving tax administration through digitalisation, strengthening public institutions, and enhancing service delivery would significantly increase tax compliance.

“We see that by improving tax administration through digitisation and other reforms, just adopting best practices, the continent can mobilise more than $469bn extra without increasing tax rates.

It is simply about improving efficiency and strengthening compliance,” he said.

Urama said many citizens were reluctant to pay taxes because they often had to provide essential services such as electricity, water, and road infrastructure for themselves.

He noted that governments could improve voluntary tax compliance by delivering quality public services, strengthening transparency, and ensuring prudent management of public resources.

The economist said AfDB was supporting African countries, including Nigeria, to strengthen domestic revenue mobilisation through capacity building for national revenue authorities.

Court Jails  One  for N2.9m  Crypto Fraud in Maiduguri 

 

Justice Aisha Kumaliya of the Borno State High Court sitting in Maiduguri, on Wednesday, June 3, 2026 convicted and sentenced one Bukar Ahmed Shuwa to ten years imprisonment.

 

The convict was arraigned on Wednesday, June 3, 2026 by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on a one -count amended charge for the offence of cheating to the tune of N2,950,000.00 (Two Million, Nine Hundred and Fifty Thousand Naira).

 

The charge reads: “That you, Bukar Ahmed Shuwa sometimes in the year 2024 at Maiduguri, Borno State within the jurisdiction of this honourable court fraudulently induced one Mahmud Ali to deliver to you the aggregate sum of N2, 950,000.00 under the guise of Crypto Bitget Wallet Coin Investment and thereby committed an offence contrary to Section 309 and punishable under Section 310 of the Penal Code Law and Other Matters Connected therewith Law, 2023.”

 

The defendant pleaded ‘guilty’ to the charge when it was read to him.

 

Following his plea, prosecution counsel, A.D Abdulmalik prayed the court to convict him accordingly. While in the same vein, counsel to the defendant, H. Basharu pleaded for leniency and urged the court to temper justice with mercy upon him.

 

Basharu further stated that the convict had fully restituted the money to the petitioner and urged the court to sentence him with an option of fine.

 

Thereafter, Justice Kumaliya convicted and sentenced the convict to ten years imprisonment with an option of N200, 000 (Two Hundred Thousand Naira) fine.

The convict’s journey to the Correctional facility started when he fraudulently induced the petitioner  to deliver to him the sum of N2.9m under the guise of Crypto Bitget Wallet Coin Investment and diverted the money to his personal use.

Osun guber: REC urges media to combat election misinformation

The Independent National Electoral Commission, INEC, has called on media practitioners in Osun State to support efforts to curb the spread of fake news ahead of the August 15 governorship election.

The appeal was made on Tuesday in Osogbo by the Osun State Resident Electoral Commissioner, Mrs Oluwatoyin Babalola, during a programme titled “The Journalists-INEC Voter Education and Publicity Dialogue on the 2026 Osun State Governorship Election.”

The event was organised by the European Union Support to Democratic Governance in Nigeria programme in collaboration with the INEC headquarters as part of preparations for the forthcoming poll.

Addressing journalists and media stakeholders, Babalola stressed the importance of the media in safeguarding the credibility of the electoral process through accurate and responsible reporting.

She said the media remained a critical partner in voter education, information dissemination and public enlightenment, particularly as the election date draws nearer.

Babalola warned that misinformation and disinformation posed significant threats to credible elections in the digital era, noting that false narratives and manipulated content could erode public confidence in the democratic process.

“As we move closer to this important date, the role of the media as a partner in voter education, information dissemination, and public enlightenment cannot be over-emphasised,” she said.

She added, “One of the greatest threats to credible elections in this digital age is the spread of disinformation and misinformation. False narratives, fake results, doctored videos, and malicious propaganda have the capacity to undermine public confidence in the electoral process, incite violence, and delegitimise outcomes.”

The REC urged journalists to verify information before publication and actively challenge false reports with factual and balanced coverage.

“We must therefore work together to build a robust defence against these threats. The media must serve as gatekeepers of truth, verifying information before dissemination and countering falsehoods with factual reporting,” Babalola stated.

She also reaffirmed INEC’s commitment to providing timely, accurate and verifiable information through its official communication channels, urging journalists to rely on those platforms and collaborate with the commission in addressing misleading reports.

According to her, “the dialogue provided an opportunity for INEC and media organisations to develop creative, culturally sensitive and accessible voter education strategies capable of reaching residents in languages and formats they easily understand.”

Earlier, the Executive Director of the Centre for Media and Society, Dr Akin Akingbulu, called on journalists to uphold their responsibility of educating citizens about their roles before, during and after the election while also scrutinising campaign promises and monitoring the commission’s readiness for the poll.

Akingbulu said media practitioners should not remain passive observers, adding that they must “reflect, interrogate, and rank. And your perspectives will reach further than you may expect.”

Why Anambra will vote for Tinubu in 2027 – Soludo

Governor Charles Soludo has said that Anambra State and the All Progressives Grand Alliance would support President Bola Tinubu in the 2027 presidential election.

Soludo made the declaration while addressing members of the City Boy Movement, Anambra State Chapter.

The governor said his political decisions are guided by the interests of Anambra people and the Igbo nation, stressing that he believes in what he described as the “politics of evidence.”

He cited the Federal Government’s approval of the state’s proposed aerotropolis as a Free Economic Trade Zone as an example of the benefits of cooperation with the current administration.

According to him, the approval was granted in what he described as the fastest response he had witnessed from the Federal Government.

Soludo also said that although APGA remains a separate political party, it shares progressive ideals with the ruling party and should work with the Federal Government for the benefit of the South-East region.

The governor maintained that progressive political forces must collaborate to advance the interests of the Igbo people and accelerate development in Anambra State.

Soludo said: “You don’t take second position in politics. I don’t play that kind of politics. The Politics I want to play is for the interest of Ndi Anambra, and the Igbo.

“I only play politics of evidence.

“The President in a fastest approval I have ever seen, he designated our aero metropolis as a free economic trade zone. That’s politics.

“Despite the fact that we are in APGA, we understand it that progressives have to work together for the good of Igbo.”

Kaduna NUT laments kidnapping of students, teachers, tasks govt

The Nigeria Union of Teachers (NUT), Kaduna State branch, on Tuesday staged a nationwide solidarity rally over the abduction of schoolchildren and teachers, calling on the Nigerian government to urgently treat attacks on schools and the abduction of students and teachers as a national emergecy.

Addressing newsmen in Kaduna, Comrade Sunday Garba, the state treasurer of the union, said the protest was driven by the pain of repeated attacks on schools across the country. He said they gathered not by choice but because their children, who are supposed to be the future of Nigeria, are in captivity.

He lamented: “Teachers who are saddled with the responsibility of shaping the future of this country have been silenced.”

Garba explained that the rally was triggered by the recent abduction in Oriire Local Government Area of Oyo State, stressing that it was also a response to a pattern of school kidnappings that remains unabated.

The union observed that in April 2014, 276 female students were kidnapped from Chibok in Borno State and that more than 90 are still missing. It added that in February 2018, 110 schoolgirls were abducted in Dapchi, Yobe State, while five were killed.

The union stated that in December 2020, more than 300 boys were abducted in Kankara, Katsina State, and were later released. It added that in February 2021, 27 students were abducted in Kagara, Niger State, while one student was killed.

The union further stated that in February 2021, 317 girls were abducted in Jangebe, Zamfara State, and later released. It also pointed out that between March and April 2021, 39 students were kidnapped from Afaka in Kaduna State, while about 20 students of Greenfield University were abducted, with five of them later killed by bandits.

“In July 2021, in Chikun Local Government Area of Kaduna State, over 100 students of Bethel Baptist High School were kidnapped and later released in batches. In March 2024, 287 students were abducted in Kuriga, Kaduna State,” he said.

He further recalled that in November 2025, 25 girls were abducted in Maga, Kebbi State, while the vice principal was killed. He also noted that in November 2025, more than 300 students and teachers were abducted from St. Mary’s Catholic School in Papiri, Niger State. In May 2026, 26 children were taken from an orphanage/school in Kogi State, while other abductions occurred in three schools in Oriire, Oyo State.

Garba said that when a child is abducted, every schoolchild loses a piece of their freedom.

“When one teacher falls, every teacher stands afraid. Schools have become targets,” he added.

The union therefore called for the immediate release of all students and teachers in captivity, insisting that the issue should be treated as a national emergency.

Insecurity: We are in trouble, but DSS can do a lot if properly equipped – Ughegbe

Activist and public affairs analyst, Dr. Lemmy Ughegbe, has said the recent arrest of five suspected terrorists, including two foreign nationals, by the Department of State Services (DSS) demonstrates that Nigeria’s security agencies are capable of delivering significant results when adequately equipped and supported.
Ughegbe stated this during an interview on Wednesday on Arise News while discussing the country’s security challenges and the role of citizens in addressing them.

According to him, Nigeria must acknowledge the seriousness of its security situation, noting that even President Bola Tinubu has publicly expressed concern about insecurity.

“We are in trouble as a country; we must admit that,” Ughegbe said.

Despite the challenges, he argued that the DSS operation should inspire confidence in the country’s security institutions.

“This very remarkable feat by the DSS shows that the agency, when allowed to do its job, properly equipped and properly motivated, has the capacity, not just the potential, to generate credible and actionable intelligence,” he said.

Ughegbe said the operation demonstrated the ability of security agencies to infiltrate terrorist networks, intercept intelligence and disrupt the movement of weapons among criminal groups.

“Being able to capture these five terrorists, including two foreign nationals, speaks volumes to the fact that we can be hopeful, even though there is still a lot of work to be done,” he added.

He stressed that intelligence gathering depends heavily on cooperation from members of the public, urging Nigerians to report suspicious activities within their communities.

“DSS officials are not spirits, they will not get information unless citizens provide it. If you have people living within your community whom nobody knows, there should be a way of quietly passing information to the authorities,” he said.

Ughegbe also blamed part of the security challenge on public complacency, saying many residents pay little attention to unfamiliar individuals living around them.

“Many of us live in areas where we do not know our neighbours. Yet terrorists and criminals can live within those same communities,” he said.

The analyst further urged political leaders and opposition figures to avoid politicising security issues, arguing that national security should take precedence over partisan interests.

“If we are all concerned about the state of affairs in Nigeria, then we must put the country first, there cannot be elections without citizens being safe,” he said.

Drawing comparisons with responses to major security incidents in other countries, Ughegbe called for greater unity in tackling insecurity.

“We need to get to a stage where we drop politics and focus on securing our country. Before politics, our citizenship and our safety must come first,” he added.

AfDB flags weak private sector credit in Nigeria

AfDB flags weak private sector credit in NigeriaThe African Development Bank has said banks in Nigeria lend the equivalent of just 9.4 per cent of the country’s Gross Domestic Product to the private sector, reflecting the limited role of the financial system in supporting business growth and economic development.

The bank disclosed this in its African Economic Outlook 2026 report, which noted that Nigeria ranked among the weakest performers among major African economies in private sector credit provision.

According to the report, “Major African economies such as Kenya (31.6 per cent), Egypt (28.3 per cent), Côte d’Ivoire (21.4 per cent), and Nigeria (9.4 per cent) remain well below comparable emerging lower-middle-income market economies such as Vietnam (121.6 per cent), Malaysia (121.5 per cent), and Chile (111.8 per cent).”

The AfDB stated that Africa’s domestic credit to the private sector averaged 34.6 per cent of GDP between 2020 and 2024, the lowest level among global regions and a decline from the previous decade.

It noted that most bank lending across the continent remained concentrated in short-term and low-risk assets rather than long-term investments capable of generating stronger development outcomes.

The report stated, “Low intermediation implies that Africa’s financial institutions are unable to optimally support the development of the private sector and contribute meaningfully to economic growth and development.”

The AfDB attributed the weak credit environment to poor financial intermediation and low domestic savings mobilisation.

It noted that many African countries recorded low deposit-to-GDP ratios, with the continental median standing below 32 per cent. Africa’s gross domestic savings averaged 16.6 per cent of GDP between 2021 and 2024, far below the global average of 27.3 per cent.

According to the report, weak savings mobilisation constrains banks’ ability to extend credit, limits balance-sheet expansion and reduces access to stable, low-cost funding.

The bank also blamed regulatory weaknesses for the limited availability of credit to businesses. It stated that poorly designed or weakly enforced regulations increase compliance costs and uncertainty, thereby discouraging lending to the private sector.

The report added that weak collateral enforcement, slow judicial processes and stringent prudential requirements increase perceived credit risks and encourage financial institutions to focus on low-risk borrowers.

“Countries with strong regulatory frameworks tend to have higher private sector credit as a share of GDP,” the AfDB said.

The lender further observed that commercial banks and other financial institutions across Africa remained major holders of government securities, a trend that reduces resources available for lending to businesses.

In its assessment of Nigeria, the AfDB described the country’s financial system as shallow and said stock market capitalisation averaged just 11.8 per cent of GDP between 2020 and 2024, among the lowest levels in Africa.

The report noted that Nigeria faced significant challenges in mobilising large-scale financing to close its infrastructure gap and sustain critical social spending. It attributed the challenge to weak domestic revenue mobilisation, a large informal economy and a narrow economic base.

The AfDB called for deeper financial market reforms and greater use of financing instruments such as green bonds, public-private partnerships, blended finance and debt-for-development swaps to expand access to long-term capital.

It also urged stronger collaboration with development finance institutions to improve domestic resource mobilisation and deploy resources more effectively.

The report comes amid concerns that elevated interest rates and rising government borrowing have constrained credit to businesses, particularly small and medium-sized enterprises, despite efforts to stimulate private sector-led growth.

A renowned economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, earlier warned that rising Federal Government borrowing from the domestic financial system is increasingly crowding out the private sector, as banks favour low-risk, high-yield government securities over lending to businesses.