Over 100,000 Nigerians Benefit From Credit Scheme, 400,000 More On Queue, SaysTinubu
President Bola Ahmed Tinubu has disclosed that over 100,000 Nigerians have so far benefited from the federal government’s consumer credit scheme, with an additional 400,000 currently on the waiting list for the next phase of the programme.
The scheme, being implemented through the Nigerian Consumer Credit Corporation (CREDICORP), is a key component of the administration’s broader economic strategy under the Renewed Hope Agenda.
Speaking on Friday, President Tinubu said the initiative is aimed at improving access to credit for working-class Nigerians to help them acquire essential goods and services including vehicles, solar panels, household electronics, and digital devices.
He noted that the programme is not only a step toward financial inclusion but also a mechanism to stimulate domestic production and expand economic opportunities.
According to him, about 64 percent of the beneficiaries are first-time borrowers, a development he described as a milestone in empowering citizens who have long been excluded from formal financial systems.
He added that over 35,000 civil servants are among those who have accessed credit through the scheme, using it to meet personal and household needs without falling into the trap of loan sharks.
The president revealed that the next rollout, scheduled for July 2025, will target 400,000 more Nigerians, with a special focus on youth, National Youth Service Corps members, and informal sector workers.
He emphasized that the government is determined to democratize access to credit and make it a tool for broad-based economic empowerment.
Launched in April 2024, the CREDICORP initiative has since expanded through partnerships with commercial banks, including Ecobank Nigeria. In December 2024, a sub-programme titled S.C.A.L.E. (Sustainable Credit Access for Local Empowerment) was introduced to offer single-digit interest loans for the purchase of locally manufactured products such as vehicles and solar systems.
Tinubu explained that the growing number of applicants waiting to benefit from the scheme is a sign of increasing public confidence in the government’s economic policies.
He assured Nigerians that the selection process for the next batch of beneficiaries would be transparent and inclusive.
He stated that the initiative was designed to address both short-term household needs and long-term economic development goals by boosting consumer demand and supporting local manufacturing. Economic experts have welcomed the scheme, though they advise the government to prioritize transparency, risk management, and borrower education to ensure long-term sustainability.
Tinubu reaffirmed his administration’s commitment to building an economy where access to credit is not a privilege but a fundamental tool for national development.
