Tinubu Approves Take-Off of N100bn Consumer Credit for Nigerians


Amid the intensifying economic distress in Nigeria, President Bola Tinubu has authorized the launch of the N100 billion Consumer Credit Scheme for Nigerians.

The President’s spokesperson, Ajuri Ngelale, announced this information in a statement on Wednesday.

It was stated that prospective Nigerians are urged to visit the Nigerian Consumer Credit Corporation’s website prior to May 15, 2024.

Given the worsening economic conditions in Nigeria, President Bola Tinubu has authorized the implementation of the N100 billion Consumer Credit Scheme for the nation’s citizens.

The President’s spokesperson, Ajuri Ngelale, announced this information in a statement on Wednesday.

It was stated that prospective Nigerians are urged to visit the Nigerian Consumer Credit Corporation’s website prior to May 15, 2024.

Consumer credit plays a critical role in contemporary economies by facilitating the improvement of citizens’ quality of life through the upfront acquisition of products and services, with responsible repayment occurring gradually. It enables vital expenditures, including housing, transportation, education, and healthcare, that are indispensable for sustained stability and the realization of their ambitions.

“By establishing credit histories through responsible repayment, individuals gain access to additional opportunities for a better life.” Additionally, the heightened demand for products and services fosters the development of local industries and employment opportunities.

“Consumer credit is essential to the realization of the President’s vision that every diligent Nigerian should have the opportunity for upward social mobility “

“The Nigerian Consumer Credit Corporation (CREDICORP) carries out its responsibilities as follows: Enhancing the credit reporting systems in Nigeria and guaranteeing that each economically engaged citizen possesses a reliable credit score. By converting this score into personal equity, they enable consumers to establish credit, provide credit guarantees and wholesale lending to financial institutions committed to expanding consumer credit accessibility presently, advocate for responsible consumer credit as a means to enhance quality of life, and encourage a societal transformation toward financial responsibility and expansion.

“To comply with the President’s directive to enhance the availability of consumer credit to the Nigerian population, the Nigerian Consumer Credit Corporation (CREDICORP) has established an online platform wherein Nigerians can register their interest in obtaining consumer credit.

“By collaborating with financial institutions and cooperatives across the nation, this initiative seeks to increase the accessibility of consumer credit.”

“To demonstrate interest in obtaining consumer credit, working Nigerians may visit www.credicorp.ng.” The deadline is 15 May 2024.

“The implementation of the scheme will occur gradually, beginning with civil service employees and progressively expanding to the general public,” the statement continued.

It is worth noting that Bayo Onanuga, a presidential spokesman, declared two months ago that the approval of the Consumer Credit Scheme by the Federal Executive Council had been received.

He stated that Femi Gbajabiamila, the President’s Chief of Staff, will preside over a committee charged with implementing the plan alongside the Attorney-General, the Coordinating Minister of the Economy and Finance, and the Budget Minister.

Zacch Adedeji, chairman of the Federal Inland Revenue Service, predicted in March that the Nigerian government’s N100 billion consumer credit loan would be unveiled within a few days.

Source: DailyPost

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