President Bola Tinubu says more than 67,000 Nigerians have so far benefited from the Federal Government’s consumer credit scheme as the country prepares to mark its 66th Independence Day.
President Bola Tinubu. Photo credit: Presidency
President Bola Tinubu has said that so far, more than 67,000 borrowers across 25 states and the FCT have received credit backed by the National Credit Guarantee Company (NCGC) in the last year.
Tinubu revealed the development in a series of tweets on his personal Twitter handle on Monday as the country gears up for the 66th Independence Day celebration.
According to him, among the 67,512 beneficiaries, 11,374 are women, and 33.5 per cent are first-time formal borrowers.
“NCGC has issued ₦21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended ₦46.95 billion in loans. That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit. So far, 67,512 borrowers across 25 states and the FCT have received credit backed by NCGC. 11,374 are women. And 33.5 percent are first-time formal borrowers.
“For more than 22,000 Nigerians, this is their first entry into the formal credit system. They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure”, the President noted.
As part of its mission to democratise access to consumer credit, expand economic opportunity and empower millions of Nigerians to improve their quality of life through responsible borrowing, the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, launched the scheme in July 2026.
According to Tinubu, the consumer credit scheme, as part of his campaign promises, has been kept.
“When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.
“That promise was about something practical. A worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow.
“We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit. Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.
“The National Credit Guarantee Company @ncgc takes on one of the hardest barriers to business credit.”
The President noted that although the scheme still meets some hurdles, the NCGC had been able to combat some of those challenges.
“Many viable businesses still meet the same obstacle at the bank. Lenders see too much risk in a sound business when the owner has little collateral or no credit history. We established NCGC to help change that.
“It carries part of the lending risk with participating financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away.
“Today, NCGC works through 19 financial institutions: 13 commercial banks, three microfinance banks and three development finance institutions. One year into operations, we can see what that model is doing.”
Tinubu argued that a viable credit system is of utmost importance to businesses to thrive in the country, stating that the NCGC had supported 661,291 direct and indirect jobs through the scheme.
“Credit matters because of what people can do with it. A trader can restock before the festive season.
“When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job.
“NCGC estimates that the businesses it has supported account for 661,291 direct and indirect jobs. This is how we move from reforms to opportunities.
He hailed the economic reforms under his administration, adding that the scheme gives more credibility to growth.
He noted that the federal government would keep expanding the scheme.
“Our reforms laid the foundation. Credit gives Nigerians the means to build on it. Tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow.
“We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.
“Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First.”
