Tinubu Approves N100bn Consumer Credit Scheme for Nigerians to Alleviate Economic Hardship

Tinubu Approves N100bn Consumer Credit Scheme for Nigerians to Alleviate Economic Hardship

President Bola Tinubu has given his approval for the commencement of a N100 billion consumer credit scheme in Nigeria. This decision comes at a time when the country is facing escalating economic hardship. Ajuri Ngelale, the President’s spokesperson, made this announcement in a statement on Wednesday.

The scheme, which is being implemented by the Nigerian Consumer Credit Corporation, aims to provide Nigerians with access to consumer credit. Interested individuals are required to visit the corporation’s portal before May 15, 2024, to express their interest.

Consumer credit plays a vital role in modern economies by allowing citizens to improve their quality of life through upfront access to goods and services. It enables them to make crucial purchases such as homes, vehicles, education, and healthcare, which are essential for stability and the pursuit of their aspirations.

By responsibly repaying their credit, individuals can build a credit history that unlocks more opportunities for a better life. The increased demand for goods and services also stimulates local industries and creates job opportunities. President Tinubu believes that every hardworking Nigerian should have access to social mobility, and consumer credit plays a pivotal role in achieving this vision.

The Nigerian Consumer Credit Corporation aims to strengthen the country’s credit reporting systems and ensure that every economically active citizen has a dependable credit score. This score becomes personal equity that facilitates access to consumer credit, offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access.

To express interest in receiving consumer credit, working Nigerians can visit the portal at www.credicorp.ng before the deadline on May 15, 2024. The scheme will be rolled out in phases, starting with members of the civil service and then extending to the general public.

This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability and promote responsible consumer credit as a pathway to an improved quality of life. It fosters a cultural shift towards growth and financial responsibility.

The establishment of the consumer credit scheme was approved by the Federal Executive Council two months ago. A committee led by the President’s Chief of Staff, Femi Gbajabiamila, along with the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance, will work towards making this scheme a reality.

In a few days, the Nigerian government will unveil its proposed N100 billion consumer credit loan, as announced by the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, in March.

This article was updated 2 hours ago

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