President Bola Tinubu has announced that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have benefited from the Consumer Credit Scheme. The scheme, backed by the National Credit Guarantee Company (NCGC), aims to provide credit to individuals and businesses. Tinubu made the disclosure on September 28, 2026, as Nigeria prepares to mark its 66th Independence anniversary. The President shared the update on his official social media handle.
According to Tinubu, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to extend ₦46.95 billion in loans to beneficiaries. This translates to every ₦1 in guarantees unlocking about ₦2.17 in credit. The President highlighted that 11,374 of the beneficiaries are women, while 33.5 percent are first-time formal borrowers. This initiative is part of the administration's effort to move Nigeria towards a credit-based economy.
The Consumer Credit Scheme has also supported employment through the businesses that benefited from the credit guarantees. According to Tinubu, businesses supported through the scheme account for an estimated 661,291 direct and indirect jobs. The President emphasized that credit matters because of what people can do with it, citing examples of traders and manufacturers who have benefited from the scheme.
Tinubu noted that the NCGC was created to address one of the major challenges facing businesses seeking loans - the inability to provide sufficient collateral or demonstrate a credit history. The NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks, and three development finance institutions. This collaboration has given lenders greater confidence to lend to businesses and borrowers they might otherwise turn away.
The President highlighted that 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, and each successful repayment strengthens that record, making the next loan easier to secure. Tinubu's administration aims to fulfil a promise made before assuming office to establish a loan guarantee scheme that would help small businesses overcome barriers to finance.
The Federal Government has been building institutions to expand access to finance, including CREDICORP, which provides consumer credit, while students can access education financing through NELFUND. Businesses also continue to receive loans from the Bank of Industry and Development Bank of Nigeria. Tinubu emphasized that the government would continue to expand the programme, moving from reforms to opportunities.
The President concluded that the government would keep widening the road to opportunities until they reach homes and businesses in every part of Nigeria. He expressed satisfaction that tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow. The initiative has fulfilled a promise made by Tinubu, and he reiterated his commitment to moving Nigeria towards a credit-based economy.
Key points
- 67,512 Nigerians have accessed credit backed by NCGC
- NCGC has issued ₦21.59 billion in guarantees, unlocking ₦46.95 billion in loans
- The scheme has supported an estimated 661,291 direct and indirect jobs
