Over 67,000 Nigerians Benefit From Credit Scheme as Tinubu Hails Economic Reforms

President Bola Ahmed Tinubu has disclosed that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have benefited from loans backed by the National Credit Guarantee Company (NCGC), as his administration intensifies efforts to expand access to credit.

In a series of posts shared on his verified X account, Tinubu said the NCGC had issued ₦21.59 billion in guarantees, enabling participating financial institutions to extend ₦46.95 billion in loans to individuals and businesses.

According to the President, 11,374 beneficiaries are women, while 33.5 per cent are accessing formal credit for the first time.

“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,” Tinubu said.

He explained that the initiative was part of his campaign promise to develop a credit-based economy and remove financial barriers preventing small businesses and working Nigerians from accessing affordable loans.

“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,” he stated.

The President noted that the NCGC currently operates through 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.

He explained that the company shares lending risks with participating institutions, encouraging them to provide loans to viable businesses that lack sufficient collateral or established credit histories.

Tinubu also highlighted the role of the Nigerian Consumer Credit Corporation (CREDICORP), the Nigerian Education Loan Fund (NELFUND), the Bank of Industry and the Development Bank of Nigeria in expanding financial opportunities for Nigerians.

He further disclosed that the businesses supported by the NCGC were estimated to account for 661,291 direct and indirect jobs, describing access to credit as an important driver of economic growth and employment.

“Credit matters because of what people can do with it. A trader can restock before the festive season,” the President said.

He maintained that his administration’s economic reforms had created a foundation for broader financial inclusion, pledging to extend the initiative to more households and businesses nationwide.

“We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria,” Tinubu declared.

The President described the initiative as the fulfilment of a major campaign commitment, reaffirming his administration’s determination to move Nigeria towards a credit-driven economy.