BREAKING: Tinubu Greenlights Launch of N100 Billion Consumer Credit for Nigerians

President Bola Tinubu has given the green light for the initiation of the N100 billion Consumer Credit Scheme for Nigerians amidst the rising economic challenges in the country.

Ajuri Ngelale, the President’s spokesperson, made this announcement in a statement released on Wednesday.

Interested individuals are required to visit the Nigerian Consumer Credit Corporation’s portal before May 15, 2024, to participate in the scheme.

Consumer credit is vital for modern economies as it allows citizens to improve their quality of life by accessing goods and services upfront and paying for them responsibly over time.

This scheme enables people to make essential purchases such as homes, vehicles, education, and healthcare, which are crucial for stability and the pursuit of their goals.

By building credit histories through responsible repayment, individuals can unlock more opportunities for a better life and stimulate local industry and job creation through increased demand for goods and services.

Read Also: JUST IN: Tinubu approves student loan amendment bill as law

This program, developed in partnership with financial institutions and cooperatives across the country, is designed to expand access to consumer credit for individuals.

To apply for consumer credit, employed individuals in Nigeria can simply visit the website www.credicorp.ng and indicate their interest before the deadline of May 15, 2024.

The implementation of this initiative will be carried out in stages, initially targeting civil servants and then extending to the general public, as stated in the official announcement.

It is worth noting that a couple of months ago, the spokesperson for the President, Bayo Onanuga, revealed that the Federal Executive Council had approved the establishment of the Consumer Credit Scheme.

Furthermore, 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 bringing this scheme to fruition.

In a separate development, the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, mentioned in March that the Nigerian government would soon introduce a proposed N100 billion consumer credit loan program.