Tinubu: 153,000 Nigerians Benefit from N30bn Affordable Loans Under Credicorp

President Bola Tinubu has announced that 153,000 Nigerians have so far accessed N30 billion in affordable loans under the National Consumer Credit Corporation (Credicorp) scheme.

Speaking during a national broadcast to mark Nigeria’s 65th Independence Anniversary, Tinubu highlighted the scheme’s impact, noting that it has enabled beneficiaries to acquire vehicles, solar energy systems, home upgrades, digital devices, and other essentials at accessible rates.

“Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more,” the President said.

YouthCred for Young Nigerians

Tinubu also announced the rollout of YouthCred, a complementary credit program targeted at young Nigerians, particularly members of the National Youth Service Corps (NYSC).

“Tens of thousands of NYSC members are now active beneficiaries of consumer credit for resettlement,” he stated, adding that the initiative supports young Nigerians in the technology and creative sectors.

Economic Milestones Highlighted

The President further pointed to key economic achievements under his administration:

• GDP growth: Nigeria’s economy grew by 4.23% in Q2 2025, the fastest pace in four years and above the IMF’s 3.4% projection.
• Inflation: Declined to 20.12% in August 2025, the lowest in three years.
• Food security: Ongoing efforts to boost agricultural production to reduce food costs.
• Revenue: Record non-oil revenue performance, with over N20 trillion raised by August 2025, hitting the year’s target early. In September alone, the government collected N3.65 trillion, 411% higher than May 2023 levels.
• External reserves: Rose to $42.03 billion in September 2025, the highest since 2019.

What You Should Know

• Credicorp was launched in 2024 to expand access to credit and ease citizens’ financial burdens.
• In February 2025, the scheme introduced a credit facility for locally assembled vehicles, starting with motorcycles and tricycles produced by Simba (TVS).
• In December 2024, Credicorp partnered with the National Automotive Design and Development Council (NADDC) to provide a N20 billion consumer credit fund.