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HomeLatestTinubu Approves N100 Billion Consumer Credit Scheme Amid Economic Hardship 

Tinubu Approves N100 Billion Consumer Credit Scheme Amid Economic Hardship 

Toba Owojaiye reporting 

Abuja, Nigeria 


President Bola Tinubu has signed off the commencement of a N100 billion Consumer Credit Scheme aimed at alleviating economic hardships faced by Nigerians.

According to a statement by Ajuri Ngelale, the President’s spokesperson, and duly monitored by Truth Live News, interested Nigerians can access the scheme by visiting the portal of the Nigerian Consumer Credit Corporation before May 15, 2024.

Consumer credit, Ngelale emphasized, is vital for modern economies as it allows citizens to access goods and services upfront, paying responsibly over time. The scheme covers essential purchases such as homes, vehicles, education, and healthcare, crucial for stability and achieving personal aspirations.

Tinubu believes that every hardworking Nigerian should have access to social mobility, with consumer credit playing a significant role in this vision.

The Nigerian Consumer Credit Corporation (CREDICORP) aims to achieve its mandate by strengthening credit reporting systems, ensuring every economically active citizen has a dependable credit score, and promoting responsible consumer credit.

The scheme, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability. Interested Nigerians can visit www.credicorp.ng to express interest before the May 15 deadline.

The scheme will be implemented in phases, starting with members of the civil service and then extending to the public.

Two months ago, presidential spokesman Bayo Onanuga announced that the Federal Executive Council had approved the establishment of the Consumer Credit Scheme. The committee, led by the President’s Chief of Staff Femi Gbajabiamila, will work towards making the scheme a reality.

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

The scheme targets paying off appliances such as TV sets, fridges, freezers, air conditioners, solar panels, etc. Netizens have praised the Tinubu administration for this much-needed step and urged the process to be transparent and accessible.



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