More than 67,000 Nigerians across 25 states and the Federal Capital Territory have benefited from credit backed by the National Credit Guarantee Company (NCGC) over the past year, President Bola Tinubu has said.
Tinubu disclosed this in a series of posts on his personal X account on Monday, ahead of Nigeria’s 66th Independence Day celebration.
According to the President, 67,512 borrowers have received credit backed by NCGC, including 11,374 women, while 33.5 per cent were first-time formal borrowers.
The NCGC has issued ₦21.59 billion in guarantees, enabling participating lenders to extend ₦46.95 billion in loans.
Tinubu said the figures mean every ₦1 in guarantees helped unlock about ₦2.17 in credit.
“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,” he said.
The consumer credit scheme was launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy.
Tinubu said the initiative was designed to expand access to consumer credit and create more economic opportunities through responsible borrowing.
He also linked the scheme to his administration’s pledge to move Nigeria towards a credit-based economy, noting that CREDICORP provides consumer credit while the Nigerian Education Loan Fund supports students and the Bank of Industry and Development Bank of Nigeria provide financing to businesses.
The President said NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
He added that businesses supported through the scheme are estimated by NCGC to account for 661,291 direct and indirect jobs.
Tinubu said the Federal Government would continue expanding access to credit across the country.
