President Says ₦21.59bn in Guarantees Has Unlocked ₦46.95bn in Loans
President Bola Tinubu has said 67,512 borrowers across 25 states and the Federal Capital Territory have received credit backed by the National Credit Guarantee Company (NCGC) in the past year.
President Tinubu disclosed this in a series of posts on his official X account on Monday as Nigeria prepares to mark its 66th Independence Day.
According to the President, 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.
He said the NCGC had issued ₦21.59 billion in guarantees, enabling participating lenders to provide ₦46.95 billion in loans. This means every ₦1 in guarantees helped unlock about ₦2.17 in credit, he said.
President Tinubu added that more than 22,000 Nigerians had entered the formal credit system for the first time and could now build credit records through successful repayments.
The scheme, launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP) in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, is aimed at expanding access to consumer and business credit.
Tinubu said the initiative was part of his campaign promise to move Nigeria towards a credit-based economy and establish a loan guarantee scheme to help businesses overcome financing barriers.
The President said NCGC currently operates through 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
He also said businesses supported through the scheme had accounted for an estimated 661,291 direct and indirect jobs.
“Credit matters because of what people can do with it,” President Tinubu said, citing examples of traders restocking goods and manufacturers expanding operations.
He said the Federal Government would continue expanding the scheme so that more Nigerians could benefit from the opportunities created by its economic reforms.
“Promise made, Promise kept. We are moving from reforms to opportunities. Nigeria First,” he said.