President Bola Tinubu says more than 67,000 borrowers across 25 states and the Federal Capital Territory have received credit backed by the National Credit Guarantee Company (NCGC) in the past year.
Tinubu disclosed this in a series of posts on his personal X handle on Monday, as the country prepares for its 66th Independence Day celebration.
According to him, 11,374 of the 67,512 beneficiaries are women, while 33.5 per cent are first-time formal borrowers.
“NCGC has issued ₦21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended ₦46.95 billion in loans. That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit,” he said.
“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. Each successful repayment strengthens that record and can make the next loan easier to secure,” the President noted.
The Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, launched the consumer credit scheme in July 2026 to democratise access to credit, expand economic opportunity and empower Nigerians through responsible borrowing.
Tinubu said the scheme fulfils a campaign promise. “When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance,” he said.
He listed other institutions driving the effort. “Through CREDICORP, working Nigerians can access consumer credit. Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses,” he said.
The President acknowledged that hurdles remain. “Many viable businesses still meet the same obstacle at the bank. Lenders see too much risk in a sound business when the owner has little collateral or no credit history. We established NCGC to help change that,” he said. NCGC carries part of the lending risk with participating institutions, giving them greater confidence to lend. It works through 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
Tinubu said NCGC estimates that the businesses it has supported account for 661,291 direct and indirect jobs. “A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job,” he said.
He said the government would keep expanding the scheme. “Our reforms laid the foundation. Credit gives Nigerians the means to build on it. Tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow. We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria,” he said.
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