President Bola Tinubu has revealed that approximately 153,000 Nigerians have accessed affordable loans totaling N30 billion through the National Consumer Credit Corporation (Credicorp) initiative.
Speaking during the National Broadcast commemorating Nigeria’s 65th Independence Anniversary, President Tinubu emphasized the significant role Credicorp has played in empowering citizens. He explained that the program has facilitated the purchase of vehicles, solar power installations, home improvements, digital gadgets, and other vital items at manageable interest rates.
“Our administration’s Credicorp scheme has successfully provided 153,000 Nigerians with N30 billion in affordable financing for vehicles, solar energy solutions, home renovations, digital equipment, and more,” the President stated.
Additionally, President Tinubu introduced YouthCred, a specialized credit facility designed to support young Nigerians, especially those serving in the National Youth Service Corps (NYSC).
He noted, “Tens of thousands of NYSC members are now beneficiaries of this consumer credit program, aiding their resettlement efforts.”
Highlighting the program’s development, he added, “Over the past two years, we have partnered with various stakeholders to launch this initiative, fostering growth among young innovators and creatives in technology and the arts.”
Key Economic Highlights
In his address, the President also outlined several economic achievements under his leadership.
“Our economy is on a robust recovery path, with reforms initiated over two years ago beginning to yield measurable outcomes,” he remarked.
“Nigeria’s Gross Domestic Product expanded by 4.23% in the second quarter of 2025, marking the fastest growth in four years and surpassing the International Monetary Fund’s forecast of 3.4%,” he added.
He further pointed out that inflation dropped to 20.12% in August 2025, reaching its lowest point in three years.
“Our administration remains committed to enhancing agricultural productivity and ensuring food security, which is helping to lower food prices,” the President emphasized.
Moreover, he highlighted a historic surge in non-oil revenue, stating, “We achieved our 2025 revenue target by August, collecting over N20 trillion. In September 2025 alone, revenue generation hit N3.65 trillion, a 411% increase compared to May 2023.”
He also reported that Nigeria’s foreign reserves climbed to $42.03 billion in September, the highest level since 2019.
Background and Developments
Launched in 2024, the Federal Government’s Credicorp program aims to broaden credit access and alleviate financial pressures on Nigerians.
In February 2025, Credicorp introduced a financing scheme specifically for purchasing locally assembled vehicles.
The initial phase of this scheme provided credit to numerous buyers of motorcycles and tricycles manufactured by Simba (TVS), Nigeria’s leading producer of two- and three-wheeled vehicles.
Reports indicate that in December 2024, Credicorp partnered with the National Automotive Design and Development Council (NADDC) to establish a N20 billion consumer credit fund to support the acquisition of locally assembled automobiles.
