President Bola Tinubu has announced that 153,000 Nigerians have so far benefitted from N30 billion in affordable loans disbursed under the National Consumer Credit Corporation (Credicorp) scheme.
Delivering his address during the National Broadcast to mark Nigeria’s 65th Independence Anniversary, President Tinubu highlighted Credicorp’s impact, noting that the facility has enabled Nigerians to acquire vehicles, solar energy systems, home upgrades, digital devices, and other essentials at affordable rates.
“Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more,” Tinubu said.
He further announced that YouthCred, a complementary credit program targeted at young Nigerians, particularly members of the National Youth Service Corps (NYSC), has become a reality.
According to him, “tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.”
He said “Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.”
Also in his address, the President mentioned some economic milestones achieved by his administration.
According to him, “our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results.
“The second quarter 2025 Gross Domestic Product grew by 4.23% Nigeria’s fastest pace in four years and outpaced the 3.4 per cent projected by the International Monetary Fund,” he stated.
He noted that inflation declined to 20.12% in August 2025, the lowest level in three years.
“The administration is working diligently to boost agricultural production and ensure food security, reducing food costs,” the President noted.
The president further stated that his administration attained “a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.”
He added that the country’s external reserves increased to $42.03 billion this September—the highest since 2019.
In 2024, FG launched the Credicorp, a program with the mandate to expand access to credit and ease the financial burden on citizens.
In February 2025, Credicorp launched a credit scheme for the purchase of locally assembled vehicles.
In the first phase of the credit scheme, credit facilities were provided to hundreds of buyers of motorcycles and tricycles assembled by Simba (TVS), Nigeria’s largest manufacturer of three- and two-wheelers.
In the first phase of the credit scheme, credit facilities were provided to hundreds of buyers of motorcycles and tricycles assembled by Simba (TVS), Nigeria’s largest manufacturer of three- and two-wheelers.
Naijaonpoint reported that CREDICORP and the National Automotive Design and Development Council (NADDC) provided a similar credit facility in December 2024, with a N20 billion consumer credit fund.