Tinubu: 67,512 Nigerians access NCGC-backed loans

President Bola Tinubu has said 67,512 Nigerians across 25 states and the Federal Capital Territory have benefited from credit backed by the National Credit Guarantee Company NCGC.

Tinubu disclosed this on Monday in a series of posts on his X account as Nigeria prepares to mark its 66th Independence anniversary.

According to the President, NCGC has issued N21.59 billion in guarantees, enabling participating financial institutions to provide N46.95 billion in loans.

He said 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.

Tinubu noted that more than 22,000 Nigerians have entered the formal credit system for the first time through the initiative.

He said building a credit history could improve their chances of accessing future loans as they successfully repay their existing facilities.

The President said the Nigerian Consumer Credit Corporation CREDICORP launched the consumer credit initiative in July 2026 in partnership with the Federal Ministry of Communications, Innovation and Digital Economy.

He linked the programme to his campaign promise to promote a credit-based economy and establish mechanisms that would make financing more accessible to Nigerians and businesses.

Tinubu said the government had also established institutions to expand access to finance, including NELFUND for student loans, while the Bank of Industry and Development Bank of Nigeria continue to provide business financing.

NCGC Supports Businesses

The President said the NCGC was created to address the difficulty many businesses face when seeking loans without sufficient collateral or an established credit history.

He explained that the company shares part of the lending risk with participating financial institutions, encouraging them to extend credit to borrowers who might otherwise be excluded.

Tinubu 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 have contributed to an estimated 661,291 direct and indirect jobs.

According to him, improved access to credit can help traders restock, manufacturers expand production and businesses create employment.

Tinubu said the Federal Government would continue expanding the credit system so that more Nigerians and businesses could benefit from opportunities created by its economic reforms.

“Credit gives Nigerians the means to build on the foundation created by our reforms,” he said.

He added that the government would continue working to bring more people into the formal credit system.