President Bola Tinubu has revealed that 153,000 Nigerians have so far benefited from the N30 billion soft loans disbursed by the National Consumer Credit Corporation (Credicorp) scheme.
Speaking on a national radio programme to mark Nigeria’s 65th Independence Day, President Tinubu highlighted the impact of Credicorp, noting that the agency has enabled Nigerians to purchase cars, solar systems, home improvements, digital devices, and other necessities at affordable prices.
“Credicorp is another initiative of our government that has disbursed N30 billion in soft loans to 153,000 Nigerians for the purchase of cars, solar systems, home improvements, digital devices, and more,” Tinubu said.
He also announced that YouthCred, a supplementary credit program for young Nigerians, particularly members of the National Youth Service Corps (NYSC), has become a reality.
He said: “Tens of thousands of NYSC members are currently applying for active consumer loans for resettlement.” He said: “For the past two years, we have been working with partners to roll out this program and support our young innovators and visionaries in the technology and creative sectors.”
In his speech, the President also mentioned some of the economic milestones achieved by his administration.
He said: “Our economy is recovering rapidly, and the reforms we initiated more than two years ago are yielding tangible results.”
He said: “GDP grew by 4.23% in the second quarter of 2025, the fastest growth rate in Nigeria in four years, exceeding the International Monetary Fund’s forecast of 3.4%.”
He noted that inflation fell to 20.12% in August 2025, the lowest level in three years.
The President noted that “the government is working to increase agricultural production and ensure food security by reducing the cost of food.”
The President further stated that his government “has achieved record growth in non-oil revenue, exceeding the 2025 target of over 20 trillion naira as of August. In September 2025 alone, we raised 3.65 trillion naira, a 411% increase from May 2023.”
He also added that Nigeria’s foreign exchange reserves rose to $42.03 billion in September of this year, the highest level since 2019.
In 2024, the Federal Government launched the Credicorp program, which aims to expand access to credit and ease the financial burden on citizens.
In February 2025, Credicorp launched a loan program for the purchase of locally assembled vehicles.
In the first phase of the loan program, Simba (TVS), Nigeria’s largest three- and two-wheeler manufacturer, provided loans to hundreds of motorcycle and three-wheeler buyers. The loans have been approved.
Nairametrics reported that CREDICORP and the National Automotive Design and Development Council (NADDC) offered a similar credit facility in December 2024, which included a N20 billion consumer credit fund.
