President Bola Tinubu has approved the commencement of the N100 billion Consumer Credit Scheme for Nigerians to ease the economic hardship facing the country.
Indeed, the President said interested Nigerians could visit the portal of Nigerian Consumer Credit Corporation before May 15, 2024.
President’s spokesperson, Ajuri Ngelale, revealed this in a statement on Wednesday.
Newstrends reports that food prices and other goods and services have skyrocketed since June last year after fuel subsidy removal.
The situation has been compounded by astronomical increase in foreign exchange rate, with the naira hitherto N450/$ before May 29 last year currently trading around N1,200 to a United States dollar at both official and parallel markets.
Part of the Wednesday’s statement read, “Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.
“Individuals build credit histories through responsible repayment, unlocking more opportunities for a better life.
“The increased demand for goods and services also stimulates local industry and job creation.
“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.
“The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following: Strengthening Nigeria’s credit reporting systems and ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit, Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today and Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
“In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.
This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.
“Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.
“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.”
Recall that two months ago, a presidential spokesman, Bayo Onanuga, announced that the Federal Executive Council had given the nod for the establishment of the Consumer Credit Scheme.
He said the President’s Chief of Staff, Femi Gbajabiamila, would lead a committee including the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance to make the scheme a reality.
In March, the Chairman of the Federal Inland Revenue Service Chairman, Zacch Adedeji, had hinted that the Nigerian government would unveil the N100 billion consumer credit loan.
