Home News President Tinubu approves takeoff of Consumer Credit Scheme

President Tinubu approves takeoff of Consumer Credit Scheme

by Haruna Gimba
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By Muhammad Amaan

Nigeria’s President Bola Tinubu has approved the take-off of the first phase of the Consumer Credit Scheme (CCS), which will start with members of the civil service.

The president’s approval which was contained in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, said the scheme will be managed by the Nigerian Consumer Credit Corporation (CREDICORP) .

The CCS will serve 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, essential for ongoing stability to pursue their aspirations. Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.

“Additionally, the increased demand for goods and services stimulates local industry and job creation,” the statement said.

Mr Ngelale said that the president believed every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

He said that the CREDICORP achieves its mandate through three major frameworks.

“They include strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score.

“This score becomes personal equity they build, facilitating access to consumer credit. It also offers credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.”

Similarly, it promotes responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

Ngelale said that in line with the President’s directive to expand consumer credit access to Nigerians, the CREDICORP has launched a portal for Nigerians to express interest in receiving consumer credit.

The presidential spokesman said the initiative, in collaboration with financial institutions and cooperatives nationwide, aimed to broaden consumer credit availability.

He explained that working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest before the deadline of May 15.

It would be recall that the scheme, which will be rolled out in phases, will later cascade to other members of the public.

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