The presidency has disclosed that over 40,000 civil servants have applied in the initial phase of the consumer credit scheme and will receive the first tranche of payment in weeks.
The scheme was launched in April and one month later, about 1.6 million public service workers were reported to have applied for credit under the scheme.
In a statement on his X handle on Thursday, special assistant to President Bola Tinubu on social media, Dada Olusegun, estimated that 500,000 Nigerians will have access to consumer credit by May 2025.
“Over 40,000 civil servants have applied in the initial phase and will receive the first tranche of payment in weeks.
“The first phase of the scheme is targeted at civil servants, and the next phase, the general population.
“By May 2025, it is conservatively estimated that 500,000 Nigerians will benefit from consumer credit access,” Olusegun said.
He further stated that about 150 banks, both money deposit and microfinance institutions, have expressed interest in being part of the ecosystem that is being created by the Nigerian Consumer Credit Corporation (CrediCorp) to essentially undergird a national consumer credit system.
According to him, CrediCorp is collaborating with the National Identity Management Commission (NIMC) to efficiently link Nigerians’ national identification numbers (NINs) to a credit-scoring system.
Olusegun said the consumer credit scheme is designed to accelerate credit access to citizens in line with President Tinubu’s vision of ensuring that every hardworking Nigerian enjoys a decent standard of living.
