Tinubu Reports N46.95bn Loans Facilitated by NCGC
President Bola Ahmed Tinubu stated that the National Credit Guarantee Company (NCGC) has successfully facilitated N46.95 billion in loans to 67,512 borrowers across 25 states and the Federal Capital Territory (FCT). Among these beneficiaries, 11,374 are women, and 33.5 percent are first-time formal borrowers, integrating over 22,000 Nigerians into the formal credit system.
The NCGC has issued N21.59 billion in guarantees, enabling financial institutions to extend this credit. Tinubu emphasized that for every N1 in guarantees, approximately N2.17 in credit has been unlocked.
He noted that access to credit allows individuals and businesses to meet immediate needs and invest in future growth, with NCGC estimating that supported businesses account for 661,291 direct and indirect jobs. The president aims to establish a loan guarantee scheme to assist small businesses and is building institutions like CREDICORP for consumer credit and NELFUND for student financing to support this initiative.
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