Tinubu Announces N46.95bn Loan Guarantees for Nigerians

President Bola Tinubu disclosed that the National Credit Guarantee Company (NCGC) has guaranteed N46.95 billion in loans to 67,512 borrowers across 25 states and the Federal Capital Territory (FCT). This initiative includes 11,374 women and aims to integrate more Nigerians into the formal credit system, with 33.5% being first-time borrowers.

The NCGC has issued N21.59 billion in guarantees, enabling financial institutions to extend loans. Tinubu emphasized the importance of credit for economic activities, stating that successful repayments help build credit records, facilitating future loans.

He noted that businesses supported by this scheme account for 661,291 direct and indirect jobs. The initiative aligns with his administration's goal of transitioning Nigeria to a credit-based economy, addressing barriers for small businesses lacking collateral or credit history.

The Federal Government is also establishing institutions like CREDICORP and NELFUND to support consumer and student financing, respectively.