President Bola Tinubu has given the green light for the implementation of the N100 billion Consumer Credit Scheme in Nigeria amidst the rising economic challenges facing the nation.
Ajuri Ngelale, the President’s spokesperson, made this announcement in a statement released on Wednesday.
According to Ngelale, interested Nigerians are encouraged to visit the portal of the Nigerian Consumer Credit Corporation before the deadline of May 15, 2024.
He emphasized the significance of consumer credit in modern economies, highlighting its role in enabling citizens to access goods and services upfront while paying responsibly over time. This scheme aims to facilitate crucial purchases such as homes, vehicles, education, and healthcare, essential for ongoing stability and the pursuit of individuals' aspirations.
Ngelale pointed out that by building credit histories through responsible repayment, citizens can unlock more opportunities for a better quality of life. Additionally, increased demand for goods and services stimulates local industry and job creation, fostering economic growth.
President Tinubu believes that 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) will execute its mandate by strengthening Nigeria's credit reporting systems, ensuring that every economically active citizen has a dependable credit score. This score becomes personal equity that facilitates access to consumer credit. Furthermore, the corporation will offer credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access and promote responsible consumer credit as a pathway to an improved quality of life.
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 their interest in receiving consumer credit. This initiative, conducted in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.
Interested working Nigerians can visit www.credicorp.ng to express their interest in receiving consumer credit. The deadline for submission is May 15, 2024.
The scheme will be implemented in phases, beginning with members of the civil service and later extending to members of the public.
This development follows the announcement made two months ago by presidential spokesman Bayo Onanuga, who stated that the Federal Executive Council had approved the establishment of the Consumer Credit Scheme. The President's Chief of Staff, Femi Gbajabiamila, is set to lead a committee tasked with making the scheme a reality, comprising the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance.
Additionally, in March, the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, revealed that the Nigerian government would unveil its proposed N100 billion consumer credit loan in the coming days.
Kindly share this story and follow us for more attractive contents
.jpg)
0 Comments