Tinubu’s Consumer Credit Scheme Records 83,236 Beneficiaries After First Year

Nigeria’s consumer credit programme recorded more than 83,000 beneficiaries in its first year, as the Federal Government highlighted the scheme’s expansion beyond civil servants to traders, artisans, private-sector workers and other economically active Nigerians. The Nigerian Consumer Credit Corporation (CREDICORP) recorded 83,236 beneficiaries during its first year of operations, according to figures presented as the Federal Government reviewed the progress of its consumer credit initiative. The programme was established by President Bola Tinubu’s administration in 2024 as part of efforts to expand access to formal consumer finance and enable Nigerians to acquire goods and services through structured credit rather than relying entirely on upfront payments. At its first-year review, CREDICORP Chief Executive Officer Uzoma Nwagba said 50,438 people outside government employment and 32,798 public-sector workers were accessing credit through the programme. The figures included 16,769 artisans and 13,618 private-sector employees among beneficiaries outside government, while traders accounted for 13,182 and entrepreneurs 6,869. Within the public sector, teachers represented the largest identified group, with 11,451 beneficiaries. The breakdown also included 8,671 paramilitary personnel, 4,109 doctors and 457 administrative workers.

Programme began with civil servants

CREDICORP was formally established in 2024 with a mandate to widen access to consumer credit, strengthen credit infrastructure and encourage responsible borrowing. When the Federal Government approved the first phase of the programme in April 2024, it said the initiative would initially focus on civil servants before expanding to other members of the public. The government described consumer credit as a mechanism through which citizens could acquire products and services and repay over time, while also building formal credit histories. The initial programme was designed around partnerships with financial institutions rather than direct lending to consumers by the government. CREDICORP provides wholesale funding and credit guarantees to participating financial institutions, which then extend credit to eligible consumers. That structure remains central to the corporation's operating model. CREDICORP says its mandate rests on three areas: providing capital to financial institutions, strengthening credit infrastructure and promoting responsible borrowing.

From public servants to wider workforce

The first-year figures suggest that the scheme had expanded beyond its initial civil-service focus. According to the review figures reported by BusinessDay, beneficiaries included workers in private companies, traders, entrepreneurs and artisans, alongside teachers, doctors, paramilitary personnel and other public employees. Nwagba said the government-backed financing mechanism was designed to reduce the risk faced by participating lenders. Under the arrangement, CREDICORP can provide wholesale capital at concessionary rates or share part of the lending risk through credit guarantees. The approach is intended to make it easier for financial institutions to provide consumer loans while maintaining repayment obligations for borrowers. CREDICORP has also warned that failure to repay loans can affect a borrower's credit score, making responsible repayment an important part of the programme's design.

Government says credit can support economic activity

The Tinubu administration has presented expanded consumer credit as part of its broader economic reform programme. In his June 2025 Democracy Day address, Tinubu said more than 100,000 Nigerians had benefited from affordable consumer credit through CREDICORP in less than a year, including 35,000 civil servants. The President said beneficiaries had used the financing for vehicles, home improvements, energy solutions and other essential purchases. He also announced plans to extend consumer credit to 400,000 young Nigerians, including members of the National Youth Service Corps. The difference between the 83,236 beneficiaries reported around the first-year review and the more than 100,000 cited by Tinubu in June 2025 reflects different reporting points. The figures should therefore be dated rather than presented as competing measurements of the same moment. CREDICORP's subsequent growth provides further evidence of expansion. In February 2026, Vice-President Kashim Shettima said the corporation had disbursed more than ₦37 billion in consumer credit to over 200,000 Nigerians in roughly one year of operations, with more than half accessing formal credit for the first time.

Partnerships underpin the scheme

CREDICORP has sought to expand the programme through financial institutions and manufacturers. At the first-year stage, the corporation reported partnerships with 23 financial institutions and 150 local manufacturers. The partnerships are intended to connect consumer financing with locally produced goods and services. Earlier in the programme, CREDICORP partnered with Credit Direct to expand access among civil servants. The corporation also developed financing initiatives covering areas including vehicles, solar energy, digital devices, home improvements and other life essentials. The corporation has subsequently moved into broader financing initiatives. One example is vehicle financing, through which CREDICORP and partners have sought to make car ownership more accessible through structured repayment arrangements.