CREDICORP Launches Consumer Loan to Support Nigerians

Samuel Mobolaji

CREDICORP, the organization spearheading President Bola Tinubu’s consumer credit initiative, has launched a new consumer loan programme aimed at alleviating financial strain on Nigeria’s workforce.

This initiative directly addresses the economic challenges posed by escalating petrol prices, which has significantly impacted household budgets across the nation.

As outlined in a recent disbursement report, over 10,942 civil servants from various sectors have already benefited from this program, with new recipients being added daily.

The beneficiaries include 4,786 education workers, 1,307 healthcare professionals, 753 specialized workers, 1,264 police and paramilitary officers, and 2,831 administrators. This diverse group underscores the program’s reach and its role in supporting essential public services.

The loan programme operates through partnerships with various financial institutions, providing accessible and affordable credit to economically active citizens.

This design allows households to meet urgent needs, such as medical expenses, educational costs, and other vital expenditures, with relative ease.

One beneficiary, Mrs. Hauwa Bawa, who works for the Ministry of Labour and Productivity, shared her positive experience: “I got my loan without knowing anyone. I just applied online with my details, and the funds were disbursed. I was able to take care of my small farm and address some serious household needs. I can’t thank CREDICORP and President Bola Ahmed Tinubu enough for this opportunity.” Her story reflects the program’s accessibility and its immediate impact on individuals and families.”

The initiative is particularly timely, given the recent surge in fuel prices. In September 2024, the Nigerian National Petroleum Corporation (NNPC) raised fuel prices from N568 to N897 per liter, with some stations charging as high as N1,000 per liter.

This drastic increase has placed substantial pressure on household budgets, leading to a rise in the inflation rate to 34.19%. As prices for basic commodities continue to escalate, many Nigerians find themselves grappling with the rising costs of living.

Recognizing the urgent need for financial relief, President Bola Ahmed Tinubu’s administration has prioritized immediate relief measures to assist citizens during this challenging period.

CREDICORP, established as a Development Finance Institution (DFI) by the federal government, has taken a proactive approach by partnering with various financial institutions to facilitate these loans.