President Bola Tinubu has disclosed that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have benefited from loans backed by the National Credit Guarantee Company (NCGC) within its first year of operations.
Gatekeepers News reports that Tinubu made the disclosure in a series of posts on his official X (formerly Twitter) account on Monday, September 28, 2026, ahead of Nigeria’s 66th Independence Day celebration.
According to the President, 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.
He said the NCGC had issued ₦21.59 billion in guarantees, enabling participating financial institutions to extend ₦46.95 billion in loans to individuals and businesses.
“NCGC has issued ₦21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended ₦46.95 billion in loans. That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit,” Tinubu stated.
He added that more than 22,000 Nigerians had gained access to the formal credit system for the first time.
“For more than 22,000 Nigerians, this is their first entry into the formal credit system. They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure,” he said.
Scheme Targets Wider Access to Credit
The Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, launched the consumer credit scheme in July 2026 to expand access to credit, promote economic opportunities and enable Nigerians to improve their quality of life through responsible borrowing.
Tinubu described the initiative as part of the fulfilment of his campaign promise to transition Nigeria towards a credit-based economy and establish a loan guarantee scheme to help businesses overcome barriers to financing.
“When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance,” he said.
He explained that access to credit would enable workers to meet household needs through instalment payments while allowing businesses to invest in anticipation of future earnings.
“That promise was about something practical. A worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow,” the President added.
Tinubu also highlighted the roles of other government-backed institutions in expanding access to financing, including CREDICORP, the Nigerian Education Loan Fund (NELFUND), the Bank of Industry and the Development Bank of Nigeria.
According to him, these institutions are part of efforts to establish a financial system that supports individuals, students and businesses.
NCGC Addresses Lending Risks
The President said the NCGC was established to address the challenges faced by businesses seeking loans, particularly those without sufficient collateral or an established credit history.
“Many viable businesses still meet the same obstacle at the bank. Lenders see too much risk in a sound business when the owner has little collateral or no credit history. We established NCGC to help change that,” he said.
He explained that the company shares part of the lending risk with participating financial institutions, giving them greater confidence to extend credit to borrowers who might otherwise be denied loans.
Tinubu disclosed that the NCGC currently operates through 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
“One year into operations, we can see what that model is doing,” he said.
Scheme Supports Over 661,000 Jobs
Tinubu said access to credit was essential to business growth and job creation, noting that businesses supported by the NCGC had contributed to an estimated 661,291 direct and indirect jobs.
“Credit matters because of what people can do with it. A trader can restock before the festive season.
“When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job,” he said.
The President added that the employment figures demonstrated how government reforms could translate into economic opportunities for Nigerians.
“NCGC estimates that the businesses it has supported account for 661,291 direct and indirect jobs. This is how we move from reforms to opportunities,” he stated.
He said the administration’s economic reforms had laid the foundation for broader access to credit, adding that the Federal Government would continue to expand the scheme to reach more households and businesses nationwide.
“Our reforms laid the foundation. Credit gives Nigerians the means to build on it. Tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow,” Tinubu said.
He added: “We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.
“Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First.”
