President Bola Tinubu revealed that over 67,512 Nigerians have benefited from the National Credit Guarantee Company (NCGC) scheme, which has issued ₦21.59 billion in guarantees to unlock ₦46.95 billion in loans across 25 states and the Federal Capital Territory (FCT). The figures, disclosed in a series of tweets on September 28, 2026, coincide with preparations for Nigeria’s 66th Independence Day celebrations. Among the beneficiaries, 11,374 are women, and 33.5% are first-time formal borrowers, with over 22,000 Nigerians entering the formal credit system for the first time.
The NCGC, established under the Nigerian Consumer Credit Corporation (CREDICORP) in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, launched the scheme in July 2026. Tinubu emphasized that the initiative aligns with his campaign promise to transition Nigeria toward a credit-based economy, enabling small businesses to overcome financial barriers. '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,' he stated.
The scheme’s model involves the NCGC sharing lending risks with 19 financial institutions, including 13 commercial banks, three microfinance banks, and three development finance institutions. Tinubu highlighted that the program has supported 661,291 direct and indirect jobs, citing examples such as traders restocking before festive seasons and manufacturers expanding operations. 'Credit matters because of what people can do with it,' he said, underscoring its role in driving economic activity.
Despite challenges, the NCGC has mitigated risks for lenders by covering part of the exposure for viable businesses lacking collateral or credit history. Tinubu noted that the initiative has 'democratized access to consumer credit,' allowing working Nigerians to borrow responsibly. 'Each successful repayment strengthens a credit record, making future loans easier to secure,' he added, emphasizing the long-term benefits for borrowers.
The President reiterated his administration’s commitment to expanding the scheme, stating, 'We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.' He framed the program as a cornerstone of Nigeria’s economic reforms, asserting that credit provides 'the means to build on' foundational policies. 'Promise made, Promise kept. We are moving from reforms to opportunities. Nigeria First,' he concluded.
CREDICORP’s collaboration with NELFUND for education financing and the Bank of Industry’s support for businesses further illustrate the government’s multi-pronged approach to economic empowerment. Tinubu’s remarks underscored the NCGC’s role in addressing systemic barriers, such as limited collateral, which often hinder small enterprises from accessing formal credit.
The scheme’s impact extends beyond individual borrowers, with estimates suggesting that supported businesses contribute to 661,291 jobs. This aligns with broader goals of fostering inclusive growth and reducing reliance on informal financial systems. Tinubu’s emphasis on credit as a tool for 'economic opportunity' reflects a strategic focus on long-term development.
Critics, however, have called for transparency in the NCGC’s risk-assessment processes and broader financial inclusion metrics. The government has yet to release detailed breakdowns of loan disbursement rates or default statistics, though Tinubu’s office cited the program’s early success as evidence of its viability.
As Nigeria approaches its Independence Day, the NCGC scheme exemplifies the administration’s push to modernize financial systems and empower citizens. Tinubu’s announcement highlights a key milestone in his economic agenda, with the government pledging to scale the initiative nationwide. 'This is how we move from reforms to opportunities,' he stated, framing the program as a catalyst for national progress.
The NCGC’s operations reflect a shift toward structured credit mechanisms, aiming to bridge the gap between formal financial services and underserved populations. With over 67,500 beneficiaries already accessing loans, the scheme positions itself as a critical component of Nigeria’s economic transformation, balancing risk mitigation with growth-oriented policies.