The Federal Government of Nigeria has on Friday announced the commencement of the Consumer Credit Corporation (CREDICORP) disbursement to Nigerians from across diverse backgrounds.
Workers in essential service sectors will also be part of the first beneficiaries.
This was disclosed in a statement by the Senior Special Assistant to the President on Public Engagement, Frederick Nwabufo.
In April 2024, President Bola Tinunu approved the take-off of the Consumer Credit Scheme with the CREDICORP as the institutional apparatus.
According to Nwabufo, the agency has disbursed over N3.5 billion so far, with teachers, medical doctors, security officers, administrators, and workers in specialized services as the first beneficiaries.
He assured that the scheme will spread further to cover the majority of Nigerians in subsequent phases.
Data by CREDICORP reveals that the credit system was provided for a slew of needs, such as the procurement of petrol alternatives (solar panels, CNG conversion, tricycles), home improvements, school fees and medical needs, as well as the purchase of household items.
Furthermore, the CREDICORP data also shows that over N1.5 billion has been disbursed to federal and state workers in the education sector; administrators in federal and state MDAs over N755 million; medical doctors in federal and state services over N600 million; police/paramilitary officers (police, civil defence, customs, immigration, and correctional service) over N367 million, and Nigerians in specialized services (Judiciary, EFCC, ICPC, traffic authorities, environment) over N273 million.
Additionally, in the education sector, over 4,700 Nigerians are beneficiaries; in administration over 2,800; in health over 1,300; police/paramilitary over 1,260, and specialized services, over 750. More Nigerians are being enlisted as beneficiaries of this epochal scheme.
Nwabufo added that President Tinubu’s vision is to spread prosperity, create a robust credit system, strengthen the financial architecture, and empower Nigerians sustainably while removing the incentive for corruption.
Recall that recently, President Bola Tinubu in a statement said: “I did not come to look for money and exploit the situation; I came to work. I asked for the votes, and Nigerians gave them to me.”
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