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MD/CEO, CREDITCORP, Engr.Uzoma Nwagba
The Federal Government has launched a new loan program through the Nigerian Consumer Credit Corporation to provide financial relief to Nigerians facing the impact of recent fuel price hikes.
CREDICORP, a Development Finance Institution (DFI), was established to democratise access to consumer credit for Nigeria’s working population. The loans are being offered through participating financial institutions to help households meet urgent needs and ease the burden on their budgets.
In a statement released on Monday, CREDICORP emphasised, “This initiative is part of the government’s efforts to address the rising cost of living and provide much-needed support during these challenging times.”
The Corporation added that Nigerians interested in applying for the loan can do so by visiting the CREDICORP website at [www.credicorp.ng](http://www.credicorp.ng).
Currently, civil servants are the primary beneficiaries of the program, though it is expected to expand to the general public soon.
CREDICORP further explained that “over 10,942 civil servants across various sectors have already benefited, including 4,786 education workers, 1,307 healthcare professionals, 753 specialized workers, 1,264 police and paramilitary officers, and 2,831 administrators.”
One beneficiary, Mrs. Hauwa Bawa from the Ministry of Labour and Productivity, shared her experience, “I got my loan without knowing anyone. I applied online, and the funds were disbursed promptly. It helped me take care of my small farm and some serious household needs. I can’t thank CREDICORP and President Bola Ahmed Tinubu enough.”
This loan program comes at a critical time as Nigerians struggle with soaring fuel costs.
In September 2024, the Nigerian National Petroleum Corporation raised fuel prices from N568 to N897 per litre, with some stations charging as much as N1,000.
This has led to a surge in the cost of basic commodities, exacerbating the already high inflation rate, which now stands at 34.19%.
The statement further read, “CREDICORP’s mandate focuses on three key pillars including, infrastructure to strengthening Nigeria’s consumer credit system and ensuring that all economically active citizens have a comprehensive credit score.
“Capital to provide funding and credit guarantees to financial institutions that expand consumer credit access and cultural re-orientation, majorly to educate the public on responsible credit usage and encouraging institutions to improve consumer credit underwriting.
President Tinubu’s administration remains committed to offering timely relief to Nigerians through this initiative. “Our goal is to support the population in weathering the current economic storm,” the President’s office said in the statement.
