Tinubu Says N21.59bn Guarantees Unlock N46.95bn Credit

By Adedapo Adesanya

The National Credit Guarantee Company (NCGC) has issued N21.59 billion in guarantees, enabling participating financial institutions to extend N46.95 billion in loans to 67,512 Nigerians across 25 states and the Federal Capital Territory in the past year.

President Bola Tinubu disclosed this on Monday, saying the guarantees had helped unlock about N2.17 in credit for every N1 provided under the scheme.

According to him, 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.

He said more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme, giving them credit records that could strengthen their ability to access future loans.

President Tinubu also said businesses supported under the scheme had accounted for an estimated 661,291 direct and indirect jobs.

The President disclosed the figures in a series of posts on his official X account as Nigeria prepares to mark its 66th Independence anniversary.

He said the results demonstrated the role of credit access in helping Nigerians expand businesses, meet household needs and invest in productive activities.

“NCGC has issued N21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended N46.95 billion in loans. That means every N1 in guarantees has helped unlock about N2.17 in credit,” Tinubu said.

He explained that the NCGC was established to address one of the major barriers to business lending by sharing part of the lending risk with participating financial institutions.

According to him, viable businesses often struggle to secure loans because their owners lack sufficient collateral or have limited credit histories.

The President said the NCGC currently operates through 19 financial institutions comprising 13 commercial banks, three microfinance banks and three development finance institutions.

President Tinubu said the consumer credit scheme was launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, as part of efforts to expand responsible access to credit.

He said the initiative formed part of his commitment to moving Nigeria towards a credit-based economy and improving access to finance for workers, households and businesses.

“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.

He also cited other government-backed financing channels, including the Nigerian Education Loan Fund for students and lending programmes operated by the Bank of Industry and Development Bank of Nigeria for businesses.

The Nigerian leader said the federal government would continue to expand access to formal credit, adding that the objective was to ensure that more Nigerians and businesses could benefit from the opportunities created by the government’s economic reforms.