President Bola Tinubu has unveiled the setting up of a N200 billion Consumer Credit Corporation. This step is expected to enable millions of households to acquire basic goods without paying cash upfront. Thus, this will go a long way in reducing corruption and promoting transparency in dealings.
The N200 billion credit scheme is an initiative by the government aimed at empowering its citizens as well as stimulating economic growth. Some of the major highlights of the scheme include interest-free loans for poor families, small and medium enterprises (SMEs) with single-digit interest rates, and increased access to credit facilities for those living in rural areas.
On Sunday, August 4th 2024, in a nationwide broadcast, President Tinubu made these remarks; he informed citizens about various program which his administration has set up such as:
- – National Economic Empowerment and Development Fund (NELFUND), among others, were funded with N50 billion each for recovering proceeds from crime
- – Securing $620 million under the Digital and Creative Enterprises (IDiCE) program
- – Skill-Up Artisans Programme, Nigerian Youth Academy, and National Youth Talent Export Programme.
In addition, President Tinubu declared that the 36 States have received over N570 billion for expanding livelihood support for their people. The goal of this funding is to reinforce state-level initiatives and stimulate economic development.
Moreover, nano-grants have benefitted 600,000 nano businesses and an addition of another 400,000 are expected to tap into this opportunity soon.
Starting this month, 75,000 beneficiaries will be granted N1 million micro and small business single-digit interest loans as well.
So far, 10 MSME hubs have been established by the government thereby creating a total number of 240,000 jobs, while five more are under construction, set to finish in October 2024.
To stimulate production in the manufacturing sector as well as support growth, large scale producers are going to get N1 billion each at single digit lending rates.
Recently, during protests, President Tinubu condemned the wanton destruction of a digital center in Kano reaffirming the need for protecting valuable resources and promoting peaceful protests.
“This administration is committed to empowering Nigerians and stimulating economic growth. The N200 billion credit scheme is a testament to our dedication to improving the lives of our citizens,” President Tinubu said.
