Hoody
President Bola Tinubu has announced that the N200 billion Consumer Credit Corporation established by his administration is designed to ease the financial burden on millions of Nigerian households.
In a national broadcast on Sunday addressing the ongoing nationwide protests, Tinubu emphasized that the scheme aims to enable Nigerians to acquire essential products without needing immediate cash payments. He believes this will help reduce corruption and minimize cash transactions.
“This week, I directed the release of an additional N50 billion each for NELFUND—the student loan scheme—and the Credit Corporation from the proceeds of crime recovered by the EFCC,” Tinubu said.
He also highlighted that the government has secured $620 million under the Digital and Creative Enterprises (IDiCE) program, which aims to empower young Nigerians and create millions of IT and technical jobs to enhance global competitiveness. Additionally, the 3 Million Technical Talents scheme is part of this initiative, though Tinubu noted with regret that one of the digital centers was vandalized during the protests in Kano.
Other initiatives include the Skill-Up Artisans Programme (SUPA), the Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP). Tinubu also reported that over N570 billion has been allocated to the 36 states to support citizen livelihoods, with 600,000 nano-businesses benefiting from nano-grants. An additional 400,000 nano-businesses are expected to receive support.
“Furthermore, 75,000 beneficiaries are set to receive N1 million Micro and Small Business loans at single-digit interest rates starting this month. We have also established 10 MSME hubs in the past year, creating 240,000 jobs, with five more hubs expected to be operational by October,” he added.
Tinubu also mentioned that payments of N1 billion each are being made to large manufacturers under single-digit loans to boost manufacturing output and stimulate economic growth.
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