FG Unveils Consumer Credit Scheme for 40,000 Civil Servants

40,000 government employees will get the first round of consumer credit — FG

FG Launches Consumer Credit Scheme - 40,000 Civil Servants to Benefit, 500,000 Nigerians to Gain Access by May 2025

According to the presidency, over 40,000 government employees applied for the consumer credit program's first phase and will start getting paid in a few weeks.

The Federal Government opened an application portal and authorized the beginning of the consumer credit scheme's first phase in April.

According to the government, the program will be implemented gradually, first with federal officials and then moving on to the general public, with the goal of increasing access to consumer credit.

About 1.6 million Nigerians have sought for financing under CreditCorp's program, according to a May 15 announcement from CEO Uzoma Nwagba.

Dada Olusegun, President Bola Tinubu's special assistant on social media, predicted that 500,000 Nigerians would have access to consumer credit by May 2025 in a statement on X on Thursday, June 27.

“Over 40,000 civil servants have applied in the initial phase and will receive the first tranche of payment in weeks,” Olusegun said.

“The first phase of the scheme is targeted at civil servants, and the next phase, the general population.

“By May 2025, it is conservatively estimated that 500,000 Nigerians will benefit from consumer credit access.”

Additionally, Olusegun revealed that CrediCorp is collaborating with the National Identity Management Commission (NIMC) to integrate Nigerians' National Identification Numbers (NINs) with a credit-scoring system, enhancing the credit evaluation process.

Olusegun explained that the consumer credit scheme aims to significantly improve access to credit for Nigerians, in line with President Tinubu's goal of ensuring every hardworking citizen has access to a decent quality of life.