President Bola Ahmed Tinubu has highlighted the expansion of access to formal credit under his administration, saying working Nigerians, students and businesses can increasingly obtain financing through government-backed lending schemes.
Tinubu made the disclosure on Monday, September 28, 2026, in a series of posts on his official X account while outlining progress made by institutions established or strengthened by his administration to widen access to credit.
According to the President, the National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in guarantees, enabling participating financial institutions to extend ₦46.95 billion in loans to borrowers.
He said 67,512 Nigerians across 25 states and the Federal Capital Territory had so far benefited from NCGC-backed credit. Of the beneficiaries, 11,374 are women, while 33.5 per cent are first-time formal borrowers.
Government Pushes Credit-Based Economy
Tinubu said the figures represented progress towards his administration’s objective of moving Nigeria towards a credit-based economy.
He explained that the government had been building institutions intended to make financing more accessible to individuals, students and businesses.
Among those institutions are the Nigerian Consumer Credit Corporation (CREDICORP), the Nigerian Education Loan Fund (NELFUND), the Bank of Industry and the Development Bank of Nigeria.
The President said CREDICORP was designed to provide consumer credit to working Nigerians, while NELFUND provides financing opportunities for students.
For businesses, the Bank of Industry and Development Bank of Nigeria remain key government-backed development finance institutions.
NCGC Guarantees Unlock Lending
Tinubu said the NCGC was established to address one of the longstanding barriers facing businesses seeking loans: lenders’ concerns about borrowers with limited collateral or little formal credit history.
Under the guarantee arrangement, the NCGC shares part of the lending risk with participating financial institutions.
The President said the company’s ₦21.59 billion in guarantees had helped unlock ₦46.95 billion in loans, meaning every ₦1 in guarantees had supported approximately ₦2.17 in credit.
The NCGC currently operates through 19 participating financial institutions, according to the figures cited by Tinubu.
First-Time Borrowers Enter Formal Credit System
Tinubu also highlighted the number of Nigerians entering the formal credit system for the first time.
He said more than 22,000 beneficiaries were first-time formal borrowers and could now begin building credit histories through successful repayment.
A functioning credit history can make future borrowing easier because lenders can assess a borrower’s repayment record rather than relying exclusively on collateral.
However, wider access to credit also makes responsible lending, transparent interest rates and consumer protection important considerations.
Balancing Access With Responsible Borrowing
The expansion of credit is part of a broader effort to address financing constraints faced by households and businesses.
Access to affordable credit can help businesses finance expansion and allow households to spread certain expenditures over time. At the same time, borrowers remain exposed to repayment obligations, interest costs and the consequences of default.
The government’s ability to sustain the programme will therefore depend not only on the amount of credit unlocked but also on repayment performance, lender participation and the capacity of the guarantee system to manage risk.
Tinubu said the administration’s objective was to make credit more accessible and reduce the financing barriers that have historically excluded many Nigerians from formal lending.
The latest figures provide an indication of the scale reached so far, while the longer-term impact will depend on whether the expanded credit ecosystem translates into sustainable financing for households, students and productive businesses.