Tinubu to Launch Consumer Credit Scheme for 400,000 Youth in July
President Bola Tinubu has revealed that his administration will roll out a new consumer credit scheme in July, targeting 400,000 young Nigerians, including members of the National Youth Service Corps (NYSC).
Speaking during a joint session of the National Assembly in Abuja on Thursday to commemorate Democracy Day, Tinubu said the programme would be implemented through the Nigerian Consumer Credit Corporation (CREDICORP), which has already made significant strides in providing financial support.
“In less than one year, over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes and purchase life essentials,” he said.
Building on that momentum, the president announced the next phase of the scheme.
“This July, we will launch a bold new initiative to empower four hundred thousand young Nigerians, including youth corpers, with consumer credit,” Tinubu stated.
The president emphasized his administration’s broader commitment to empowering the youth through employment and skills development initiatives.
“We are committed to giving more opportunities to young people through job creation and skills development,” he said. “Through such programmes as NELFUND, we are investing in education, vocational training, apprenticeships, and internships to ensure our youth are job-ready and future-ready.”
He also took the opportunity to highlight the administration’s ongoing economic reforms, which he said were necessary to correct structural imbalances and drive growth.
“We are already seeing results. GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade. Inflation is easing gradually, steadying the price of food staples like rice and beans,” Tinubu said.
He pointed to progress in the country’s external reserves and exchange rate, adding that, “Our net foreign reserves have increased five-fold, and the Naira exchange rate has stabilised. Our balance of payments position is positive; our sovereign credit rating is improving as we continue to promote oil and non-oil exports. States now do not need to go about borrowing to pay salaries.”
In the area of technology and infrastructure, the president noted that the government has started laying fibre optic cables nationwide to enhance connectivity.
According to him, “This initiative will enhance the speed and reliability of internet access, and revolutionise how businesses operate, how students learn, and how communities stay connected.”
Tinubu reiterated the government’s commitment to strengthening local industries and boosting food production through its ‘Nigeria First’ policy.
“We must learn to produce and grow most of our food and we are on the path to achieving food sovereignty,” he said, adding that these efforts are part of a broader push toward sustainable growth. “The economic reforms have placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made.”
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