CREDICORP, the institution leading President Bola Ahmed Tinubu’s consumer credit initiative, has successfully disbursed loans to 10,942 civil servants across various sectors.
This effort aims to provide financial relief to Nigeria’s working population, particularly as they face increasing household expenses due to rising fuel prices.
The loans are part of CREDICORP’s newly launched consumer loan program, designed to help citizens cope with the financial strain caused by the surge in petrol costs. Within just five days of implementation, the program has reached civil servants from a variety of fields, including:
4,786 education workers and teachers
1,307 doctors and healthcare professionals
753 specialized workers
1,264 police and paramilitary officers
2,831 administrators
Loan Program Eases Financial Pressure
CREDICORP’s initiative is structured to work with financial institutions, making credit accessible and affordable for economically active Nigerians. The program is designed to assist households in meeting urgent needs, particularly during this period of economic hardship. Beneficiaries have reported a seamless application process, with many receiving funds without the need for intermediaries.
One such beneficiary, Mrs. Hauwa Bawa, an employee of the Ministry of Labour and Productivity, shared her positive experience after obtaining a loan through FCMB’s Credit Direct, one of CREDICORP’s partner institutions.
“I got my loan without knowing anyone. I just applied online with my details, and the funds were disbursed. I was able to take care of my small farm and address some serious household needs. I can’t thank CREDICORP and President Bola Ahmed Tinubu enough,” she said.
Rising Fuel Prices Intensify Financial Strain
This initiative comes at a time when the cost of living has soared due to a recent fuel price hike. In September 2024, the Nigerian National Petroleum Corporation (NNPC) raised fuel prices from N568 to N897 per liter, with some stations charging up to N1,000 per liter. The surge has pushed inflation to 34.19%, leading to higher prices for essential commodities and increased pressure on household budgets.
In response, President Tinubu’s administration has prioritized short-term relief measures, with CREDICORP playing a pivotal role in providing financial assistance. The Development Finance Institution (DFI) has partnered with financial institutions to offer these loans, helping Nigerians manage the rising costs of daily living.
Expansion Plans for the Consumer Loan Program
Currently focused on civil servants, CREDICORP’s consumer loan program is expected to gradually expand to include the general public. This move is aimed at assisting millions of Nigerians in navigating the financial challenges brought on by inflation and rising fuel prices.
Details on how to apply for the loans can be found on the CREDICORP website, as the institution continues to provide a vital support system for Nigeria’s working population.
