Nigeria: Credicorp Disburses Over 10,942 Loans in 5 Days to Ease Rising Cost of Living

8 October 2024
Daily Trust (Abuja)
By Eugene Agha

CREDICORP - the institution driving President Tinubu's consumer credit programme has continued its commitment to alleviate financial pressure on Nigeria's working population with its newly launched consumer loan programme.

The progesterone is aimed at helping citizens manage the impact of rising petrol prices.

In a fifth-day disbursement publication of the corporation, over 10,942 civil servants across various sectors have benefited from this initiative, with more recipients being added daily.

The beneficiaries include 4,786 education workers and teachers, 1,307 doctors and healthcare professionals, 753 specialised workers, 1,264 police and paramilitary officers, and 2,831 administrators.

The loan programme is designed to work through financial institutions to provide accessible and affordable credit to economically active citizens, helping households meet urgent needs with ease.

Reports of beneficiaries show a relatively simple process. One of the beneficiaries, Mrs Hauwa Bawa, who currently works for the Ministry of Labour and Productivity and received her loan via FCMB's Credit Direct (one of CREDICORP's participating financial institutions), shared her experience: "I got my loan without knowing anyone. I just applied online with my details; 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."

The initiative comes at a time of heightened financial stress, driven by the recent fuel price hikes. In September 2024, the Nigerian National Petroleum Corporation (NNPC) raised fuel prices from N568 to N897 per litre, with some stations charging as high as N1,000 per litre.

This surge has placed a considerable strain on household budgets, with inflation now at 34.19%. The rising fuel costs have led to an increase in the prices of basic commodities, compounding the cost-of-living crisis for many Nigerians.

Recognising this challenge, President Bola Ahmed Tinubu's administration has prioritised immediate relief measures. The Nigerian Consumer Credit Corporation (CREDICORP), a Development Finance Institution (DFI) established by the federal government, has partnered with financial institutions to offer these loans. This programme serves as a crucial lifeline for Nigerians grappling with the rising costs, demonstrating President Tinubu's dedication to providing timely and tangible relief.

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