Tinubu highlights success of national credit scheme in first-year review
President Tinubu says the National Credit Guarantee Company has issued ₦21.59bn in guarantees, helping lenders extend ₦46.95bn in loans to 67,512 borrowers Read More: https://punchng.com/tinubu-highlights-success-of-national-credit-scheme-in-first-year-review/
President Bola Tinubu has revealed the first-year successes of the National Credit Guarantee Company (NCGC), highlighting its impact on extending loans to borrowers across Nigeria. The NCGC issued ₦21.59bn in guarantees, resulting in ₦46.95bn in credit extended to 67,512 individuals in 25 states and the Federal Capital Territory.
This initiative aimed to assist businesses seeking finance, particularly those lacking collateral or credit history. With 33.5% of the beneficiaries being first-time formal borrowers, the NCGC has played a crucial role in expanding access to credit, unlocking opportunities for businesses and individuals. Tinubu emphasized that this scheme is part of his administration's commitment to creating a credit-based economy, ultimately benefiting the nation as a whole.
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