CREDICORP disburses 10,942 loans to ease high living costs

In a bid to ease the rising cost of living across sectors, the Nigerian Consumer Credit Corporation (CREDICORP) has disbursed over 10,942 loans.

The loans, which were disbursed in five days, are in line with President Bola Tinubu’s consumer credit programme being driven by CREDICORP.

The institution is continuing its commitment to alleviate financial pressure on Nigeria’s working population with its newly launched consumer loan programme, 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 the initiative, with more recipients being added daily. The beneficiaries include; 4,786 education workers and teachers, 1,307 doctors and healthcare professionals, 753 specialized workers, 1,264 police and paramilitary officers, and 2,831 administrators.

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The loan programme is designed to work through financial institutions to provide accessible and affordable credit to economically active citizens and help households meet urgent needs with ease. Reports of beneficiaries show a relatively simple process. Hauwa Bawa, one of the beneficiaries, who works with the Ministry of Labour and Productivity and received her loan via FCMB’s Credit Direct (one of CREDICORP’s participating financial institutions), was excited at receiving her loan.

“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 cannot thank CREDICORP and President Bola Ahmed Tinubu enough,” she said, while sharing her experience.

The initiative comes at a time of heightened financial stress, driven by the 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 as high as N1,000 per liter. The surge has placed a considerable strain on household budgets, with inflation now at 34.19 percent. The rising fuel costs have led to an increase in the prices of basic commodities, compounding the cost-of-living crisis for many Nigerians.

Recognizing the challenge, President Tinubu’s administration has prioritised immediate relief measures. The CREDICORP, a development finance institution (DFI) established by the Federal Government, has partnered with financial institutions to offer these loans. The programme serves as a crucial lifeline for Nigerians grappling with the rising costs.