President Bola Tinubu has highlighted the first-year performance of the National Credit Guarantee Company, saying the scheme has helped unlock N46.95bn in loans for 67,512 borrowers across 25 states and the Federal Capital Territory.
Tinubu disclosed the figures on Monday, September 28, 2026, while reviewing the first year of operations of the NCGC in a series of posts on his official X account. According to the President, the company had issued N21.59bn in guarantees to participating financial institutions as of August 2026.
The NCGC was established as part of the Federal Government’s efforts to expand access to finance by reducing some of the risks faced by financial institutions when lending to businesses and individuals without adequate collateral or established credit histories.
Tinubu explained that the guarantee mechanism allows the NCGC to share part of the lending risk with participating financial institutions, thereby encouraging them to extend credit to borrowers who might otherwise have difficulty obtaining loans.
The President said the N21.59bn in guarantees had supported about N46.95bn in credit, representing approximately N2.17 in lending for every N1 provided as a guarantee.
He disclosed that the NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
Of the 67,512 beneficiaries, 11,374 were women, while 33.5 per cent were first-time formal borrowers. Tinubu said this meant that more than 22,000 Nigerians had entered the formal credit system for the first time through loans backed by the scheme.
According to him, establishing a credit record could help beneficiaries gain improved access to financing in the future, provided they maintain successful repayment histories.
The President said the initiative formed part of his administration’s broader objective of moving Nigeria towards a credit-based economy, arguing that access to financing could enable workers and businesses to meet immediate needs, expand operations and invest against anticipated income.
Tinubu also pointed to other government-backed institutions involved in expanding access to credit. These include the Nigerian Consumer Credit Corporation, the Nigeria Education Loan Fund, the Bank of Industry and the Development Bank of Nigeria.
He said consumer credit was intended to provide working Nigerians with financing for purchases, while NELFUND provides financing support for students pursuing tertiary education.
The President linked access to credit with business expansion and employment, giving examples of traders who could restock goods and manufacturers who could acquire additional equipment to fulfil larger orders.
Tinubu said an estimated 661,291 direct and indirect jobs were associated with businesses supported through the NCGC-backed credit scheme.
The President described the figures as evidence of the administration’s effort to translate economic reforms into opportunities for citizens, saying the government would continue expanding access to formal credit.
The NCGC had earlier reported that its first year of operations resulted in N46.95bn in credit being unlocked through N21.59bn in guarantees, benefiting borrowers across 25 states and the FCT.
The credit scheme is part of a wider federal economic programme aimed at improving access to finance for individuals and enterprises. The Federal Government has also identified consumer credit, student financing and enterprise lending as components of its broader economic reform agenda.
Tinubu said the government would continue to widen access to formal financing so that more Nigerians and businesses could participate in the financial system and use credit to support consumption, investment and expansion.
