Tinubu Hails Economic Strides, Says 100,000 Nigerians Have Benefited from Consumer Credit Scheme

President Bola Ahmed Tinubu has announced that over 100,000 Nigerians have benefited from his administration’s consumer credit initiative, a key component of his economic reform agenda, within the last year.

Speaking during his Democracy Day address to a joint session of the National Assembly on Thursday, Tinubu said the beneficiaries—among them 35,000 civil servants—accessed affordable credit through the Nigerian Consumer Credit Corporation (CREDICORP). The scheme, he said, has helped many purchase vehicles, upgrade their homes, and meet essential living needs.

“In less than one year, over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes, and purchase life essentials,” the President stated.

Tinubu also pointed to encouraging economic indicators, noting that Nigeria recorded its highest quarterly GDP growth in more than a decade—4.6 percent—in the fourth quarter of 2024. Overall GDP growth for the year stood at 3.4 percent.

Addressing the nation’s inflation challenge, Tinubu said the rate, which stood at 23.7 percent as of April, is beginning to ease, especially with declines in the prices of staple food items such as rice and beans.

He further emphasized progress in Nigeria’s foreign exchange market, stating that the naira, which traded at N1,539 to the dollar on Wednesday, has begun to show signs of stability, buoyed by a fivefold increase in external reserves.

“We are already seeing results,” the President declared. “Our policies are beginning to yield positive outcomes.”

In a symbolic gesture marking Nigeria’s 26 years of uninterrupted democracy, Tinubu also posthumously honored democracy icons Kudirat Abiola, Shehu Musa Yar’Adua, and others with national awards.

The Democracy Day address comes amid growing public scrutiny of the administration’s economic reforms, with Tinubu using the occasion to reaffirm his commitment to economic growth, financial stability, and improved living standards for Nigerians.