President Bola Tinubu has said the National Credit Guarantee Company has issued ₦21.59bn in guarantees, helping participating lenders extend ₦46.95bn in loans to 67,512 borrowers across 25 states and the Federal Capital Territory.

Tinubu disclosed this in a series of posts on his X account on Monday while highlighting the first year of operations of the NCGC.

He said the credit guarantee scheme was established to address difficulties faced by businesses seeking finance, particularly where borrowers lacked sufficient collateral or credit history.

“Many viable businesses still meet the same obstacle at the bank. Lenders see too much risk in a sound business when the owner has little collateral or no credit history.

“We established NCGC to help change that. It carries part of the lending risk with participating financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away,” Tinubu said.

According to the President, the NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.

“One year into operations, we can see what that model is doing,” he said.

Tinubu said the NCGC scheme was part of his administration’s effort to move Nigeria towards what he described as a credit-based economy.

“When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.

“That promise was about something practical. A worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow,” he said.

He also cited other institutions involved in expanding access to credit.

“We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit. Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses,” Tinubu said.

The President said the credit intervention was also linked to business expansion and employment.

“Credit matters because of what people can do with it. A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job,” he said.

Tinubu said the NCGC estimated that businesses supported by the scheme accounted for 661,291 direct and indirect jobs.

“This is how we move from reforms to opportunities. Our reforms laid the foundation. Credit gives Nigerians the means to build on it. Tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow,” he said.

He added, “We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.”

The President ended the post by declaring, “Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First.”

The NCGC had earlier disclosed that it unlocked ₦46.95bn in credit in its first year, backed by ₦21.59bn in guarantees, reaching 67,512 end-borrowers across 25 states and the FCT as of August 2026.

Source; https://punchng.com/tinubu-highlights-success-of-national-credit-scheme-in-first-year-review/