11,000 Nigerians receive N3.5bn loans from consumer credit scheme

Abuja, Nov. 1, 2024 – More than 11,000 Nigerians have received N3.5 billion loans from the Nigerian Consumer Credit Scheme (CREDICORP) in the last five days.

Mr Edun, the Minister of Finance and Coordinating Minister of the Economy, disclosed this to journalists in Abuja on Thursday at the end of the National Economic Council (NEC) meeting.

He said the scheme was one of the measures designed by the Tinubu administration to ameliorate the harsh effects of government economic policies.

The minister said the President was committed to assisting the vulnerable in the society through the scheme.

Edun said other schemes like the Compressed Natural Gas (CNG) was introduced to provide a cheaper source of fuel for personal and mass transit vehicles.

He also said the latest initiative which allows local refineries to pay for crude oil in naira had provided a veritable platform for effective pricing of petroleum products.

The minister said the federal government had been able to save between N600 to N700 billion monthly from the initiative which is being ploughed into the federation account.

He said the country was better off now by a huge amount and promised that this would continue to increase as long as the major critical reforms of pricing petroleum properly were maintained. (GBN)

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