The Federal Government has helped unlock ₦46.95 billion in loans for businesses and other borrowers through its credit guarantee programme, President Bola Ahmed Tinubu has said.
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Tinubu disclosed this in a statement posted on his X page on Monday, September 28, 2026, while highlighting the first-year performance of the National Credit Guarantee Company (NCGC).
According to the President, the scheme has issued ₦21.59 billion in guarantees, which enabled participating financial institutions to extend ₦46.95 billion in loans to 67,512 borrowers across 25 states and the Federal Capital Territory.
He said the figures meant that every ₦1 in guarantees had helped unlock about ₦2.17 in credit.
Tinubu explained that the credit guarantee programme was designed to address one of the major difficulties facing businesses seeking bank loans: the lack of sufficient collateral or an established credit history.
“Many viable businesses still meet the same obstacle at the bank,” the President said, noting that lenders often consider businesses risky when their owners have limited collateral or no formal credit record.
The programme currently operates through 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
Meanwhile, women have also benefited from the scheme, with 11,374 women among the 67,512 borrowers supported through the programme.
Tinubu said 33.5 per cent of the beneficiaries were first-time formal borrowers. That represents more than 22,000 Nigerians who entered the formal credit system through the scheme.
He noted that having access to formal credit could allow the beneficiaries to establish repayment records and improve their chances of securing financing in the future.
The President also linked access to credit with business expansion and job creation.
He said financing could enable traders to increase their stock, while manufacturers could use loans to expand production and take on larger orders.
According to Tinubu, businesses supported through the programme are estimated to account for 661,291 direct and indirect jobs.
The figures are consistent with data released by the NCGC earlier in September, which showed that its first-year intervention had mobilised ₦46.95 billion in credit from ₦21.59 billion in guarantee cover.
The President also cited other government-backed credit initiatives, including the Nigerian Consumer Credit Corporation, the Nigeria Education Loan Fund, the Bank of Industry and the Development Bank of Nigeria.
Tinubu said the initiatives were part of his administration’s plan to move Nigeria towards a credit-based economy and expand access to finance for workers, students and businesses.
“This is how we move from reforms to opportunities,” he said.
The President added that his administration would continue working to expand access to credit so that more Nigerians and businesses could benefit from the opportunities created by its economic reforms.
He concluded by restating his administration’s slogan, saying: “Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First.”
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