High cost of living: CREDICORP issues over 10,942 loans to civil servants

CREDICORP, the institution spearheading President Bola Ahmed Tinubu’s consumer credit program, has successfully disbursed loans to 10,942 civil servants across various sectors.

This initiative aims to alleviate the financial burden on Nigeria’s working population, especially in light of rising fuel prices that have significantly impacted household budgets.

The loans are part of CREDICORP’s newly launched consumer loan program, designed to assist citizens in managing the effects of increased petrol costs. Within just five days of disbursement, the program has benefited civil servants from different sectors, including:

• 4,786 education workers and teachers
• 1,307 doctors and healthcare professionals
• 753 specialized workers
• 1,264 police and paramilitary officers
• 2,831 administrators

CREDICORP emphasizes that the loan program is structured to work with financial institutions, providing accessible and affordable credit to economically active citizens. This support allows households to meet urgent needs with ease.

Beneficiary experiences reflect a straightforward application process. For instance, Mrs. Hauwa Bawa, an employee of the Ministry of Labour and Productivity, shared her positive experience after receiving her loan through FCMB’s Credit Direct, one of CREDICORP’s partner financial institutions.

She stated, “I got my loan without knowing anyone. I just applied online with my details, and the funds were disbursed. I was able to take care of my small farm and address some serious household needs. I can’t thank CREDICORP and President Bola Ahmed Tinubu enough.”

This initiative comes at a critical time as the Nigerian National Petroleum Corporation (NNPC) raised fuel prices from N568 to N897 per liter in September 2024, with some stations even charging N1,000 per liter. This surge has intensified the cost-of-living crisis, with inflation now at 34.19%, leading to increases in the prices of essential commodities.

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In response to these financial strains, President Tinubu’s administration has prioritized immediate relief measures. CREDICORP, a Development Finance Institution (DFI) established by the Federal Government, has collaborated with various financial institutions to deliver these loans, serving as a vital support system for Nigerians facing rising costs.

For those interested in applying for these consumer loans, details can be found on the CREDICORP website, currently focused on civil servants, the scheme is set to gradually expand to the general public, aiming to assist millions of Nigerians.

Through this initiative, CREDICORP is playing a crucial role in bolstering Nigeria’s working population, offering a pathway to financial stability and resilience during these challenging times.