Tinubu reports ₦46.95 billion in NCGC-backed loans

President Bola Tinubu said the National Credit Guarantee Company has issued ₦21.59 billion in guarantees, helping participating lenders provide ₦46.95 billion in loans to 67,512 borrowers across 25 states and the Federal Capital Territory. The figures describe the programme’s first year of operations, according to Tinubu’s statement posted Monday on X. Tinubu said the beneficiaries included 11,374 women. He also reported that more than 22,000 Nigerians had entered the formal credit system for the first time, gaining credit records they may build through repayment. One account of his remarks put first-time formal borrowers at 33.5 percent of beneficiaries, while another reported 3.5 percent. The discrepancy has not been resolved, and the figures should not be treated as interchangeable. The president said the NCGC works with 19 financial institutions: 13 commercial banks, three microfinance banks and three development finance institutions. He said the guarantees cover part of lenders’ risk, with the aim of encouraging loans to businesses and borrowers that may have difficulty meeting collateral requirements or lack credit histories. The reported totals indicate about ₦2.