OPINION: Teachers, Doctors Among the First to Benefit from Consumer Credit Scheme

 

Trust is a crucial asset, a non-material value that shapes the relationship between promises and their fulfillment. A government earns and maintains public trust by keeping its promises, and success is often determined by how well it delivers on these commitments.

One of President Bola Tinubu's key campaign promises during the 2023 presidential race was the introduction of a consumer credit scheme. He explained that reducing corruption could be achieved by creating a system where individuals don't need to have large amounts of cash on hand for purchases, such as vehicles, but could instead rely on credit facilities. This, in turn, would stimulate economic productivity and demand. He emphasized the need to reform inefficiencies and drive Nigeria's potential toward progress.

Shortly after taking office, President Tinubu took steps to fulfill this promise. By April 2024, he approved the launch of the Consumer Credit Scheme, with the Nigerian Consumer Credit Corporation (CREDICORP) established to oversee its implementation.

Today, this initiative has come to fruition, with CREDICORP now actively disbursing funds. Teachers, doctors, security personnel, administrators, and workers in specialized services are among the first to benefit from this scheme. So far, over N3.5 billion has been disbursed, with these essential service workers receiving priority. Their critical role in the nation's workforce made them the initial focus, but the scheme, designed for all Nigerians, will eventually extend to a wider population.

CREDICORP data shows that the credit has been used for various purposes, including purchasing alternative energy sources like solar panels, converting vehicles to run on compressed natural gas (CNG), acquiring tricycles, funding home improvements, covering school fees, and addressing medical needs, among others.

The figures reveal that over N1.5 billion has gone to federal and state education workers, N755 million to administrators in government ministries and agencies, N600 million to medical doctors in both federal and state services, N367 million to police and paramilitary officers, and N273 million to workers in specialized services like the judiciary and anti-corruption agencies. So far, more than 4,700 individuals in education, 2,800 in administration, 1,300 in healthcare, 1,260 in police and paramilitary services, and 750 in specialized services have benefited from the scheme, with more set to follow.

President Tinubu's vision is to foster national prosperity by building a strong credit system, empowering Nigerians, and reducing the opportunities for corruption. In line with this, his administration continues to support key sectors and provide relief to vulnerable populations. For instance, under the Direct Benefit Transfer (DBT) program, additional payments have already been made to around one million verified beneficiaries.

Staying true to his promises, President Tinubu has also launched a student loan scheme aimed at removing financial barriers to higher education, turning yet another campaign pledge into reality.

During a meeting with the Forum of Former Presiding Officers of the National Assembly, led by former Senate President Ken Nnamani on September 20, President Tinubu reiterated his commitment to public service, stating, "I did not come to seek wealth or exploit the situation; I came to work. I asked for the votes, and Nigerians gave them to me."