I received my CREDICORP loan without needing any personal connections.

The Federal Government has introduced a new loan program through the Nigerian Consumer Credit Corporation (CREDICORP) to offer financial relief to Nigerians impacted by the recent fuel price increases.

CREDICORP, a Development Finance Institution (DFI), was established to broaden access to consumer credit for Nigeria’s working class. The loans are provided through selected financial institutions to help households meet pressing needs and ease financial strain.

In a statement on Monday, CREDICORP said, "This program is part of the government's strategy to address the rising cost of living and offer much-needed assistance during these difficult times."

The Corporation also announced that interested Nigerians can apply for the loan by visiting the CREDICORP website at http://www.credicorp.ng.

At present, civil servants are the main recipients of the program, but plans are underway to extend it to the general public.

CREDICORP revealed that “over 10,942 civil servants across various sectors have already benefitted, including 4,786 education staff, 1,307 healthcare workers, 753 specialized professionals, 1,264 police and paramilitary personnel, and 2,831 administrative officers.”

One beneficiary, Mrs. Hauwa Bawa from the Ministry of Labour and Productivity, shared her experience: “I secured my loan without knowing anyone. I applied online, and the funds were quickly disbursed. It helped me with my small farm and other urgent household needs. I’m deeply grateful to CREDICORP and President Bola Ahmed Tinubu.”

This loan initiative arrives at a crucial moment as Nigerians face skyrocketing fuel prices.

In September 2024, the Nigerian National Petroleum Corporation increased fuel prices from N568 to N897 per litre, with some stations charging up to N1,000.

This price hike has triggered an increase in the cost of essential goods, worsening the already high inflation rate, now standing at 34.19%.

The statement further explained, "CREDICORP’s mission is built on three core pillars: developing the infrastructure to strengthen Nigeria’s consumer credit system, ensuring all economically active citizens have comprehensive credit scores; providing capital and credit guarantees to financial institutions that expand consumer credit access; and fostering a cultural shift by educating the public on responsible credit usage and encouraging institutions to enhance consumer credit practices."

President Tinubu’s administration remains committed to delivering timely support through this initiative. "Our aim is to assist Nigerians in navigating the current economic challenges," the President’s office remarked in the statement.