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President Bola Tinubu has given the green light for the commencement of the initial phase of the Consumer Credit Scheme, aimed at providing support to citizens in meeting their essential needs.

In a statement released by presidential spokesman Ajuri Ngelale on Wednesday, the scheme is designed to empower individuals to enhance their quality of life by enabling them to access goods and services upfront while responsibly managing payments over time. This initiative seeks to facilitate crucial purchases such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of personal aspirations.

Ngelale emphasized that through responsible repayment, individuals would not only fulfill their immediate needs but also establish credit histories, thereby unlocking more opportunities for a better quality of life. Additionally, the increased demand for goods and services is expected to stimulate local industry and job creation.

President Tinubu firmly believes that every hardworking Nigerian should have access to social mobility, with consumer credit playing a vital role in realizing this vision.

The statement highlighted the role of the Nigerian Consumer Credit Corporation (CREDICORP) in strengthening Nigeria’s credit reporting systems. This initiative aims to ensure that every economically active citizen has a reliable credit score, which serves as personal equity and facilitates access to consumer credit.

This proactive step by President Tinubu underscores his commitment to promoting financial inclusion and economic empowerment, ultimately contributing to the overall development and prosperity of Nigeria.

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