Tinubu Reports First-Year Results of National Credit Guarantee Scheme
President Tinubu announced first-year results of Nigeria's National Credit Guarantee Company, which reported extending loan guarantees to tens of thousands of borrowers.
What happened
President Bola Tinubu announced that Nigeria's National Credit Guarantee Company (NCGC) issued ₦21.59 billion in loan guarantees in its first year, enabling lenders to extend ₦46.95 billion in loans to 67,512 borrowers across 25 states and the Federal Capital Territory.123
Premium Times reported that about a third of these borrowers accessed formal credit for the first time.2
Channels Television reported the announcement came via a series of tweets on Tinubu's personal Twitter handle as Nigeria prepared for its 66th Independence Day celebration.4
Key points
- The National Credit Guarantee Company (NCGC) issued ₦21.59 billion in loan guarantees in its first year of operation.13
- These guarantees helped lenders extend ₦46.95 billion in loans to 67,512 borrowers.123
- Borrowers were spread across 25 states and the Federal Capital Territory.12
- The figures were announced by President Bola Tinubu.1234
What the coverage leaves out
- None of the outlets reviewed reported independent verification of the figures beyond Tinubu's announcement.
- None of the outlets reviewed detailed the terms of the loans, interest rates, or the sectors borrowers operate in.
- None of the outlets reviewed reported reactions from opposition figures, economists, or the borrowers themselves.
Sources (4)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Africa
- 1VanguardNGPrivate
Tinubu says credit guarantee scheme unlocked ₦46.95bn in first year
- 2Premium TimesNGIndependent
- 3PunchNGPrivate
Tinubu highlights success of national credit scheme in first-year review
- 4Channels TelevisionNGPrivate
Over 67,000 Nigerians Have So Far Benefited From Consumer Credit Scheme — Tinubu